Commentary on URA tender closing at Dairy Farm Walk Residential Site

By Tricia Song (宋明蔚), Head of Research, Singapore and Southeast Asia, CBRE

As the first private GLS tender closing in 2026, Dairy Farm Walk (3) (480 units) saw a relatively lukewarm response compared to recent OCR tenders, receiving 5 bids, in line with expectations, but the top bid price of $427.00 mil or $962 psf ppr was below expectations. 

The top bid was submitted by a consortium between ABR Holdings, LWH Holdings, Macly Group and Roxy-Pacific Holdings, narrowly outbidding the second-placed Hong Leong Holdings and GuocoLand’s $959 psf ppr by 0.4%. The price gap between the top and last bidder of less than 15% shows some consensus on the site, which has the appeal of privacy and proximity to nature, but is relatively far from MRT and with limited surrounding amenities. 

Comparatively, the recent suburban sites at Bedok Rise (380 units) drew 10 bids and a top bid price of $464.8 mil ($1,330 psf ppr) on 2 Dec 2025, and Upper Thomson Road Parcel A (595 units) awarded on 31 Oct 2025 also received 5 bids but with a top bid price of $613.94 mil ($1,062 psf ppr) at the higher end of our expectations.   

The top bid price of $962 psf ppr is 5.7% lower than the $1,020 psf ppr paid for the last Dairy Farm Walk (2) GLS plot located east of the site which was awarded in Jan 2025 to a consortium between Santarli Construction, Apex Asia, Soon Li Heng and Kay Lim Holdings. This was even 1.8% below the $980 psf ppr for the Dairy Farm Walk plot awarded in Mar 2022 which now houses Botany at Dairy Farm (386 units). 

This lower bid could be indicative of developer caution on demand prospects for the area which has a limited pool of upgraders and is set to see new supply when Dairy Farm Walk (2) launches as Narra Residences (540 units) in the next two weeks. There are also more attractive upcoming sites in the H2 2025 and H1 2026 GLS programs. 

Analysing recent comparables, the most recent launch The Botany at Dairy Farm posted 48% take-up over its launch weekend in Mar 2023. Before this, Dairy Farm Residences encountered a tepid response during its launch in Nov 2019. Dairy Farm Residences recorded 35 secondary transactions in 2025 at a median unit price of $1,830 psf.  

Older nearby resale projects such as Tree House, Foresque Residences, Eco Sanctuary and The Skywoods transacted at median prices of $1,539 – 1,689 psf in 2025.

Nearby 99y-leasehold comparables

Project	No. of units sold in 2025	Median price sold in 2025	Tenure	Year completed	Total no. of units in project
DAIRY FARM RESIDENCES	35	$1,830	99 yrs from 05/12/2018	2023	460
THE SKYWOODS	26	$1,689	99 yrs from 21/12/2012	2016	420
TREE HOUSE	18	$1,539	99 yrs from 23/11/2009	2013	429
FORESQUE RESIDENCES	17	$1,608	99 yrs from 10/01/2011	2014	496
ECO SANCTUARY	11	$1,647	99 yrs from 25/04/2012	2016	483
THE BOTANY AT DAIRY FARM	4	$2,107	99 yrs from 08/06/2022	Uncompleted	386
Other 99-year projects in OCR
FABER RESIDENCE	363	$2,150	99 yrs from 24/02/2025	Uncompleted	399
SPRINGLEAF RESIDENCE	904	$2,168	99 yrs from 15/07/2024	Uncompleted	941

Source: CBRE Research, realis, data downloaded as of 21 Jan 2026. We only include resale projects with at least 5 transactions in 2025.

At a top bid price of $962 psf ppr, and taking the cue from sales performance at Narra Residences, we expect the developer could look to launch at an average price of $2,200-2,300 psf.