Impressions at Dairy Farm: the cheapest land on Dairy Farm Walk, next to a neighbour still selling.

Impressions at Dairy Farm is the official name for the condo on the Dairy Farm Walk (Plot 3) government land site in Bukit Panjang, District 23. A consortium led by Roxy-Pacific Holdings, with Macly Group, LWH Holdings and ABR Holdings, won the land in January 2026 at $962 psf ppr. It will have about 480 homes in blocks of up to six storeys, about 770m from Hillview MRT. The preview is targeted for the second or third quarter of 2027.

This review puts the land price, schools, amenities and local resale record side by side. The estimated psf and the full data record sit on our Impressions at Dairy Farm project page.

What do we know about Impressions at Dairy Farm so far?

Floor plans and prices come at preview. Here is what is known.

Divide the floor space by the homes and you get about 925 sq ft each, including shared space, much like Narra Residences next door. The difference is the land: about 61 sqm of site for each home here, against about 41 sqm at Narra. So the blocks are lower and further apart.

How does $962 psf ppr compare with the other Dairy Farm sites?

It is the cheapest of the three Dairy Farm Walk plots. The table lists every private condo site sold in Districts 21 to 24 since 2022, plus Dairy Farm Road in 2018. It runs from lowest to highest land rate.

On Dairy Farm Walk itself, this plot cost 1.8% less than The Botany in 2022 and 5.7% less than Narra in 2025. Of the 12 sites sold since 2022, only Tengah Garden Avenue and De Souza Avenue cost less.

The bidding was close. Five groups bid, as reported at the close:

The top two were 0.4% apart. The third bid tells you more. It came from the group building Narra Residences next door, which knows local demand best. It bid 3.7% below the winner. CBRE read the cautious bids as concern about a limited pool of nearby upgraders. PropNex pointed to the sloping ground and the cost of more, lower blocks.

What launch price does $962 psf ppr imply?

Land is about half the cost. Our model adds the rest.

Divide $863.8 million by about 443,700 sq ft and the breakeven is about $1,947 psf ppr. Knight Frank put it a little lower at the close, at $1,800 to $1,900. We add the 15% to 30% margin band that we measured across 42 launched projects. That gives an indicative range of $2,240 to $2,530 psf (est.). Part of that margin is not profit. It covers the gap between the floor area a developer pays for and the smaller area it can sell.

One cost our model may understate. It uses one building cost rate for every site of this period. But six-storey blocks on a slope need more lifts and earthworks per home. At 10% more construction cost, the breakeven rises about $60, to roughly $2,010 psf ppr, on our own sum.

The second method uses what nearby launches actually sold at, as a multiple of their land cost.

Four of the five point to about $1,990 to $2,090 psf. The Sen is the only other low-density site in the set, at a plot ratio of 1.6. It shows a low-rise layout can sell at a far higher multiple. It also shows the cost in pace, at 41% sold.

Narra Residences is the comparison that matters most, because it is across the road and still selling. It launched on 31 January 2026 and sold nearly a quarter of its 540 homes that weekend at about $2,180 psf, as reported. Our records show 203 sold by 1 August 2026, at an average of about $2,162 psf. That is only about 1.07 times its estimated breakeven. Apply the same 1.07 here and you get about $2,080 psf.

Analysts at the close sat in between. Knight Frank put the average near $2,100 psf and PropNex above $2,150. SRI said close to the 2025 OCR median of about $2,254. So we publish both readings and the gap. Our cost model gives $2,240 to $2,530. Nearby launches point nearer $2,050 to $2,250. We expect the price list to land in the lower half of our range, or just below it. Narra will still have stock on sale at preview. None of these figures is developer-confirmed.

How does that compare with Dairy Farm resale prices?

A new launch here will cost well above resale. The table covers the 99-year private condos within about 2km that have the most recorded resales. ECs and freehold projects are left out.

Dairy Farm Residences is the closest match: same road, government land, finished in 2023. Its homes resold at a median of $1,783 psf since October 2025. Our range sits 26% to 42% above that, and Narra's $2,162 average sits 21% above it. Midwood, also finished in 2023, resells nearer $1,919. All of these projects were planned before floor areas were harmonised in June 2023, so their sold areas include spaces such as air-con ledges. A 2027 launch is post-harmonised and leaves those out, so on a like-for-like basis the resale psf would read a few percent higher. That narrows the gap a little but does not close it.

The record splits by when the land was bought. Five condos on 2010 to 2012 land made money on 800 of 1,037 resales (77%). Their yearly returns ran from 0.5% to 1.1%. The two on 2018 land made money on 173 of 176, at 2.8% and 3.5% a year. Part of that is timing: they sold into the 2021 to 2025 rise after short holds. Eco Sanctuary, on 2012 land, made money on 197 of 198. The address did not decide the outcome; the entry price did. District 23 as a whole made money on 79.7% of 14,458 resales.

Which primary schools are near Impressions at Dairy Farm, and who gets in?

