The tender results for the Government Land Sales (GLS) sites at Dairy Farm Walk and Tengah Garden Avenue underscore competitive bidding and robust market interest.

Dairy Farm Walk:

The top bid for this residential site was $504.5 million, translating to $1,020 psf ppr, by a consortium including SNC2 Realty Pte. Ltd. This bid outperformed the second-highest offer by 23.1%, highlighting a strong commitment to develop in the area. Recent GLS projects, such as Dairy Farm Residences and The Botany at Dairy Farm, have shown exceptional sales performance, with nearly 100% unit sales, reflecting high demand in the Bukit Panjang planning area.

The location’s appeal stems from its access to natural spaces, proximity to Dairy Farm Mall, reputable schools, and connectivity to Hillview and Cashew MRT stations. 

Tengah Garden Avenue:

The site, intended for residential use with commercial space on the first floor, received a top bid of $675 million ($821 psf ppr) from a joint venture between Intrepid Investments, CSC Land Group, and GuocoLand. The narrow margin of 0.7% above the second-highest bid underscores intense competition for this pioneering project in Tengah.

This marks Tengah’s first private condominium development, benefiting from a first-mover advantage in Singapore’s inaugural smart and sustainable town. This development is expected to appeal to buyers who value exclusivity, unlike Executive Condominiums (ECs) that face eligibility restrictions. Proximity to the Hong Kah MRT station and integration with Jurong Region Line connectivity enhances its attractiveness, alongside its strategic location near Jurong's second Central Business District.

Both sites represent promising opportunities in Singapore’s evolving residential landscape, reflecting strategic planning and strong buyer interest in suburban and emerging areas.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg