Dairy Farm: A low-density private enclave with long-term appeal
The Dairy Farm neighbourhood is poised to benefit from the transformation of the West Region. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Tucked between Bukit Timah Nature Reserve and the Hillview–Bukit Panjang residential corridor, Dairy Farm is a small and distinct subzone that stands apart from many other neighbourhoods in Singapore. The area comprises only private residential properties, with no HDB flats, making it a relatively low-density and exclusive enclave by design.
Despite its tranquil setting, Dairy Farm is well connected. The subzone is served by Cashew and Hillview MRT stations on the Downtown Line, has direct access to the Bukit Timah Expressway, and is supported by everyday amenities such as Dairy Farm Mall and several local and international schools. Together, these factors have helped sustain demand from both homebuyers and tenants.
From an investment perspective, the 99-year leasehold condos in Dairy Farm have demonstrated steady price growth and a strong track record of profitability, even as average resale prices remain lower than those of many Outside Central Region (OCR) developments. With the West Region slated for major transformation in the coming years, Dairy Farm is increasingly viewed as a residential enclave that combines liveability with long-term value potential.
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Source: EdgeProp LandLens
West Region: Slated for transformation
Many transformative changes are planned for the West Region, which comprises the Bukit Panjang, Choa Chu Kang, Tengah, Bukit Batok, Jurong East, Jurong West, Boon Lay, Pioneer and Clementi Planning Areas.
Jurong Lake District (JLD) is planned to be Singapore’s largest business district outside the CBD. In addition to office and commercial space, JLD is expected to feature numerous new homes. To support its development, the government has planned extensive infrastructure works, including a new MRT line — the Jurong Region Line (JRL) — which will provide better connectivity across the Jurong area. The existing Choa Chu Kang, Boon Lay and Jurong East MRT stations will serve as interchange stations when the JRL is completed in 2029.
The West Region will also house the Jurong Innovation District, which is expected to attract companies engaged in a broad spectrum of high-tech activities, from research to manufacturing. The nearby Tuas Port will support the supply chain needs of these two business hubs.
Additionally, Tengah is designated as a new town featuring approximately 30,000 new HDB flats. Thus far, around half of these flats have been completed. The new town will also house several neighbourhood centres that will provide residents with amenities and community spaces. The upcoming JRL will run through Tengah and provide future residents with easy connectivity to the rest of the island.
Tengah is also expected to feature private residential properties. A Government Land Sales (GLS) tender for a site along Tengah Garden Avenue was closed and awarded in January 2025. The site can yield approximately 273,906 sq ft of commercial space and about 860 new condo units. The upcoming development is expected to be launched for sale in 2026.
The Dairy Farm subzone is part of the Bukit Panjang Planning Area in Singapore’s West Region. Residents of this subzone are expected to benefit from the region’s upcoming developments and future infrastructure improvements. The development of JLD, the Jurong Innovation District and Tuas Port could also provide Dairy Farm residents with more employment opportunities closer to home.
Dairy Farm: An exclusive neighbourhood
The Dairy Farm subzone does not feature any HDB flats, making it a unique neighbourhood comprising exclusively of private residential properties. This subzone includes several landed housing areas, including the Chestnut Avenue Good Class Bungalow (GCB) Area (see Map 2).
Source: EdgeProp LandLens
At the time of writing, the subzone comprises only eight completed condos. Of these, Tree House, Foresque Residences, The Skywoods and Dairy Farm Residences are 99-year leasehold developments, while Cashew Park Condominium, Chestnut Ville and Espa have 999-year tenures. The Dairy Farm is the only freehold development in the subzone. Collectively, the eight condos comprise approximately 2,500 units.
There is also a 99-year leasehold condominium in the area that has yet to be completed. Located along Dairy Farm Walk, The Botany at Dairy Farm was launched for sale in March 2023, achieving a take-up rate of 48% at an average price of $2,070 psf. Based on caveats lodged at the time of writing, all units in the 386-unit development have been sold at an average price of $2,040 psf.
There is another upcoming 99-year leasehold condominium in the neighbourhood. Narra Residences will be located along Dairy Farm Walk in District 23. It is a short walk from Dairy Farm Mall and the German European School Singapore. The upcoming condo is expected to feature 540 units and is slated for sales launch in the first quarter of 2026.
Additionally, the tender for a GLS site along Dairy Farm Walk was launched in November 2025 and will close in January. An estimated 480 condo units can be built on the residential site. The future 99-year leasehold condo is located a short walk from the upcoming Narra Residences and The Botany at Dairy Farm (see Map 3).
Affordable and healthy price growth
In 2025, the average resale price for 99-year leasehold condos in District 23 was $1,418 psf, lower than that of their peers in the Outside Central Region (OCR) ($1,525 psf) and islandwide ($1,705 psf), indicating the relative affordability of such condos in District 23 (see Chart 1).
Despite their comparatively more affordable prices, these condos in District 23 have still recorded price growth of 46.3% from 2020 to 2025. This is a par with the growth seen in similar OCR condos (48.1%) but significantly higher than that of their islandwide counterparts (39.4%).
Source: EdgeProp Market Trends (as at 5 January 2026)
Deep dive into Dairy Farm condos
A deep dive into completed 99-year leasehold condos within the Dairy Farm neighbourhood reveals that most have achieved average resale prices of approximately $1,400 psf to $1,700 psf last year (see Table 1). The lone exception is Dairy Farm Residences, which recorded an average price of $1,816 psf. The higher price achieved by this development could be attributed to it being the newest completed condo, having obtained its temporary occupation permit (TOP) in 2023.
