# Bedok Condo Site Sets Record With $1.42 Billion Tender

- **Source:** Stacked Homes
- **Published:** 2026-09-02T05:57:19.000Z
- **Author:** Sabrina Lee
- **Original:** https://stackedhomes.com/bedok-condo-site-sold-for-1-42-billion-future-condo-launch-near-3000-psf/
- **Topics:** Private Residential, New Launches, Government & Policy

## Featured rationale

The 14% premium over the second bid signals strong confidence in Bedok’s upgrader and right-sizer demand, potentially supporting launch prices around $2,850 to above $3,000 psf.

## AI summary

A UOL-led consortium bid $1.42 billion, or a record $1,537 psf ppr for an OCR residential site, for the 1,010-unit New Upper Changi Road plot.

## Original article

The tender for a new condominium site in Bedok is the latest indication that the tailwinds pushing up residential development land prices in Singapore are still going strong. On Sept 1, the tender for a government land sale (GLS) site on New Upper Changi Road set a record price for a residential plot in the suburbs, or Outside Central Region (OCR).

A consortium of developers – comprising UOL Group, CapitaLand Development, Singapore Land – put in the highest bid among the four tenders submitted. The consortium outbid the other competitors by a mile, offering $1.42 billion for the 331,194 sq ft site.

That bid price works out to a land rate of $1,537 psf per plot ratio (ppr), and sets a record for a residential development site in the OCR.

This bid price is 10.7% higher than the $1,388 psf ppr that SingHaiyi paid for the site at Bayshore Road in March 2025. That has since been launched as the 515-unit Vela Bay, which entered the market in April this year. The condo sold 72% of its units during its opening weekend sales, and set an average selling price of $2,886 psf.

Meanwhile, a joint venture comprising CDL and Hong Realty submitted the second highest bid of $1.25 billion ($1,350 psf ppr), about 14% shy of the top bid by the UOL-CapitaLand consortium.

Other developers who participated in the tender included a GuocoLand-led consortium who put in a $1.24 billion ($1,340 psf ppr) bid, as well as Sim Lian Group who submitted a $1.21 billion ($1,310 psf ppr) bid.

Most market analysts like Tricia Song, head of research, Singapore and Southeast Asia, at CBRE, noted that the very narrow 3.1% price gap between the second to fourth bidders showed a general consensus from developers on the value of the site.

However, higher-than-expected bid price by the UOL-CapitaLand consortium was “significantly above expectations” and may reflect the developers’ confidence in this type of large residential sites near transport hubs in mature estates, especially the one here which has shown signs of pent-up demand for new private homes, says Song.

s/n | Developer | Bid Price ($) | Bid Price ($psf ppr)

1 | UOL Group, CapitaLand Development, and Singapore Land | 1,425,388,000 | 1,537

2 | City Developments Ltd (CDL) and Hong Realty | 1,252,000,000 | 1,350

3 | GuocoLand, Hong Leong Holdings, and TID | 1,242,664,619 | 1,340

4 | Sim Lian Group | 1,215,000,000 | 1,310

The Upper Changi Road GLS site, which sits at the junction of New Upper Changi Road and Bedok South Road, is one of the largest residential GLS sites that the government has launched in recent years. The 99-year leasehold site has a maximum gross floor area of approximately 927,353 sq ft and the new development could yield about 1,010 condominium units.

The expected size of the new development makes it a mega development, according to Mr. Mohan Sandrasegeran, Head of Research & Data Analytics at SRI. “This site is quite important because it represents one of the few large scale residential plots in a mature East region estate with immediate MRT access,” he says.

The last time the government awarded a large residential site in the OCR was the Upper Thomson Road Parcel B site, which was awarded to GuocoLand in April 2024 after it had put in the top bid of $779.6 million ($905 psf ppr). That site was subsequently launched as the 941-unit Springleaf Residence in August last year, which saw a strong take up that moved 92% of its units during its opening sales weekend at an average price of $2,175 psf.

All indications suggest that when the New Upper Changi Rd site is developed, the new project should also garner a high degree of buying interest.

