The Dairy Farm, formerly known as Dairy Farm Estate, first made an en bloc attempt in 2007, followed by a second enbloc attempt in Apr 2019, which only had 71.35% of owners supporting the sale, falling short of the required 80%. This was after the reserve price was raised from S$1.688 billion to S$1.84 billion as a sweetener.
The freehold development sits on a 750,019 square foot site and comprises 477 residential units and 10 retail shops, with the new Hillview MRT station a short walk away.
|LAND SIZE (SQM)||64,660|
|MASTER PLAN GFA (SQM)||136,633|
|MASTER PLAN PLOT RATIO||2.1|
|PROJECT NAME||THE DAIRY FARM|
|STREET NAME||DAIRY FARM ROAD|
|DISTRICT / PLANNING AREA||D23 / BUKIT PANJANG|
|NUMBER OF RESIDENTIAL UNITS||477|
|NUMBER OF SHOPS||10|
9 Dec 2021
The Dairy Farm
Owners at the freehold project, which comprised 477 residential units and 10 retail shops, initially sought more than S$1.68 billion in April 2018.
The CSC in January 2019 hiked the reserve price to S$1.84 billion to persuade more owners to come on board. By then, 68 per cent of the owners had signed the agreement.
But the increased reserve price also came with a higher development charge of about S$75 million, compared to the previous S$61 million estimation.
The collective sales agreement expired in April 2019 without hitting the 80 per cent consent threshold, therefore no tender was launched.
The Dairy Farm, formerly known as Dairy Farm Estate, had also made an earlier en bloc attempt in 2007.
Only 71.35% of owners support Dairy Farm's bid; Laguna Park reserve price is S$1.48b
9 Apr 2019
IT'S a tale of two large collective sale sites - while the Dairy Farm estate failed to hit the 80 per cent threshold needed, Laguna Park was re-launched for sale.
The collective sale agreement for Dairy Farm estate expired on April 6 with 71.35 per cent of owners signing, falling short of the signatures required to get the mandate to launch an en bloc tender. This was after the reserve price was raised from S$1.688 billion to S$1.84 billion as a sweetener.
"As on 6th April or the expiry date of the collective sales agreement (CSA), owners of 345 units out of the estate's 487 units have signed the CSA to support the collective sale," said Sieow Teak Hwa, managing director of marketing agent Teakhwa Real Estate, adding that the signatures constitute 71.35 per cent by share value and 70.11 per cent by strata area. "Despite our best effort and time committed to assist owners in the project, we are short of the required 80 per cent mandate for the collective sale to go through."
The freehold development sits on a 750,019 square foot site and comprises 477 residential units and 10 retail shops, with the new Hillview MRT station a short walk away. Dairy Farm's last collective sale bid was in 2007.
4 Jan 2019
THE New Year's Eve countdown is done, but the clock continues to tick for en bloc candidates as they race against a cooling market and various deadlines governing collective sales.
The pressure has even led some projects to raise their asking price to persuade owners to come on board - which fly in the face of potential buyers' increasing aversion to mega tabs.
Among them is the Dairy Farm estate, which just raised its reserve price from S$1.688 billion to S$1.84 billion as a sweetener to lure owners, ahead of an April 2019 deadline. According to the law, homeowners have 12 months from the first signature on their Collective Sales Agreement (CSA) to get the mandate to launch a public en bloc tender.
Collective sale committee (CSC) chairman Tay Tiong Choon told The Business Times the collection of signatures started in April 2018 and the current count is at 68 per cent. In the last two months, only two signatures were added.
Owners to vote on terms of collective sale agreement on Saturday; 750,019 sq ft freehold development has potential GFA of 1.58 million sq ft
6 Apr 2018
ANOTHER residential development that could smash the collective sale record currently held by Farrer Court is The Dairy Farm, if it obtains the requisite approval from owners and is successfully sold.
Owners of the freehold development - now comprising 477 residential units and 10 retail shops - are holding an extraordinary general meeting this Saturday to approve the terms of the collective sale agreement and method of apportionment on sale proceeds.
Their asking price for the 750,019 sq ft freehold project is said to be in excess of S$1.68 billion. This is set to surpass the S$1.34 billion record held by the former Farrer Court, which was acquired by a CapitaLand-led consortium in 2007 and redeveloped into the 1,715-unit d'Leedon.
Other developments that are hoping to pull off Singapore's largest collective sale in quantum dollar terms include Pine Grove near Ulu Pandan Road, a former HUDC estate where owners are asking for at least S$1.65 billion. It currently has about 73 per cent of approval from owners by share value and strata area.