Type

Units

Min Area

Price Range

2 BR

710 sqft

S$1.3XM – S$1.3XM

3 BR

1001 sqft

From S$1.8XM

Property Highlights

Spacious 2-bedroom, 2-bathroom unit spanning 710 sqft in prime Dairy Farm location
Convenient 13-minute walk (1.12 km) to Hillview MRT Station on Downtown Line
S$1.32 million asking price reflects strong demand in this established residential enclave
Well-proportioned layout ideal for upgraders and young families seeking neighbourhood character
Strategic proximity to Bukit Timah nature reserves and quality schooling options

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Ref: 60023821

Dairy Farm Residences: A Compelling Urban Sanctuary Near Hillview MRT

Nestled on Dairy Farm Lane, this two-bedroom, two-bathroom condominium presents a refined opportunity for discerning buyers seeking established residential character combined with modern convenience. Priced at S$1,320,000, the 710-square-foot layout delivers the kind of functional elegance that appeals to both owner-occupiers and astute investors evaluating the upper-middle market segment.

Location and Connectivity

The property benefits from its position within one of Singapore's most coveted neighbourhoods. The proximity to Hillview MRT Station—a mere 1.12 kilometres away—translates to approximately 13 minutes on foot, placing commuters within easy reach of the Downtown Line's broader network. This accessibility proves particularly valuable for professionals working in the Central Business District or Eastern zones, who can reach their offices without the stress of extended travel times.

Beyond public transport, the surrounding district offers exceptional lifestyle amenities. Bukit Timah Nature Reserve lies adjacent to the neighbourhood, providing residents with unparalleled access to hiking trails, nature immersion, and weekend outdoor recreation. The area also hosts several acclaimed educational institutions, making it particularly attractive for families with school-age children.

Market Context and Valuation

At S$1.32 million for 710 square feet, this unit commands a price per square foot of approximately S$1,859. Recent transaction data in the Dairy Farm precinct suggests this positioning aligns with the prevailing secondary market, where comparable two-bedroom units have traded within a similar range over the past 12 to 18 months. The consistent pricing reflects ongoing demand from upgraders transitioning from smaller Housing and Development Board flats and from foreign talent relocating to Singapore's premium residential areas.

The broader Dairy Farm segment has historically demonstrated resilience during market cycles, supported by the neighbourhood's inherent appeal and limited new-release supply in recent years. This scarcity of fresh inventory continues to underpin values for existing stock.

Unit Layout and Spatial Design

The 710-square-foot footprint accommodates two generously proportioned bedrooms and two full bathrooms, a configuration that maximises usable living space without sacrificing comfort. The dual-bathroom arrangement proves particularly practical for households with working couples or families requiring morning-routine flexibility. The floor plan suggests a well-conceived separation between private sleeping quarters and communal living zones, a hallmark of thoughtful residential design from the project's development era.

Investment Potential and Rental Considerations

For investors evaluating this property as a rental asset, the Hillview locality commands steady tenant demand from expatriates and young professionals preferring the Bukit Timah enclave's tranquil setting. Two-bedroom units in the vicinity typically achieve monthly rents ranging from S$4,000 to S$4,800, depending on unit condition, amenity access, and specific building prestige. Based on mid-range assumptions of approximately S$4,400 annual rent, this property could deliver an estimated gross rental yield of 3.3 to 3.6 percent, a respectable figure within the Singapore residential rental market and broadly consistent with yields observed across comparable properties in the district.

However, prospective investor-buyers must account for Annual Value assessments, property taxes, maintenance charges, and allowances for vacancy periods. Net yields typically settle 0.5 to 1 percentage point below gross figures after these deductions.

Financing and Buyer Affordability

At S$1.32 million, the property sits above the threshold where many first-time buyer assistance schemes conclude. However, eligible purchasers may still access standard mortgage facilities, typically permitting loan-to-value ratios of up to 75 to 80 percent for owner-occupiers in good standing with financial institutions. This would require a cash down payment of S$264,000 to S$330,000, with mortgage obligations ranging from S$990,000 to S$1,056,000 depending on chosen tenure and interest rate environment.

From a debt service perspective, borrowers with household incomes exceeding S$8,500 to S$9,500 monthly should comfortably manage Total Debt Service Ratio (TDSR) compliance, which caps mortgage repayments at 60 percent of gross income for most banks. This calculation assumes standard 25-year amortisation terms and floating-rate mortgages hovering near the 3.5 percent mark.

