# UOL, CapitaLand aim high with S$1.4 billion or S$1,537 psf ppr bid for New Upper Changi site - **Source:** The Business Times - **Published:** 2026-09-01T09:36:21.000Z - **Author:** Ry-Anne Lim - **Original:** https://www.businesstimes.com.sg/property/uol-capitaland-aim-high-s1-4-billion-or-s1537-psf-ppr-bid-new-upper-changi-site - **Topics:** Government & Policy, Transactions & Deals, Investment & Capital Markets ## Featured rationale The record suburban residential land rate signals strong developer confidence in eastern demand, but 3,185 incoming homes through 2028 may temper absorption and heighten pricing sensitivity. ## AI summary UOL, Singapore Land and CapitaLand Development topped four bids for the 1,010-unit New Upper Changi site at S$1.4 billion, or S$1,537 psf ppr. ## Original article [SINGAPORE] A state land site for a massive 1,010-unit project in the Bedok area fetched a bullish top bid from UOL Group and CapitaLand Development (CLD), which topped four offers at S$1.4 billion or S$1,537 per square foot per plot ratio (psf ppr). UOL, Singapore Land and CLD’s joint venture bid, which blew past expectations, was a “wide” 13.8 per cent higher than the next-highest bid from City Developments Ltd (CDL) and Hong Realty, noted Tricia Song, CBRE research head for South-east Asia and Singapore. It was also 15.6 per cent over the S$1,330 psf ppr price that Allgreen Properties paid for a nearby Bedok Rise site tendered in November 2025. The consortium’s top bid for the New Upper Changi plot marks a benchmark price for a pure residential parcel in the suburbs, added Huttons Asia CEO Mark Yip. The last pure residential government land sales (GLS) site to fetch more than S$1 billion was a Dunman Road plot sold in June 2022, where the 1,008-unit Grand Dunman now stands. Tuesday’s (Sep 1) second-highest bid from CDL and Hong Realty was followed by GuocoLand, Hong Leong Holdings and Mitsui Fudosan at S$1.24 billion or S$1,340 psf ppr. Coming fourth was Sim Lian with a S$1.22 billion offer or S$1,310 psf ppr. In a joint statement issued after the tender outcome was released, UOL and CLD highlighted the site’s “exceptional” location within a mature residential neighbourhood, with reputable schools and East Coast Park nearby. “Residential developments in the East are highly sought after and this project will appeal to a broad base of buyers, including HDB upgraders and residents from the surrounding landed housing estates,” they said. The developers added that the project would comprise two to four-bedroom formats, “keeping total price quantum realistic”. Based on a land rate of S$1,537 psf ppr, Leonard Tay, Knight Frank research head, said that the project’s future selling price would likely be “meaningfully” higher than current eastern-region launch benchmarks – starting from S$3,000 psf and averaging at S$3,100 to S$3,200 psf. In comparison, Nicholas Mak, Mogul.sg chief research officer, noted that the median prices of units at nearby Bedok Residences was S$1,824 psf in the year thus far, almost 20 per cent behind Tuesday’s top bid. CBRE data showed that median prices for comparable projects ranged from S$1,230 at East Meadows to S$2,863 psf at Vela Bay, in the year to date. The mixed-use Sceneca Residence, located just one stop away from the New Upper Changi Road site, sold 60 per cent of its units at an average price of S$2,072 psf during its launch weekend in January 2023. Its sub-sales recorded a median price of S$2,312 psf in the year so far, Song noted. UOL and CLD have collaborated on several projects previously. Most recently, they bagged a Hougang site for S$1.5 billion or S$1,179 psf ppr in December 2025, after acquiring Thomson View Condo for S$810 million at a collective