Impressions at Dairy Farm

The research read

Impressions at Dairy Farm is the official name for the Dairy Farm Walk (Plot 3) site in Bukit Panjang, District 23 (OCR). It will have about 480 homes on a 99-year lease, in blocks of up to six storeys. The developer is a consortium led by Roxy-Pacific Holdings, with Macly Group, LWH Holdings and ABR Holdings. URA sold the land in January 2026 for $427 million, or $962 psf ppr. The preview is targeted for the second or third quarter of 2027, with completion around 2031 (est.).

The name is new; the site is not. This page tracked it as Dairy Farm Walk (Plot 3) from the day of the tender. Three things to take note. First, it is the least dense plot on Dairy Farm Walk. Its plot ratio is 1.4, against 2.1 for Narra and The Botany. So each home gets about half as much land again as next door. Second, it cost less than both of them, 5.7% below Narra's 2025 land and 1.8% below The Botany's. Third, it is the second big launch on this short road inside two years, while Narra Residences is still selling.

Cheaper land and a roomier site are both good news on paper. Whether they reach the price list is a separate matter. Four questions decide it. Will the developer price below Narra Residences, which sits on dearer land and is about 38% sold? Does a six-storey layout cost more to build than our model assumes? How close is Bukit Panjang Primary, and how hard has it been to get into lately? And what have older Dairy Farm condos actually returned to the people who sold them?

$962 psf ppr: the cheapest of the three Dairy Farm Walk plots

Four government sites have been sold for homes along Dairy Farm Road and Dairy Farm Walk since 2018. This is the third on Dairy Farm Walk, and the cheapest of the three per square foot of floor space. The table also carries the other West OCR sites sold since 2022, so you can see where Dairy Farm sits in the wider market. It runs from lowest to highest land rate.

The bidding was close and cautious. Five bids came in, and the top two were 0.4% apart. This consortium bid about $427 million. A GuocoLand and Hong Leong joint venture bid about $425 million ($959 psf ppr), as reported at the close. The consortium behind Narra Residences, which knows this road better than anyone, bid third at about $411 million ($926 psf ppr). When the neighbour bids 3.7% below the winner, it is telling you how it reads demand here.

The land is also unusual. URA's award gives a site area of 29,444.2 sqm and a maximum floor area of 41,222 sqm. That is 1.4 times the site, against 2.1 on the earlier plots. The site is about 3 hectares, roughly four football pitches. Spread over about 480 homes, that is around 61 sqm of land per home. Narra Residences has about 41 sqm per home. Analysts at the close pointed to sloping ground towards the landed estate next door and to the extra lifts and blocks a low-rise layout needs.

What will Impressions at Dairy Farm cost? From a $1,947 breakeven to a price range

Our model adds construction, professional fees, finance, stamp duty and marketing to the land. That gives an estimated breakeven of about $1,947 psf ppr, with land making up about 49% of the total. Applying the 1.15–1.30 margin band we use on every project gives an indicative launch range of $2,240–$2,530 psf. On that range a 700 sq ft two-bedroom lands near $1.57M–$1.77M, and a 950 sq ft three-bedroom near $2.13M–$2.40M. How each step is calculated is set out in our pricing methodology.

The model uses one construction rate per square foot for every site of this era. It does not add a premium for six-storey blocks on a slope. If those cost 10% more to build than a standard layout, our breakeven rises by about $60 psf ppr, to roughly $2,010. That is our own sensitivity sum, not a figure from the developer.

The neighbourhood points lower than our range. Narra Residences sits next door, on land that cost 6% more. It launched on 31 January 2026 and sold nearly a quarter of its 540 units that weekend, at about $2,180 psf, as reported. Our records put its average at about $2,162 psf with 203 units sold as at 1 August 2026. That is only about 1.07 times its estimated breakeven, well under the bottom of our margin band. Applied here, the same 1.07 gives about $2,080 psf.

