Knight Frank Commentary | GLS Tender closing for Dairy Farm Walk
21 January 2026
Knight Frank Commentary | GLS Tender closing for Dairy Farm Walk
Tender Closing for GLS Site
The top bid of S$962 psf per plot ratio (ppr) at Dairy Farm Walk was within expectations though at the lower end of the range.
The top bid at today’s tender close is 5.7% lower than the winning land rate of S$1,020 psf ppr for the site of Narra Residences that closed in January 2025, and 1.8% lower than the top bid of S$980 psf ppr at The Botany at Dairy Farm parcel which closed in March 2022. There was one unit left unsold at The Botany at Dairy Farm as of December 2025 and the 540-unit Narra Residences will launch at the end of January.
There are five existing projects at Dairy Farm Walk and Dairy Farm Road comprising the freehold, The Dairy Farm, as well as leasehold projects, The Skywoods and Dairy Farm Residences, and two projects that are under development, The Botany at Dairy Farm and Narra Residences. There are also another three completed projects at Chestnut Avenue/Petir Road consisting of Foresque Residences, Tree House and Eco Sanctuary. Altogether, these eight projects comprise almost 3,700 units. Perhaps developers at today’s tender showed restraint in their bids by not exceeding the previous tenders of The Botany at Dairy Farm and Narra Residences sites on a $psf ppr basis, given the existing and upcoming supply of private non-landed homes in the immediate area.
At a land price of S$962 psf ppr, the breakeven cost could possibly range between S$1,800 psf and S$1,900 psf depending on technical, material and design considerations, with launch prices starting from S$2,000 psf.
With a possible average price of around S$2,100 psf when launched, this might appeal to HDB upgraders in the west of Singapore, employees working in the commercial and industrial zones in the west, as well as local homebuyers looking to downgrade from landed housing in the nearby Chestnut and Cashew landed estate.
The site is walking distance to the German European School Singapore, as well as primary schools such as Bukit Panjang Primary School and CHIJ Our Lady Queen of Peace. It is also close to Dairy Farm Nature Park, Bukit Timah Nature Reserve, Zhenghua Nature Park and the Central Catchment Nature Reserve.