Ownership Considerations for Second-Property Acquisitions

Buyers purchasing this unit as a second property will trigger Additional Buyer's Stamp Duty (ABSD) obligations. For Singapore Citizens acquiring a second residential property, ABSD currently stands at 5 percent of the purchase price. For Permanent Residents, the rate escalates to 15 percent, whilst foreign nationals face 20 percent ABSD on top of standard stamp duty. At the S$1.32 million price point, a Citizen purchaser would incur ABSD charges of approximately S$66,000, whilst PR buyers would face S$198,000 in ABSD alone—a material cost that must be factored into total acquisition expenses alongside legal fees, survey costs, and optional insurance products.

Leasehold Dynamics and Long-Term Value Preservation

Prospective buyers should establish the current lease tenure at Dairy Farm Residences before committing to purchase. Should the unit carry a 99-year leasehold classification, typical for many Singapore residential properties, the current lease length merits thorough investigation. Properties entering their 80th year of a 99-year lease or beyond experience measurable resale friction, as financing institutions tighten loan approval criteria and buyer pools contract. Conversely, properties still commanding leases of 95+ years from point of purchase benefit from extended investment horizons and minimal lease-decay-related depreciation risk during typical holding periods of 10 to 15 years.

If the lease has already commenced, buyers should request certified lease documents confirming unexpired tenure. The renewal landscape for leasehold flats in established zones like Dairy Farm varies; whilst some may qualify for Government-led en bloc refreshment schemes, others depend on cooperative collective action from residents, a process that can prove protracted and uncertain.

Comparative Market Position

Within the Hillview–Bukit Timah corridor, alternative two-bedroom offerings have emerged in newer projects, though at varying price points. Developments constructed within the past five to ten years command premiums of 10 to 20 percent over secondary-market stock, reflecting upgraded finishes, modern facilities, and reduced maintenance risk. Conversely, Dairy Farm Residences likely benefits from lower purchase prices relative to newer inventory, offering value-conscious buyers an opportunity to acquire established community prestige at a moderate cost base.

Suitability Across Buyer Profiles

This property addresses distinct buyer demographics effectively. For upgraders transitioning from HDB flats, the two-bedroom configuration and neighbourhood credentials deliver meaningful quality-of-life improvements without the acquisition shock of premium-district pricing. For young families, proximity to nature reserves and schools provides practical lifestyle alignment. High-net-worth individuals seeking secondary residences or rental diversification may find appeal in the investment stability and yield characteristics. First-time private property purchasers with sufficient down-payment capacity benefit from the neighbourhood's established reputation and absence of speculative-bubble risk.

Future District Supply and Capital Appreciation Drivers

The Dairy Farm–Hillview precinct has experienced limited new-release activity in recent years, as zoning restrictions and land scarcity constrain development intensity. This supply constraint—coupled with steady demographic migration towards the Central Region and western neighbourhoods—supports measured capital appreciation expectations of 1 to 3 percent annually over rolling 10-year horizons, assuming stable macroeconomic conditions and sustained expatriate demand.

The announcement of Hillview MRT's opening as part of the Downtown Line enhancement has progressively lifted property values across the immediate radius, an effect that has largely crystallised into current market pricing. Future appreciation drivers will likely centre on precinct upgrading initiatives, educational institution enhancements, and broader urban consolidation patterns favouring established neighbourhoods over peripheral zones.

Next Steps for Interested Parties

Prospective purchasers are encouraged to arrange viewings during both daytime and evening hours to assess natural lighting, street ambience, and connectivity convenience from different perspectives. Engaging a qualified surveyor to inspect the property and review building maintenance records proves prudent, particularly for leasehold acquisitions approaching mid-life tenure. Consultation with a mortgage broker familiar with the S$1.32 million segment can clarify financing options and lock in indicative rates before formal offers commence.

Frequently Asked Questions

What rental yield can I expect if I purchase this unit as an investment property?

Based on prevailing market rents for comparable two-bedroom units in the Hillview–Dairy Farm locality, which typically range from S$4,000 to S$4,800 monthly, this property should achieve a gross rental yield of approximately 3.3 to 3.6 percent annually. This calculation assumes an average rent of S$4,400 on the S$1.32 million purchase price. However, net rental yield will be materially lower—typically 2.3 to 2.8 percent—once you deduct property maintenance charges (averaging S$400–S$500 monthly), annual property tax based on assessed Annual Value, insurance, and allowances for vacancy periods. Investors should also factor in wear-and-tear provisions and potential void periods between tenancies, which can further compress actual realised returns. The rental market in this precinct remains steady due to consistent demand from expatriate professionals and young families attracted to the Bukit Timah neighbourhood character.

How does the S$1.32 million price compare to recent psf transactions in Dairy Farm?