Four of the five cluster tightly and imply about $1,990 to $2,090 psf. The Sen is the outlier. It is the only other low-density site in the set, with a plot ratio of 1.6, on De Souza Avenue nearer Bukit Timah. It shows a low-rise layout can carry a much higher multiple. It also shows what that costs in pace: 41% sold. Analysts at the tender close sat in between. Knight Frank suggested an average of about $2,100 psf and PropNex above $2,150. SRI expected prices near the 2025 OCR median of about $2,254.

So we publish both readings and the gap. Our cost model says $2,240–$2,530. The street says nearer $2,050–$2,250. Our working view is that the price list lands in the lower half of our range, or just under it. The reason is simple: Narra's unsold units will be on sale a few hundred metres away on preview day. A low-rise premium over Narra is possible. It has to be earned in the floor plans, not assumed.

Twelve minutes to Hillview, two Downtown Line stations within a kilometre

• Hillview (DT3), about 770m, roughly a 12-minute walk (est., verify with OneMap or on foot). The announcement puts it at about 800m. Downtown Line, running direct to Botanic Gardens (Circle Line), Stevens (Thomson-East Coast Line), Newton (North-South Line), Bugis and Downtown with no change. Newton is eight stops.
• Cashew (DT2), about 900m, roughly 14 minutes (est.). The same line, one stop further out, closer to Hillion Mall and Bukit Panjang.
• Bukit Panjang LRT. Pending (BP8) is about 1km away; Bukit Panjang (DT1) is where the LRT meets the Downtown Line.
• Roads. Upper Bukit Timah Road runs past the estate. The Bukit Timah Expressway (BKE) links north to Woodlands and the Causeway, and south to the Pan-Island Expressway. That is the northern corridor the announcement refers to.

Nothing in this list is a forecast. The station, the line and the roads all run today, so there is no opening date that can slip. The weak point is the walk itself. Twelve minutes is well outside the five-minute radius that most "near MRT" premiums are priced on. Buyers who will walk to the train daily should time the route in person.

A finished estate, bounded by nature reserve

This is not a growth story, and the page should not pretend it is. Dairy Farm is a mature, low-rise pocket between Bukit Timah Nature Reserve and the Bukit Panjang HDB estate. What it offers is already here. What it lacks will mostly stay lacking. The relevant facts are about supply, not catalysts:

• Four sites, about 1,870 homes, since 2018. They are Dairy Farm Residences (460), The Botany at Dairy Farm (386), Narra Residences (540) and this project (about 480). All sit on government land along the same two roads.
• Narra's stock overlaps this launch. As at 1 August 2026, our records show 337 of Narra's 540 units unsold. Some of those will still be for sale in mid-2027.
• Little new West OCR land behind it. ERA noted at the tender close that the first-half 2026 confirmed list carried no West OCR residential sites. Solano Grand, the Senja Close EC site, is the other near-term launch in the district, at a much lower price point.

The Rail Corridor and the nature parks are fixed, and they are the reason people choose this address. They will not be built over. That cuts both ways. The greenery is protected, and so is the absence of a town centre at the doorstep.

Is Bukit Panjang Primary within 1km, and does it matter?

On our own dataset, two MOE primary schools are within 1km radius of the development: CHIJ Our Lady Queen of Peace (~0.49km), a girls' school, and Bukit Panjang Primary (~0.73km). Two more sit 1–2km away: Zhenghua Primary (~1.40km) and Beacon Primary (~1.87km). These are straight-line distances from one point on a 3-hectare site, using OneMap coordinates. MOE measures from the final postal address, which the project does not have yet. Confirm on MOE SchoolFinder before you rely on any of them.

Bukit Panjang Primary is the school that tightened. Phase 2C is the stage for children with no family link to the school. In 2025 it drew 78 applicants for 61 places, and every citizen child living within 1km got in; the ballot fell on those 1–2km away. In 2026 it cut its intake and drew 77 applicants for 41 places. That time the ballot fell inside 1km. CHIJ Our Lady Queen of Peace had room to spare in both years, with 80 Phase 2C applicants for 139 places in 2026.

Living inside 1km gets a child into the ballot at Bukit Panjang Primary. In 2026 it did not guarantee a place. How this pattern plays out across launches is in our study of primary schools and new launch demand.