Two within 1km and two more within 2km, on our straight-line estimates. The table shows Phase 2C results for both recent years.

Bukit Panjang Primary is the school in demand, and it got harder in 2026. In 2025 it had 61 Phase 2C places, and every citizen child living within 1km got in. The ballot fell on those 1–2km away, with 16 applicants for 3 places. In 2026 it cut its total intake from 240 to 210 and had 41 Phase 2C places for 77 applicants. That year the ballot fell among citizens living within 1km. At about 0.73km, a family here would have been in that ballot, not sure of a place.

CHIJ Our Lady Queen of Peace, a girls' school, took every Phase 2C applicant in both years. Zhenghua filled 59 of 60 places in 2026, and Beacon had plenty of room.

Some reports list Assumption English School, about 0.6km away, as a nearby primary. It is a secondary school. MOE measures distance from the final postal address, which the project does not have yet. Check on MOE SchoolFinder or OneMap's school query before you rely on any figure here. Our study of school demand and new launches explains how these ratios move from year to year.

What is within walking distance today?

Nature parks, two international schools and a neighbourhood mall are close. The MRT, a hawker centre and larger malls take 12 to 25 minutes on foot.

Green space is the strongest thing within walking distance. Dairy Farm Mall covers daily shopping. A hawker centre, a polyclinic and the bigger malls are a bus ride or a long walk away. The Downtown Line runs from Hillview to Botanic Gardens, Newton, Bugis and Downtown with no change. Newton is eight stops. Drivers reach the Bukit Timah Expressway and Upper Bukit Timah Road quickly, for Woodlands to the north and the Pan-Island Expressway to the south.

For rent, Dairy Farm Residences averages about $4.84 psf a month across 301 lodged contracts. On a 700 sq ft two-bedroom at our range, that is a gross yield of about 2.3% to 2.6% (est.), before costs.

Plus points for Impressions at Dairy Farm

• The cheapest land on Dairy Farm Walk. $962 psf ppr, 5.7% below Narra Residences and 1.8% below The Botany.
• A low-rise, roomy site. A plot ratio of 1.4 and up to six storeys, with about 61 sqm of land per home against about 41 sqm at Narra.
• A running MRT line. Hillview and Cashew on the Downtown Line are both within about 900m, with nothing waiting to open.
• Nature parks close by. Dairy Farm, Zhenghua and Chestnut nature parks are all within about 1.3km.
• A good recent resale record next door. 64 of 67 resales at Dairy Farm Residences and all 109 at Midwood made money.

Minus points for Impressions at Dairy Farm

• A neighbour still selling. Narra had 337 of 540 homes unsold on 1 August 2026. Our $2,385 midpoint is about 10% above its average.
• A premium over resale. At $2,240 psf or more (est.), buyers pay 26% to 42% above Dairy Farm Residences' recent resale median.
• A walk to the train. Hillview is about 12 minutes on foot.
• Few services close by. The nearest hawker centre is about 1.1km away; the polyclinic about 2.2km.
• A tighter school ballot. Bukit Panjang Primary balloted among citizens within 1km in 2026, after cutting its intake.
• A weak record for buyers at the last peak. 23% of resales at the five 2010–2012 land projects lost money.

Our affordability, stamp duty and progressive payment calculators show the cash stage by stage. If you qualify for an EC, compare Solano Grand in the same district first.

The short version

So what should you do with this?

• Plan around the lower half of $2,240 to $2,530 psf. Judge the price list against Narra's $2,162 average and Dairy Farm Residences' $1,783 resale median.
• Visit the Narra Residences showflat before this preview, since you will be choosing between the two.
• If Bukit Panjang Primary matters, check the official distance on MOE SchoolFinder once the address is final. Treat a place as a ballot chance, not a sure thing.

Frequently asked questions

Sources & methodology

How we checked this

We reproduced the land price from URA's award. The winning bid was $427,000,268 for 41,222 sq m of floor area. Multiply the floor area by 10.7639 to get about 443,711 sq ft, divide the bid by that, and you get $962 psf ppr. The same floor area on the 29,444.2 sq m site gives the plot ratio of 1.4. Our own project record had carried the 2.1 of the earlier plots; it is now corrected.

The name, consortium, unit count and preview window come from the developer announcement, 19 October 2026. Resale figures match each sale in URA caveat data to the earlier purchase of the same home, losses included.

Where the figures come from

The site area, floor area, tenderer and price are from URA's tender award release. The full bid list, the six-storey limit and the analyst comments are as reported by EdgeProp, The Edge Singapore and Stacked Homes. CBRE's view is from its tender commentary. Narra Residences' launch weekend is as reported by EdgeProp.

The cost breakdown and breakeven come from our pricing methodology; earlier land prices from our land cost tracker; school results from our schools dataset; resale and rent from our own URA caveat and rental compilation, mapped on our resale returns map. Other sites in the pipeline are in our GLS pipeline tracker.

See the full Impressions at Dairy Farm project page