The lower prices of the three older condos could be attributed to lease decay, especially since they are leasehold developments. The land lease of Tree House—the oldest of the trio—commenced in 2009, leaving it with a remaining lease of 83 years. Foresque Residences has a remaining lease of 85 years, as its land lease commenced in 2011, while The Skywoods has a slightly longer remaining lease of 86 years, with its land lease beginning in 2012.
Meanwhile, The Botany at Dairy Farm is the only uncompleted condo that has been launched for sale. To date, it is also the only development in the Dairy Farm subzone with an average price that has crossed the $2,000 psf threshold.
Strong profitability
An analysis of Tree House, Foresque Residences, and The Skywoods reveals that they have recorded significantly more profitable than unprofitable transactions (see Table 2). However, only Tree House has generated profits exceeding $1 million, while the top profits for Foresque Residences and The Skywoods remain below $800,000.
At the time of writing, no resale transactions have been recorded for Dairy Farm Residences and The Botany at Dairy Farm, as both are relatively new developments.
So far, two million-dollar profits have been recorded for Tree House. The transactions were concluded in either 2024 or 2025 (see Table 3). Tree House has also chalked up the highest number of profitable transactions among the three developments.
Source: EdgeProp Buddy (as at 5 January 2026)
The record-high profit of $1.133 million for Tree House involved a 1,410-sq ft unit that was sold in April 2024 for $2.27 million ($1,610 psf). The seller had purchased the four-bedroom unit from the developer in May 2010 for $1.137 million ($806 psf).
The second-highest profit for Tree House was also the condo’s highest profit last year. The seller sold a 1,625-sq ft unit in May 2025 for $2.32 million ($1,427 psf), resulting in a profit of $1.082 million. The unit was purchased from the developer in May 2010 for $1.238 million ($762 psf).
Both sellers benefited from having paid lower-than-average prices of $806 psf and $762 psf for their units. They purchased their units in 2010, when the average price for Tree House was $837 psf (see Chart 2).
Source: EdgeProp Market Trends (as at 5 January 2026)
In addition, both owners held their units for more than 10 years, allowing them to benefit from the long-term price appreciation of the development. From 2010 to 2025, the average price of Tree House has surged by 83.4% to $1,535 psf.
In contrast, Foresque Residences recorded the highest number of unprofitable transactions and the largest loss among the three condos.
The record-high loss of $377,300 involved a 1,959-sq ft unit that was sold in November 2020 for $2 million ($1,021 psf). The seller had purchased the unit from the developer in June 2011 for $2.377 million ($1,213 psf). Interestingly, the same unit later generated a profit of $650,000 when it was sold by the second owner for $2.65 million ($1,353 psf) in October 2024 (see Table 4).
Source: EdgeProp Buddy (as at 5 January 2026)
The first owner incurred a loss as the unit was sold at $1,021 psf in 2020, which was below Foresque Residences’ average resale price of $1,178 psf at that time. In contrast, the second owner benefited from purchasing the unit at a lower price, enabling them to make a profit despite selling it at a lower-than-average price of $1,353 psf in 2024, when the condo’s average resale price was $1,427 psf (see Chart 3).
The second owner also benefitted from the recent price jump for Foresque Residences. From 2021 to 2025, the average price for the condo rose by 29.8% to $1,554 psf.
Source: EdgeProp Market Trends (as at 5 January 2026)
The recent robust price growth could explain why the most recent unprofitable transaction at Foresque Residences resulted in a significantly smaller loss of $20,000. The seller sold a 1,830-sq ft unit in March 2025 for $2.18 million ($1,191 psf), after purchasing it from the developer in October 2012 for $2.2 million ($1,202 psf).
International schools boost rentability
Last year, The Skywoods ($4.91 psf/month) recorded a higher average rent than Tree House ($4.16 psf/month) and Foresque Residences ($4.55 psf/month), likely because it is newer than the other two condos (see Chart 4). In addition, The Skywoods is adjacent to German European School Singapore and is a short walk from Dairy Farm Mall, which enhances its appeal to tenants. The other two developments are located farther away from these amenities.
Meanwhile, all three condos have experienced a rental surge since 2021, with Tree House (51.3%) recording the strongest growth, followed by Foresque Residences (48.7%) and The Skywoods (46.1%).
Source: EdgeProp Market Trends (as at 5 January 2026)
Notably, last year’s average rent for The Skywoods ($4.91 psf/month) is not only higher than that of the two neighbouring developments but also exceeds the average rents for District 23 ($3.95 psf/month) and islandwide ($4.80 psf/month) (see Chart 5). Foresque Residences ($4.55 psf/month) and Tree House ($4.16 psf/month) also recorded higher average rents than that for District 23. However, the average rent for the two condos are below the islandwide average.
The higher rents achieved by the three condos compared to their counterparts in District 23 may be attributed to their proximity to amenities such as two international schools, Dairy Farm Mall, and the Bukit Timah Expressway.
Source: EdgeProp Market Trends (as at 5 January 2026)
Conclusion
Dairy Farm’s appeal lies in its combination of limited supply, proximity to greenery and practical connectivity. As a subzone made up entirely of private homes, the neighbourhood offers a degree of exclusivity that is uncommon in Singapore’s housing landscape, particularly within the OCR.
The price performance and profitability of its completed 99-year leasehold condos indicate sustained demand, supported by factors such as access to nature, nearby amenities and the presence of international schools. Rental trends further suggest that Dairy Farm remains attractive to tenants, especially expatriate families.
Looking ahead, the transformation of the West Region — including developments in JLD, the Jurong Innovation District and Tengah — is expected to enhance employment opportunities and infrastructure in the broader area. Against this backdrop, upcoming supply of residential developments in Dairy Farm remains relatively limited, with only two new condos in the pipeline.
For homebuyers and investors seeking a quieter residential environment without sacrificing accessibility or long-term fundamentals, Dairy Farm continues to present a balanced choice.
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