Some reports list Assumption English School among the nearby primary schools. It is a secondary school, about 0.6km away, with Assumption Pathway School (~0.72km) beside it. Two international schools are very close: The Perse School Singapore (~0.21km) and the German European School Singapore (~0.29km). That brings expatriate families, and tenants, to the area.

For daily needs, Dairy Farm Mall, in the base of Dairy Farm Residences, is about 400m away. HillV2 (~1.0km), Hillion Mall (~1.6km) and Bukit Panjang Plaza (~1.6km) cover larger shopping. The nearest hawker centre in our dataset is Bukit Panjang Hawker Centre, about 1.1km away, and the nearest polyclinic is Bukit Panjang, about 2.2km. Dairy Farm Nature Park, home of the Wallace Trail, is about 600m away, and Chestnut Nature Park about 1.3km. These are distances to one point in each park, not to its nearest gate.

Does it work as a rental? About 2.3% to 2.6% gross

The best local rent guide is Dairy Farm Residences, about 300m away and only three years old. Across 301 lodged rental contracts in our dataset, it averages about $4.84 psf a month. That is about $3,390 a month for a 700 sq ft two-bedroom. Bought at our $1.57M–$1.77M estimate, the same rent gives a gross yield of about 2.3% to 2.6% (est.), before property tax, fees and empty months. Midwood rents higher in our data, at about $6.07 psf over 404 contracts, which would lift the figure towards 3%.

The tenants are real: families at the two international schools, and Bukit Panjang flat owners renting while they upgrade. But the yield is set by a launch price, and rents do not care what you paid. If the developer prices nearer $2,100, the yield improves by itself. Run your own entry price through the new launch ROI calculator.

Who is Impressions at Dairy Farm for?

Four buyers fit. Bukit Panjang and Bukit Batok flat owners making a first private move without changing schools or routines. Landed owners in the Chestnut and Hillview estates who want to downsize without leaving the area; Knight Frank named this group at the close. Families who value trails and quiet over a mall at the lift lobby. And Downtown Line commuters headed for Newton, Bugis or the city who can live with a 12-minute walk.

It does not suit the buyer who needs a station at the gate, or the one who wants a lively town centre. It is also a stretch for the upgrader relying on flat proceeds alone. A 950 sq ft three-bedroom near $2.13M–$2.40M needs real cash and CPF beyond a Bukit Panjang flat sale. A household that qualifies for an EC should price Solano Grand first, where our indicative range is $1,820–$2,050 psf, with EC rules attached.

Stamp duty, loan limits and the cash you need

Standard private condo rules apply. There is no citizenship restriction and no minimum occupation period. Your total monthly loan repayments are capped at 55% of gross monthly income. The test uses a 4% interest rate, not the rate you are offered. You can borrow up to 75% of the price on a first housing loan, 45% on a second and 35% on a third. Those fall to 55%, 25% and 15% where the loan runs past 30 years or past your 65th birthday.

Singapore Citizens pay no Additional Buyer’s Stamp Duty on a first property, 20% on a second and 30% on a third. Permanent Residents pay 5% on a first and 30% on a second. Foreign buyers pay 60% on any home. Buyer’s Stamp Duty applies on the tiered scale on top. On a $2.2M purchase that is about $79,600. You cannot pay either stamp duty with loan money.

Seller’s Stamp Duty is the tax for selling too soon after buying. Under the schedule effective 4 July 2025 it runs for four years from the date you exercise the option, not from keys. A buyer at a mid-2027 preview would be clear of it in mid-2031, around the estimated completion.

Progressive payments spread the cash. You pay 5% in cash on booking, then 15% plus Buyer’s Stamp Duty when you exercise the option about three weeks later. After that, payments follow the building work. 25% falls due at completion, and the final 15% a year later. Get an in-principle approval from a bank before the preview, so you know which unit types you can afford.

Work the numbers through our affordability calculator, stamp duty calculator and progressive payment calculator. The TDSR guide explains how the stress rate binds, and selling an HDB to buy a new launch covers the order of steps. Test the repayment at a rate above today’s. We do not forecast rates.