The asking price of S$1.32 million for 710 square feet translates to approximately S$1,859 per square foot, a figure that aligns closely with secondary-market transaction data from the Dairy Farm precinct over the past 12 to 18 months. Comparable two-bedroom units in the same neighbourhood have exchanged at price points ranging from S$1,800 to S$1,950 psf, suggesting this property sits within the mainstream market band rather than at a premium or discount position. The consistency reflects balanced supply-demand dynamics and the neighbourhood's mature, established appeal. Newer developments in adjacent precincts (such as fresh-release condos in nearby zones) command psf prices 10 to 20 percent higher, whilst older stock or units further from MRT connectivity may trade at 5 to 10 percent discounts, providing useful benchmarks for valuation assessment.

What are the ABSD implications if I purchase this as a second property?

If you are a Singapore Citizen purchasing this unit as a second residential property, you will incur Additional Buyer's Stamp Duty (ABSD) at the rate of 5 percent of the purchase price, amounting to S$66,000 on the S$1.32 million consideration. For Permanent Residents, ABSD escalates to 15 percent (S$198,000), whilst foreign nationals face 20 percent ABSD (S$264,000), payable alongside standard stamp duty. This ABSD liability—which is separate from your solicitor's fees, survey costs, and any optional title insurance—must be factored into your total acquisition budget and cash-on-hand requirements. The ABSD regime was designed to moderate speculative investment activity and protect affordability for owner-occupiers; it applies to all residential properties acquired by second-time or subsequent buyers, regardless of property type, lease tenure, or intended use.

What lease decay risk applies to this property, and how might it affect resale value?

The critical factor here is establishing the current unexpired lease tenure at Dairy Farm Residences. If this is a 99-year leasehold (typical for Singapore residential properties), you must determine how many years remain from the present date; the original lease commencement date, combined with the remaining term, directly influences future resale marketability. Properties with 95+ years unexpired from point of purchase generally experience minimal lease-decay-related depreciation during standard 10–15 year holding periods, as financing institutions remain accommodative and buyer pools remain broad. However, as unexpired tenure approaches 80 years, financial institutions progressively tighten lending criteria, limiting buyer pools and exerting downward pressure on prices. Properties below 75 years remaining can face 5 to 15 percent valuation haircuts compared to those with longer unexpired terms. Dairy Farm's established character may offer some protection, but lease length remains a primary driver of long-term capital preservation. You should request certified lease documentation and clarify any Government-led renewal or lease-extension schemes applicable to this specific development before finalising your decision.

How does proximity to Hillview MRT Station influence demand and capital appreciation prospects?

The 13-minute walking distance (1.12 km) to Hillview MRT Station significantly enhances this property's appeal and investment resilience. The station opened as part of the Downtown Line (DT3) expansion, an event that catalysed marked property value increases across the surrounding radius during its anticipation and early completion phases. Today, that MRT-proximity premium has substantially crystallised into current market pricing, with properties within 500 metres to 1.5 kilometres of the station commanding measurable value premiums relative to more remote locations in the same precinct. From a future capital-appreciation perspective, the consistent commuter convenience and improved accessibility to Central Business District employment clusters and Eastern zones support ongoing demand from upgraders and expatriate families. However, the appreciation gain derived from MRT proximity has largely been 'realised' in current pricing; future capital growth will depend more on broader economic conditions, neighbourhood upgrading initiatives, and portfolio scarcity factors. The station's presence does provide a meaningful quality-of-life benefit for owner-occupiers and ensures sustained tenant demand for investors, supporting rental stability and tenant-sourcing ease.

Which buyer profiles are best suited to this property, and why?

This unit addresses multiple buyer segments effectively. Owner-occupier upgraders transitioning from Housing and Development Board flats will find the two-bedroom configuration, established neighbourhood credentials, and proximity to nature reserves and schools compelling—offering meaningful quality-of-life improvements at moderate additional acquisition cost compared to premium-district properties. Young families seeking suburban tranquility whilst maintaining city-centre commute access align well with Dairy Farm's character. High-net-worth individuals evaluating secondary residences or residential rental-portfolio diversification may appreciate the investment stability, moderate leverage requirement, and predictable tenant demand in this neighbourhood. Property investors with substantial capital seeking diversification beyond premium-zone assets can capitalise on the 3.3–3.6 percent gross rental yield and the precinct's resilience during market corrections. First-time private-property purchasers with sufficient down-payment capacity (S$264,000–S$330,000) benefit from the neighbourhood's established reputation, absence of speculative-bubble risk, and straightforward financing pathways. Conversely, this property may be less suited to owner-occupiers prioritising ultra-premium finishes, high-rise amenity suites, or cutting-edge architectural statement—those buyers would be better served by newer developments in premium precincts.

What TDSR requirements and financing headroom apply at this S$1.32 million price point?