The site is close to Bedok MRT station on the East-West Line (EWL) as well as Bedok bus interchange, and the area is served by major roads and expressways. Tanah Merah MRT station, which is one stop away from Bedok station, will also become an interchange when it links to the Thomson-East Coast Line in the 2030s.

Bedok is also one of the most mature residential districts in Singapore with many established amenities like Bedok Mall and nearby employment hubs. In addition, the site is within two kilometers of schools including Red Swastika School, St. Stephen’s School, Anglican High School, St. Patrick’s School, Victoria School, Temasek Junior College and Victoria Junior College. This would make the new development attractive to families with school-going children.

What’s behind developers’ confidence in this site?

“The top bid for the New Upper Changi Road site shows that developers are prepared to pay a clear premium for mature-estate demand in Bedok. This is not just a transport-led site; it is also supported by a sizeable upgrader pool,” says Marcus Chu, Chief Executive Officer, ERA Singapore.

According to data by ERA, there have been at least 755 HDB resale transactions in Bedok in the first seven months of 2026, and 44 million-dollar flats sold there over the same period. In terms of million-dollar resale transactions, this already surpasses the area’s record last year which notched 39 million-dollar resale HDB deals.

Chu adds that in the eyes of most developers the site is a strategic opportunity, because it puts a just-right product in front of both HDB upgraders and landed right-sizers in the area. He adds that many established families in Bedok have grown their wealth over the years and are ready to upgrade, this is supported by the fact that the town is seeing an increase in million-dollar HDB flat transactions.

The New Upper Changi Road site is one of the largest GLS plots offered by the government this year. (Map: URA)

A project like this could encourage some landed homeowners to unlock housing equity by moving into a condominium while setting aside more funds for retirement or family planning, says Chu. This is especially so with the rollback of the wait-out period rule several weeks ago.

Market data provided by Realion (OrangeTee &ETC) Group also indicates that Bedok and Tampines are also set to have an estimated 9,500 four- and five-room HDB flats that will fulfill their minimum occupation period (MOP) between 2026 and 2029.

“There may be a large catchment of potential buyers for the upcoming development here. Right-sizers from the nearby landed homes in Siglap area and Opera Estate may also be drawn to the project, further broadening its potential buyer base,” says Justin Quek, Deputy Group CEO of Realion.

He adds that the GLS site wraps around part of the Opera Estate landed housing cluster, specifically the homes off Swan Lake Ave and Dido Street, and so there is a chance that the new condo units could enjoy unblocked views of this large landed enclave.

Unpacking the record OCR land price

Two months ago, we saw the first non-Central Business District (CBD) development site in Singapore fetch an eye-watering $2 billion. The sky-high price was submitted by a five-way joint venture between Frasers Property, Frasers Centrepoint Trust, Sunway MCL, Sekisui House, and Lum Chang Holdings. This was for the only integrated development plot in the emerging Bayshore district in East Coast. The top bid of $2.128 billion translates to $1,323 psf ppr for the 618,500 sq ft site.

It’s not the first time that developers have put forward strong bids for development opportunities in this part of the East. The last residential-only GLS site in the vicinity was for a site at Bedok Rise last December.

Located opposite Tanah Merah MRT station, it was Allgreen Properties who submitted the winning bid of $464.8 million ($1,330 psf ppr) for the 218,438 sq ft plot. It managed to beat nine other bidders who were also competing for this lucrative site.

The Bayshore Drive GLS site was awarded to a consortium of five developers, who put in a $2.128 billion bid for the integrated site.

There was a wide range of opinions and launch price estimates from market analysts this time around. Some property consultancies like Knight Frank see more room for prices to run up, with launch price expectations starting from about $3,000 psf, with premium units potentially going at higher prices depending on the unit design, views, and floor level.

Leonard Tay, head of research at Knight Frank Singapore, opines that a project of roughly 1,010 units requires a deep and sustained demand base, and Bedok’s demographic profile provides quantifiable numbers in a more compelling fashion than many other GLS locations.