Plus points for Impressions at Dairy Farm

• The lowest land cost on the road. $962 psf ppr, 5.7% below Narra Residences and 1.8% below The Botany at Dairy Farm.
• More land per home. About 61 sqm of site per home against about 41 sqm at Narra, in blocks capped at six storeys.
• A line that already runs. Hillview and Cashew on the Downtown Line are both within about 900m, with no future opening to wait for.
• Two primary schools within 1km. CHIJ Our Lady Queen of Peace had spare Phase 2C places in 2025 and 2026; Bukit Panjang Primary admitted every citizen applicant within 1km in 2025.
• A good recent resale record next door. 64 of 67 recorded resales at Dairy Farm Residences made money, at a median of 2.8% a year. All 109 at Midwood did, at 3.5% a year.

Minus points for Impressions at Dairy Farm

• HighA neighbour with stock to clearNarra Residences had 337 of 540 units unsold on our 1 August 2026 record, at an average near $2,162 psf. If this launch prices at our midpoint, $2,385, it asks about 10% more per square foot than the project across the road. The mitigant is the product: lower blocks, more land per home and newer floor plans.
• ModerateOlder Dairy Farm launches returned littleFive condos within 2km on 2010–2012 land, from Foresque Residences to Hillsta, show median returns of 0.5% to 1.1% a year across all resales. Between one seller in six and nearly one in three lost money. The mitigant: Eco Sanctuary, on land from the same years, made money on 197 of 198 resales, and the 2018-land projects nearby did well. What you pay at launch matters more than the address.
• ModerateA walk, not a doorstepHillview is about 770m in a straight line and roughly 12 minutes on foot. The mitigant is that the line runs today, and a second station, Cashew, is about 900m away.
• ModerateLow-rise costs the model may not captureSix-storey blocks on sloping ground need more lifts, cores and earthworks per home. Every 10% on construction adds about $60 psf ppr to our breakeven. The mitigant: the land was bought below both neighbours, which leaves room in the budget. Roxy-Pacific, the project manager, is an established condo developer whose recent launches include Straits at Joo Chiat.
• Low–moderateThe school case tightened in 2026Bukit Panjang Primary balloted inside 1km in 2026 after cutting its intake to 210. The mitigant: CHIJ Our Lady Queen of Peace had 139 Phase 2C places for 80 applicants, and Zhenghua filled 59 of its 60.
• LowA first GLS win for one partnerABR Holdings, which runs the Swensen's restaurant chain, won its first government site here after three unsuccessful joint bids in 2025. The mitigant is that Roxy-Pacific leads the project as manager.

When does Impressions at Dairy Farm preview, and what comes after?

1. 26 Nov 2025Tender launchedURA released the Dairy Farm Walk site, 29,444.2 sqm with a maximum floor area of 41,222 sqm.
2. 22 Jan 2026Tender closedFive bids. Top bid $427.0 million ($962 psf ppr), 0.4% above GuocoLand and Hong Leong at $959; the Narra consortium third at $926.
3. Jan 2026Site awardedTo ABR Holdings, LWH Holdings, Macly Capital and RP Ventures, the Roxy-Pacific vehicle, on a 99-year lease.
4. 31 Jan 2026Narra Residences launched next doorNearly a quarter of 540 units sold on launch weekend at about $2,180 psf, as reported; 203 sold by 1 August 2026 on our record.
5. 19 Oct 2026Name announcedImpressions at Dairy Farm, about 480 homes, preview targeted for 2Q or 3Q 2027.
6. Q2/Q3 2027 (target)Preview and price listUnit mix, floor plans and actual pricing. The estimates on this page become facts or get corrected.
7. Mid-2027 (est.)Booking dayThe demand signal: take-up against Narra's roughly 25% on its launch weekend.
8. ~2031 (est.)Estimated completionKeys, and the end of the Seller's Stamp Duty window for preview buyers.

Our read on Impressions at Dairy Farm

Here is the trade. You get the roomiest site on Dairy Farm Walk, on the cheapest land on the road. The blocks are low, the nature reserve is close, and a Downtown Line station is about 12 minutes away. In exchange you accept a mature estate with no town centre and a walk to the train. The launch will also compete with its unsold neighbour on day one. It suits west-side upgraders with cash beyond the flat sale, landed downsizers staying local, and families who pick trails over malls. It does not suit buyers who want a station at the gate or a quick rental return.

