9 bids for residential site at Dairy Farm Road

The Urban Redevelopment Authority (URA) closed the tender for the residential site at Dairy Farm Road today.

The site at Dairy Farm Road was launched for sale by public tender on 23 July 2012.

The 188,861-sq-ft site has a maximum gross floor area of 396,618 sq ft and is expected to yield 390 condominiums or flats.

A total of 9 bids were offered for the 99-year lease site. The top bid comes from First Shine Properties Pte Ltd and Meadows Bright Development Pte Ltd at $244.318 million or $6,630.61 per square meter of GFA.

The breakeven cost is estimated between S$1,050 and S$1,100 psf and the selling price could be between S$1,250 and S$1,300 psf.

The site is located within an established private residential estate and is easily accessible by Bukit Timah Expressway and Pan Island Expressway. It is also located close to the future Hillview MRT Station on the Downtown Line 2.

This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.