On the other hand, ERA’s Marcus Chu expects the future condominium to be priced realistically between $2,850 psf and $2,900 psf, citing the plot’s huge catchment of landed property to support pricing. “Developers are likely to remain disciplined in their land bids, but sites with clear demand drivers can still attract competitive pricing,” says Chu.

## Chinese translation

> Translation model: grok_cli

### 勿洛公寓地段以新币14.2亿元标价创纪录

由华业集团牵头的财团以新币14亿元击败另外三份标书，拿下新上樟宜路政府售地地段，刷新了中央区以外（OCR）纯住宅用地的每平方英尺容积率地价纪录。该地段靠近勿洛地铁站，可兴建约1,010个住宅单位。

勿洛一块新公寓地段的招标，是新加坡住宅发展用地价格仍受强劲顺风推动的最新迹象。9月1日，新上樟宜路一块政府售地（GLS）地段的招标，创下郊区即中央区以外（OCR）住宅地块的纪录价。

由华业集团、凯德发展、新加坡置地组成的发展商财团，在提交的四份标书中报出最高价。该财团远远甩开其他竞争对手，以新币14.2亿元竞标这块331,194平方英尺的地段。

该标价折合每平方英尺容积率（psf ppr）地价新币1,537元，创下OCR住宅发展地段的纪录。

这一标价较新海逸于2025年3月为碧湾路地段支付的每平方英尺容积率新币1,388元高出10.7%。该地段其后以515个单位的Vela Bay推出，并于今年4月入市。该公寓在开盘周末售出72%的单位，平均售价为每平方英尺新币2,886元。

与此同时，由城市发展（CDL）与鸿基地产组成的合资公司提交了第二高标价，为新币12.5亿元（每平方英尺容积率新币1,350元），较华业－凯德财团的最高标价低约14%。

其他参与招标的发展商还包括由国浩置地牵头的财团，标价新币12.4亿元（每平方英尺容积率新币1,340元），以及森廉集团提交的新币12.1亿元标价（每平方英尺容积率新币1,310元）。

多数市场分析师，如世邦魏理仕新加坡及东南亚研究主管Tricia Song指出，第二至第四标之间仅3.1%的极窄价差，显示发展商对该地段价值已有普遍共识。

不过，华业－凯德财团高于预期的标价“显著超出预期”，可能反映出发展商对此类邻近交通枢纽、位于成熟市镇的大型住宅地段抱有信心，尤其是此处已出现对新私人住宅积压需求的迹象，Song表示。

序号 | 发展商 | 标价（新元） | 标价（每平方英尺容积率，新元）

1 | 华业集团、凯德发展与新加坡置地 | 1,425,388,000 | 1,537

2 | 城市发展有限公司（CDL）与鸿基地产 | 1,252,000,000 | 1,350

3 | 国浩置地、丰隆控股与TID | 1,242,664,619 | 1,340

4 | 森廉集团 | 1,215,000,000 | 1,310

上樟宜路政府售地地段位于新上樟宜路与勿洛南路交界，是政府近年来推出的最大型住宅政府售地地段之一。该99年地契地段的最高总楼面面积约为927,353平方英尺，新项目可兴建约1,010个公寓单位。

SRI研究与数据分析主管Mohan Sandrasegeran先生表示，以预计规模来看，该新项目属于超大型发展项目。“这块地相当重要，因为它是东部成熟市镇中少数具备即达地铁配套的大规模住宅地段之一，”他说。

政府上一次批出OCR大型住宅地段，是上汤申路B地段。国浩置地于2024年4月以最高标价新币7.796亿元（每平方英尺容积率新币905元）中标。该地段其后于去年8月以941个单位的Springleaf Residence推出，开盘周末销售强劲，售出92%单位，平均售价为每平方英尺新币2,175元。

各项迹象显示，新上樟宜路地段开发后，新项目也应能吸引高度买盘兴趣。

该地段靠近东西线（EWL）勿洛地铁站及勿洛巴士转换站，周边有主要道路和高速公路通达。距勿洛站一站之遥的丹那美拉地铁站，在2030年代接通汤申－东海岸线后，也将成为转换站。

