The Urban Redevelopment Authority (URA) has launched three residential sites for tender, aiming to add close to 2,000 new homes. These sites, located at Dairy Farm Walk, Tengah Garden Avenue, and Bayshore Road, are part of the first half of the 2024 government land sales (GLS) programme.
Site Details and Potential
- Dairy Farm Walk:
- Size: 21,881.8 square meters
- Potential Units: 540
- Maximum Building Height: Four to six storeys in the low-rise zone and 75 to 85 meters in the medium-rise zone
- Notable nearby developments: The Botany at Dairy Farm and Dairy Farm Residences
URA Puts Dairy Farm Site Up for Tender
- Tengah Garden Avenue:
- Size: 25,456 square meters
- Potential Units: 860
- Zoning: Residential with commercial on the first storey
- Maximum Building Height: 60 meters
URA Puts Tengah Site Up for Tender
- Bayshore Road:
- Size: 10,493.9 square meters
- Potential Units: 515
- Maximum Building Height: 101 to 105 meters
- Proximity: Close to the future Bayshore MRT station
URA Puts Bayshore Site Up for Tender
All three sites have 99-year leases and are expected to attract various levels of interest from developers due to their unique locations and potential.
Market Expectations
According to industry experts, developers might approach these bids with caution due to high construction costs, rising interest rates, and new regulations on gross floor area (GFA). Here’s a breakdown of the expected interest and bid ranges for each site:
- Dairy Farm Walk: Expected to receive around three bids, with top bids ranging from S$800 to S$850 per square foot per plot ratio (psf ppr).
- Tengah Garden Avenue: Predicted to draw two to four bids, with top bids between S$850 and S$980 psf ppr.
- Bayshore Road: Expected to be triggered for sale later, with top bids potentially ranging from S$900 to S$950 psf ppr.
Development Timelines
The project completion periods vary for each site:
- Dairy Farm Walk: 60 months
- Tengah Garden Avenue: 66 months (subject to first regulatory submission by Dec 31, 2025)
- Bayshore Road: 60 months
Strategic Importance
Each site offers unique advantages:
- Dairy Farm Walk: Positioned to attract upgraders from nearby HDB estates.
- Tengah Garden Avenue: Expected to benefit from the rising property values and improved transportation network in Tengah.
- Bayshore Road: Likely to appeal to buyers in the East, particularly due to its proximity to the future Bayshore MRT station and central locations like Marina Bay and Orchard Road.
Increased Land Supply
URA highlighted that this tender launch represents the highest supply on the confirmed list in a single GLS programme since the second half of 2013. The government has increased the confirmed list supply of private housing in the GLS programme to 5,450 units in the first half of 2024, up from 4,090 units in the first half of 2023 and 5,160 units in the second half of 2023.
Tender Deadlines
The tenders for the Dairy Farm Walk and Tengah Garden Avenue sites will close at 12 pm on January 14, 2025.