Dairy Farm, Tengah, Bayshore by URA for nearly 2,000 homes
Urban Redevelopment Authority released three residential properties on June 13 in the first quarter of 2024, under the Government Land Sales (GLS) program.
Three sites are situated on Dairy Farm Walk (Dairy Farm Walk), Tengah Garden Avenue (Tengah Garden Avenue) and Bayshore Road.
The three parcels of land are leases for 99 years and could yield an aggregate of 1,915 housing units.
The confirmed plots are Dairy Farm Walk, Tengah Garden Avenue and Bayshore Road.
Sites listed on the list of confirmed sites are released in accordance with the plan, regardless of the demand. On the other hand, sites listed on the reserved list are offered for tender if developers submit an acceptable proposal to the government.
The Dairy farm walk and Bayshore Road parcels are both classified as residential. the Tengah Garden Avenue parcel is residential, with a commercial zone at the top.
The bids for land are expected to be lower than for previously sold sites. The government is expanding the supply of land developers face “challenging circumstances” like the high cost of construction, the increasing interest rates, and the harmonisation of gross floor space.
In accordance with the new definition of Harmonised GFA which is standardised, every stratum will have to be included in GFA. This is governed by the master plan of the site’s plot ratio.
The area of Dairy Farm Walk is 21,881.8 sq m, and it could yield up to 540 homes. The 45,952 square metres maximum floor space is set at four to six floors in low-rise zones, and 75-85 m in the medium-rise zones.
Market observers have observed the fact that Dairy Farm Walk has been turning into an enclave for residential homes. Recently new condominiums such as The Botany at Dairy Farm or Dairy Farm Residences were launched in the vicinity.
The location is well-positioned to draw a lot of HDB residents of the Bukit Panjang and Choa Chu Kang Estates who want to improve their homes.
The Botany located at Dairy Farm is the only project of its kind in the same region. Developers can profit from this development opportunity, since potential buyers who didn’t get earlier projects could be tempted to move on to GLS. GLS development.
The next round is likely to be less than competitive, because developers are becoming more cautious There are also other websites that offer attractive tenders.
The Dairy Farm Walk is expected to be able to attract at least three bids. The highest bid is between S$800 and S$850 per square foot for each plot.
Dairy farm walks aren’t as thrilling than the other residential developments for private use which have been announced close by. Developers should take into consideration the unsold units in close launches when bidding on the Dairy Farm Walk site.
The Botany at Dairy farm that was put for sale in March of last year and has sold 95 percent of its 386 apartments at an average of more than S$2,050 for each square foot. The auction will attract only two or one bid, with the highest price being S$880 to S$950 per square foot per.
Three bidders or two with the highest bid of S$900 and S$1,000 per square foot for each person.
The Dairy Walk project is scheduled to be completed in 60 months.
The URA estimates that the land parcel could produce up to 860 housing units. The maximum building height of 60 meters.
Tengah Gardens Avenue, which is a mixed-use site that is expected to draw three bidders or less. The highest bid may be anywhere from S$800-$850 per square foot per ppr.
Developers are likely to be attracted by the area because of the increasing property value as well as the improved transportation infrastructure.
Site is expected to draw between S$900 and S$980 per square foot per day.
Tengah is a brand new location for many buyers despite its attractive potential. Developers must balance the drivers of demand, as well as the supply of new developments within the area, and gain advantages as the first to move.
The most expensive bid for the plot is expected to range between S$850 and S$950 per square foot.
The time frame for completion of the project for the project is approximately 66 months. It is contingent on the date when the first regulatory approval application is completed, which is prior to December 31, 2025.
Bayshore Road, a 10,493.9 square. meters. area, could produce up to 515 units. The GFA is 44,075 square metres and the building’s maximum height is between 101 and 105 meters.
The Bayshore Road development will be the estate’s first project that is private after the launch of the first two Build-to-Order projects back in October.
The property is also located close to the Bayshore MRT Station and has direct access to Marina Bay, Central Business District and Orchard Road. The property will draw buyers from the east, including HDB upgraders as well as those who reside in nearby land homes that want to move into a condo unit without having to move far.
Due to the high demand in the area Developers will be able to be able to sell the site. He added that the previous GLS award in the region was held in January of 2016 and was a fiercely contested award between eight bidders. The location was granted at S$858 per square foot for ppr.
Sites can be offered at a maximum of S$900 and S$950 per square foot for each person.
The property is not likely to be offered for sale any time soon due to the imminent launch of the H1 GLS program as well as the huge amount of housing units that are available. If no developers submit an application, the site could be added to the approved list before the end of the year.
The GLS H2 2013 program had the largest confirmed list supply of units in the most recent tender. To satisfy the need, the GLS program has expanded the confirmed list of private housing units to 5,450 in H1 2024. This is an increase from 4,090 units in H1 2020 and 5,160 by the H2 2023.
The Dairy Walk and Tengah Gardens Avenue tenders will end on January 14th, 2025 at 12pm.
