http://www.businesstimes.com.sg/prem...-road-20120912

Published September 12, 2012

Tender extended for 99-year site on Dairy Farm Road

By Mindy Tan


THE tender for a 99-year leasehold residential site on Dairy Farm Road has been extended by a week, following the introduction of a Development Control guideline on the maximum allowable number of dwelling units.

The 188,861.2 square foot site on Dairy Farm Road has a maximum gross floor area (GFA) of 396,617.4 sq ft and a maximum building height of part five storeys and part 15 storeys subject to 140 metres above mean sea level.

Under the new guidelines, the site will be subject to a maximum number of 526 dwelling units, said the Urban Redevelopment Authority (URA). The requirement will be applicable even if a formal development application for the site is submitted before the new guideline comes into effect on Nov 4.

Earlier this month, URA said the maximum number of units in non-landed private housing projects (including the residential component of mixed-use developments) outside the Central Area will be capped based on an average area of 70 square metres (sq m).

The Central Area includes locations such as Raffles Place, Tanjong Pagar, Singapore River, Marina Bay, Orchard and Newton, as well as Beach Road, Ophir Road, Jalan Sultan, Syed Alwi Road, Tekka Lane and Outram Road.

Furthermore, the guideline on the maximum number of homes based on an average size of 100 sq m, introduced last year in Telok Kurau Estate, will be extended to Kovan and Joo Chiat/Jalan Eunos estates from Nov 4.

However, bids seen at this Government Land Sales (GLS) site should hold firm, according to DWG senior manager for training, research and consultancy Lee Sze Teck, given that the guidelines will have limited impact on the property market as developers can find innovative ways to comply - such as selling more loft space, more private enclosed space or a roof terrace - and yet maintain their profits.

He said: "(While) we don't see the guidelines affecting bids for GLS sites much, we might see a wide disparity in the bids as developers grapple with the new guidelines initially."

When the site was launched for sale in July, Mr Lee estimated that the site could fetch between $500 and $550 per square foot per plot ratio.

"The tender for the land parcel will close at 12 noon on Sept 18, 2012 to allow more time for tenderers to reconsider their bids in view of the new requirement," said URA.