Watch the average launch price against Narra. Near $2,100 to $2,200 psf, the cheaper land has been passed on and the extra space comes close to free. Above about $2,350, the developer is pricing the low-rise layout as a premium product, and the floor plans have to show why. We will update this page with the price list. For the full land, school, amenity and resale comparison, read our Impressions at Dairy Farm review. Narra's own figures are on the Narra Residences page, and every other site in the government pipeline is in our GLS pipeline tracker.

Impressions at Dairy Farm in brief

• Impressions at Dairy Farm is the official name for the Dairy Farm Walk (Plot 3) site, with about 480 homes and a preview targeted for 2Q or 3Q 2027.
• URA sold the land in January 2026 at $962 psf ppr, the cheapest of the three Dairy Farm Walk plots.
• The plot ratio is 1.4 and blocks are capped at six storeys, giving about 61 sqm of land per home.
• Our indicative launch range is $2,240–$2,530 psf. Nearby launches imply about $2,050–$2,250. Both are estimates.
• Narra Residences next door averages about $2,162 psf and had 337 units unsold on our 1 August record.
• Hillview MRT is about 770m away, roughly a 12-minute walk.
• Bukit Panjang Primary (~0.73km) balloted inside 1km in 2026; CHIJ Our Lady Queen of Peace (~0.49km) had spare places.
• Gross rental yield would be about 2.3% to 2.6% (est.) on Dairy Farm Residences rents.

So what should you do with this? Visit Narra Residences before this preview, so you know the price and layouts it has to beat. Walk to Hillview at the hour you would commute. When the price list lands, compare it with Narra's average and with Dairy Farm Residences' $1,783 resale median, not only with our range.

Sources: URA tender award release for the Dairy Farm Walk site (pr26-07, January 2026) for site area, floor area, tenderer and price; tender results compiled in our land-sales register, with the full bid list as reported by EdgeProp, The Edge Singapore and Stacked Homes, and analyst comments from Knight Frank, PropNex, SRI, CBRE and ERA as quoted there; Narra Residences launch-weekend sales as reported by EdgeProp (February 2026); developer sales and caveat records, lodged rental contracts and matched resale transactions compiled by PropertyInsider.sg; MOE Primary 1 registration results for 2025 and 2026 compiled in our schools dataset, with OneMap geocodes for distances; amenity locations from NEA, NParks, MOH and our amenities dataset; IRAS and MAS for duties and financing rules. Project name, consortium, unit count and preview window are from the developer announcement, 19 October 2026. Figures marked (est.) are our estimates and may change at preview; indicative launch pricing is produced by our pricing model and is not developer pricing. Past performance of comparable projects is not indicative of future results. This page is research, not financial advice. PropertyInsider.sg is an independent research publication; the publisher's related interests are disclosed in our editorial policy.

Page history

• 19 Oct 2026 — Research read published under the official name, Impressions at Dairy Farm, with the Roxy-Pacific-led consortium, about 480 homes and a preview target of 2Q or 3Q 2027. Corrections to our tracked record: the plot ratio is 1.4, not 2.1 (URA gives 41,222 sqm of floor area on a 29,444.2 sqm site), so the derived site area now reads about 29,444 sqm instead of about 19,630 sqm; the unit count is about 480, not 500; the developer list now names ABR Holdings in full. Added the Dairy Farm land ladder, the five-bid result, a launch-multiple cross-check against five nearby launches ($1,990–$2,680 implied, four of five at $1,990–$2,090), Narra Residences' sales, 2025 and 2026 Phase 2C results, resale and rental records for nearby condos, and daily amenities from our dataset. Estimate unchanged at $2,240–$2,530 psf.
• 30 Sep 2026 — Estimated breakeven restated on the PropertyInsider.sg cost model: $1,947 psf ppr; indicative range $2,240–$2,530 psf.
• Next scheduled update — the day the price list is released, targeted for 2Q or 3Q 2027. The indicative range is then replaced with actual pricing, unit mix and stack data.

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