Farrer Road holding its own in prime district

Farrer Road holding its own in prime district

It has tended to be overshadowed by the more glamorous Bukit Timah, but the Farrer Road area still holds its own as a desirable residential enclave.

The interest shown in a site in Farrer Drive has underscored the neighbourhood's potential.

An unknown party has committed to bid a minimum of $88.9 million for the 0.63ha residential plot up for sale on the reserve list.

It works out to about $823 per sq ft per plot ratio (psf ppr), said to be the highest application bid, in terms of psf ppr, lodged to trigger a reserve site in the Government Land Sales programme.

The interest points to the Farrer Road area - billed as the 'cousin' of high-end Bukit Timah - heading for lift-off.

Several new condominiums are being built; the Farrer Road MRT station on the Circle Line opened last year; Empress Road Market has the food angle covered.

Property consultants said that properties there will continue to do well, maintaining a 'respectable price premium'.

The area offers some good prices, even as it is sandwiched between the prime areas of Holland and Bukit Timah. And buyers hunting for bigger units could do well to look in the resale market in the area.

A 1,604 sq ft unit at Spanish Village, a 25-year-old condo in Farrer Road, sold for $1,571 psf last month, while a 1,701 sq ft apartment at the 27-year-old Tulip Garden condo nearby sold for $1,264 psf in March.

Both are freehold condos.

The Farrer area, with many older freehold projects, is known for collective sales, but whether it continues to be a magnet for such deals remains to be seen, experts said.

Source: The Straits Times – 26 May 2012