Published
Land tender results are quoted in psf ppr, short for per square foot per plot ratio: the winning bid divided by the gross floor area that a site's plot ratio allows. The unit lets sites of different sizes be set side by side, and it is the yardstick in EdgeProp's 8 October 2026 review of a decade of residential Government Land Sales (GLS) prices. EdgeProp reported that the average across 63 sites rose from $833 psf ppr in 2016 to $1,312 in 2025.
Reading psf ppr for Impressions @ Dairy Farm
A change to the floor-area rules affects how the number reads. EdgeProp explained that harmonised gross floor area (GFA) rules apply to sites launched from 1 September 2022: air-conditioning ledges count toward GFA, and voids no longer add saleable area. The same psf ppr therefore carries a higher effective cost than before. EdgeProp ties the dips in 2023 and 2024 to that change, with averages for 2021 to 2024 holding at roughly $1,100 to $1,200.
How a GLS tender plays out, from the Impressions @ Dairy Farm viewpoint
Under the programme, URA releases a parcel, developers submit bids, and the result is reported as a total price and a psf ppr. EdgeProp tracked how crowded those tenders have been: sites drew 7.9 to 13.3 bids a year on average in 2016-2018 and no more than 6.2 a year since 2022, while developers per winning bid average 2.2 in 2026 up to the report, the highest since 2016. For 2026 up to the report, EdgeProp reported an average of $1,465 psf ppr and unsold stock down 9%.
What the measure covers beyond Impressions @ Dairy Farm
The series covers residential GLS sites only, and EdgeProp splits it by region. The gap between the Core Central Region and the Outside Central Region narrowed from $633 psf ppr in 2016-2020 to $242 in 2021-2025, according to EdgeProp. In September 2026 a Lorong Puntong and Sin Ming Avenue site for about 140 homes set a Rest of Central Region record of $1,612 psf ppr on a $208.1 million award, EdgeProp reported.
EdgeProp names three drivers behind the climb. According to EdgeProp, non-landed private new-sale prices, excluding ECs, rose 84% from 2016 to 2025 against 58% for land. EdgeProp also found land prices and unsold stock moving in opposite directions in eight of ten years. Residential en bloc deals fell from a peak of 38 in 2018 to 2 in 2023, in EdgeProp's count.
Impressions @ Dairy Farm in the same framework
Impressions @ Dairy Farm is a 99-year leasehold condominium of approximately 480 homes on Dairy Farm Walk, District 23. URA launched the parcel for tender in November 2025, after the 1 September 2022 start date of the harmonised GFA rules that EdgeProp describes, and the tender closed with five bids on 22 January 2026. The floor area allowed follows from the plot ratio of 1.4 applied to the 316,937 sq ft site. Floor plans, the price list and preview dates will be published as the developer releases them. The location page covers Hillview MRT and the Dairy Farm surroundings, the homepage carries the updates, and readers can request the e-brochure through the Sales Concierge.
Source: EdgeProp, analysis of 8 October 2026.
General information only, not financial or legal advice.
Source: EdgeProp. This article is independent commentary; Impressions @ Dairy Farm is not affiliated with the parties mentioned.