Award of tender for sites at Dairy Farm Road and Prince Charles Crescent

The Urban Redevelopment Authority yesterday said it awarded the tenders for two 99-year leasehold housing sites at Dairy Farm Road and Prince Charles Crescent to the top bidders at S$244.3 million and S$516.3 million, respectively.

The Dairy Farm site has an area of 188,861 sq ft and a maximum gross floor area of 396,618 sq ft that is expected to yield about 390 homes. The top bid from First Shine Properties and Meadows Bright Development, beating eight others, translates to S$616 per sq ft per plot ratio.

Mr Lee Sze Teck, Senior Manager of Training, Research and Consultancy at DWG, estimated the breakeven cost at between S$1,050 and S$1,100 psf and the selling price at between S$1,250 and S$1,300 psf.

The Prince Charles Crescent site has an area of 256,024 sq ft and is expected to yield 590 homes across a maximum gross floor area of 537,657 sq ft. Topping seven other bids, the winning bid from a partnership of Wingstar Investment, Metro Australia Holdings and Maxdin – the units of Wing Tai, Metro and UE E&C, respectively – translates to about S$960 psfppr.

Mr Lee estimated the breakeven for the development at S$1,400 to S$1,450 psf, adding that the selling price could range from S$1,600 to S$1,650 psf, similar to sub-sale prices of Ascentia Sky.

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