勿洛也是新加坡最成熟的住宅区之一，拥有勿洛商场等众多成熟配套，附近还有就业中心。此外，该地段两公里范围内的学校包括光华学校、圣士提反学校、圣公会中学、圣伯特理学校、维多利亚学校、淡马锡初级学院和维多利亚初级学院。这将使新项目对有学龄子女的家庭具有吸引力。

发展商为何对该地段有信心？

“新上樟宜路地段的最高标价显示，发展商愿意为勿洛成熟市镇的需求支付明确溢价。这不只是一块交通导向地段，背后还有规模可观的升级客群作为支撑，”ERA新加坡首席执行官Marcus Chu表示。

根据ERA数据，2026年前七个月，勿洛至少有755宗组屋转售交易，同期售出44个百万组屋单位。就百万转售交易而言，这已超过该区去年创下的39宗百万组屋转售纪录。

Chu补充说，在多数发展商眼中，该地段是战略机遇，因为它能向该区组屋升级客和有地住宅缩小居住面积客群同时提供恰到好处的产品。他补充，勿洛许多根基稳固的家庭多年来财富增长，已准备升级，该市镇百万组屋交易增加也印证了这一点。

新上樟宜路地段是政府今年推出的最大型政府售地地段之一。（地图：市区重建局）

Chu表示，此类项目可能鼓励部分有地住宅业主通过搬入公寓释放房屋净值，同时为退休或家庭规划预留更多资金。数周前等候期规定回撤后，情况尤其如此。

Realion（OrangeTee &ETC）集团提供的市场数据也显示，勿洛和淡滨尼预计将有约9,500个四房和五房组屋单位在2026年至2029年间满足最低居住年限（MOP）。

“即将推出的项目在此可能拥有庞大的潜在买家腹地。邻近信加一带和歌剧院园地有地住宅的缩小居住面积客群也可能被该项目吸引，进一步扩大潜在买家基础，”Realion集团副首席执行官Justin Quek表示。

他补充说，该政府售地地段环绕歌剧院园地有地住宅群的一部分，尤其是天鹅湖大道和Dido Street一带的住宅，因此新公寓单位有机会享有这一大型有地住宅区的无遮挡景观。

拆解OCR地价纪录

两个月前，我们看到新加坡首个非中央商业区（CBD）发展地段拍出令人咋舌的新币20亿元。这一天价由星狮地产、星狮地产信托、双威MCL、积水房屋和林灿控股组成的五方合资公司报出，针对的是东海岸新兴碧湾区唯一的综合发展地段。最高标价新币21.28亿元，折合这块618,500平方英尺地段每平方英尺容积率新币1,323元。

发展商对东部这一带的发展机会报出强劲标价，并非首次。附近上一次纯住宅政府售地地段，是去年12月的勿洛上坡地段。

该地段位于丹那美拉地铁站对面，由美华置业以新币4.648亿元（每平方英尺容积率新币1,330元）中标这块218,438平方英尺的地段，击败另外九名同样竞标这块优厚地段的发展商。

碧湾大道政府售地地段批予五家发展商组成的财团，该财团为这块综合地段报出新币21.28亿元标价。

这一次市场分析师的看法和开盘价预估差异较大。莱坊等部分房地产咨询机构认为价格仍有上行空间，开盘价预期约从每平方英尺新币3,000元起，优质单位可能因户型设计、景观和楼层而卖出更高价格。

莱坊新加坡研究主管Leonard Tay认为，约1,010个单位的项目需要深厚而持续的需求基础，而勿洛的人口结构能以比许多其他政府售地地点更有说服力的方式提供可量化数据。

另一方面，ERA的Marcus Chu预计未来公寓将以每平方英尺新币2,850元至新币2,900元的务实价格定价，理由是该地段拥有庞大的有地住宅腹地支撑定价。“发展商在土地投标上料将保持纪律，但需求驱动因素明确的地段仍能吸引有竞争力的出价，”Chu表示。