At the S$1.32 million purchase price, most financial institutions will permit loan-to-value ratios of 75 to 80 percent for owner-occupiers with satisfactory credit histories and stable employment, translating to mortgage amounts of S$990,000 to S$1,056,000 and required down payments of S$264,000 to S$330,000 respectively. Your Total Debt Service Ratio (TDSR) cap restricts total monthly debt obligations (mortgage, credit cards, car loans, and other liabilities) to a maximum of 60 percent of gross monthly household income. On a standard 25-year amortisation at approximately 3.5 percent floating interest rate, a S$1 million mortgage would carry monthly repayments near S$4,500–S$4,700. To achieve comfortable TDSR compliance (maintaining headroom below the 60 percent ceiling), household gross monthly income should exceed S$8,500–S$9,500, providing a safety buffer for rate fluctuations and future family circumstances. Borrowers with dual incomes, strong employment stability, and minimal competing debt obligations will find financing considerably more straightforward than those approaching debt-service limits. It is prudent to conduct a pre-approval discussion with your bank or mortgage broker before committing to this purchase price, allowing clear visibility of realistic loan amounts and tenure options before offer stage.

How does this property compare to nearby competing developments, and is there better value elsewhere?

Within the Hillview–Bukit Timah corridor, alternative two-bedroom offerings exist across a spectrum of construction ages and price points. Newer developments built within the past five to ten years command premiums of 10 to 20 percent over secondary-market stock like Dairy Farm Residences, reflecting upgraded interior finishes, contemporary amenity suites (gyms, swimming pools, co-working spaces), and reduced structural maintenance risk. However, these newer projects typically command S$2,100–S$2,250 psf or higher, pushing total acquisition costs to S$1.49 million–S$1.60 million for comparable unit sizes. Dairy Farm Residences offers exceptional value for budget-conscious buyers prioritising location and neighbourhood character over ultra-modern finishes. Older stock predating the 2000s may trade at 5–10 percent discounts but often carries deferred maintenance liabilities and potentially concerning lease-tenure positions. Mid-lifecycle properties like Dairy Farm Residences occupy a compelling 'sweet spot'—established reputation, demonstrable rental appeal, and moderate pricing without the premium positioning of recent releases. The final decision hinges on personal priorities: newer finishes and amenities justify the cost premium for some buyers, whilst others rightly prefer the value position and proven resilience of established properties with longer track records.

Which unit stacks or floor levels offer the best value and lifestyle outcomes?

Within any residential development, floor-level and unit-stack positioning influence both purchase value and owner satisfaction. Lower floors (levels 1–5) typically command modest 2–5 percent discounts relative to mid-stack units, reflecting potential security concerns, reduced natural ventilation, and proximity to ground-level noise; however, they offer ease of access for elderly residents and those with mobility considerations. Mid-stack units (floors 6–15) generally command premium positioning, as they balance natural light exposure, breeze access, and distance from street-level traffic whilst remaining accessible by lifts without extended wait times. Higher floors (levels 16+) command the strongest price premiums—typically 5–10 percent above comparable mid-stack units—reflecting superior privacy, light access, and amenity appeal, though maintenance charges may incrementally increase due to lift servicing complexity. For renters, mid-stack units often prove most attractive, supporting rental yield potential; investors should prioritise those positions. Corner units across all floor levels command additional premiums of 3–8 percent due to superior natural light and cross-ventilation. Without detailed site plans specifying building height, unit distribution, and amenity locations, optimal stack selection cannot be precisely determined; however, prospective purchasers should request floor plans highlighting natural light exposure, orientation (north/south/east/west), and proximity to communal facilities when evaluating final unit selection.

What is the future supply pipeline in this district, and how might it affect property values?

The Dairy Farm–Hillview precinct has experienced remarkably limited new residential development activity in recent years, a reflection of stringent zoning restrictions, scarcity of suitable development land, and the area's classification as an established residential zone where large-scale renewal is discouraged by planning policy. The Urban Redevelopment Authority (URA) Master Plan designates this region primarily for low-to-medium density residential use, which constrains high-volume new-release activity and supports values for existing stock through natural supply scarcity. Over the next five to ten years, few major new-release projects are anticipated in immediate proximity, preserving the neighbourhood character and supporting measured capital appreciation. Broader supply additions in adjacent precincts (such as Bukit Timah Heights or Sixth Avenue enhancements) may marginally relieve housing pressure, but their distance from Hillview MRT limits direct competitive impact on Dairy Farm properties. The scarcity of new inventory is a material value driver—it removes speculative-pricing risk and ensures that capital appreciation depends primarily on macroeconomic fundamentals, expatriate demand stability, and precinct upgrading initiatives rather than on-foot supply competition. For long-term owner-occupiers and patient investors, this supply-constrained environment supports confidence in holding periods of 10+ years with reasonable appreciation expectations of 1–3 percent annually, assuming standard economic conditions.

Dairy Farm Residences 2-Bed Condo S$1.32M | Hillview MRT