sale. The developers also made waves with their launch of Parktown Residence, a Tampines mega project that sold almost 90 per cent of its 1,193 units during a February 2025 launch. Their latest tie-up “represents a timely replenishment of the consortium’s residential pipeline, ahead of the launch of the 1,268-unit Thomson Reserve in mid-October, which we are seeing strong interests”, they said. The 30,769 square metre (sq m) New Upper Changi parcel is bounded by New Upper Changi Road and Bedok South Road, and sits on a plot that includes the former Temasek Primary School and Temasek Secondary School. Knight Frank’s Tay reckoned that the “conviction” behind the developers’ top bid could have been “reinforced by the depth of the surrounding residential catchment”. Some 274,360 residents live in Bedok, making it the second-largest planning area in Singapore, behind the nearby Tampines with a resident population of 290,000. Nearly 2,300 Housing & Development Board flats in the area also reached their minimum occupation period from 2022 to 2026. With the median resale price of five-room and four-room HDB flats under 15 years old in 2025 standing at S$1.03 million and S$860,000, respectively, ERA CEO Marcus Chu previously said this could create a pool of public housing upgraders with substantial capital in Bedok. Justin Quek, Realion Group deputy group CEO, also predicts healthy demand from investors and landlords due to the site’s proximity to major employment hubs, such as Changi Airport and Changi Business Park. “The rental potential of the future development here may also improve, as the nearby Tanah Merah MRT station becomes an interchange station with the Thomson-East Coast line in the future,” he said. Meanwhile, market watchers noted that three other GLS sites have been sold in the Bedok planning area since 2025. These include a Bayshore Road site – now housing the 515-unit Vela Bay – that closed with eight bids in March 2025, and a top offer of S$1,388 psf ppr from SingHaiyi. More recently, in July, a Bayshore Drive mixed-use site was sold to a Frasers Property joint venture at S$1,323 psf ppr, while Kuok Group’s Allgreen bagged the Bedok Rise site at S$1,330 psf ppr in November 2025. Altogether, these four sites will inject 3,185 new private homes between 2025 and 2028, which analysts said may take some time for the market to absorb. At S$1.4 billion for the land, the New Upper Changi Road project will require significant financial outlay. The parcel has a maximum gross floor area of 86,154 sq m and is one of the largest residential GLS sites launched in the suburbs in recent years. The successful bidder will also have to bear the cost of demolishing existing buildings on the site, and engaging an asbestos surveyor to conduct checks and sampling. ## Chinese translation > Translation model: openai_codex_cli ### UOL、CapitaLand 对新樟宜上段地块出价高达14亿新元或每平方英尺容积率1,537新元 其合资竞标价显著高于预期，为中央区以外地区纯住宅用地树立了新基准 [新加坡] 一幅位于勿洛地区、可发展大型1,010个单位项目的政府售地地块，获得 UOL Group 与 CapitaLand Development (CLD) 的看涨最高出价；该出价在四份标书中居首，为14亿新元，或每平方英尺每容积率1,537新元（psf ppr）。 世邦魏理仕东南亚和新加坡研究主管 Tricia Song 指出，UOL、Singapore Land 与 CLD 的合资竞标价远超预期，并较次高出价 City Developments Ltd (CDL) 与 Hong Realty 高出“显著”的13.8%。 该价格也比 Allgreen Properties 在2025年11月为附近 Bedok Rise 地块支付的每平方英尺容积率1,330新元高出15.6%。 合登集团亚洲行政总裁 Mark Yip 补充说，该财团对 New Upper Changi 地块的最高出价，为郊区纯住宅地块树立了基准价格。 上一幅成交价超过10亿新元的纯住宅政府售地（GLS）地块，是2022年6月售出的 Dunman Road 地块，如今坐落着拥有1,008个单位的 Grand Dunman。 周二（9月1日）的次高出价来自 CDL 与 Hong Realty，之后是 GuocoLand、Hong Leong Holdings 与 Mitsui Fudosan，出价为12.4亿新元，或每平方英尺容积率1,340新元。 排名第四的是 Sim Lian，出价为12.2亿新元，或每平方英尺容积率1,310新元。 在招标结果公布后发布的联合声明中，UOL 与 CLD 强调该地块位于成熟住宅区内，拥有“卓越”的地理位置，附近有知名学校和东海岸公园。 他们表示：“东部的住宅项目备受追捧，该项目将吸引广泛买家群体，包括组屋升级买家以及周边有地住宅区的居民。” 发展商补充说，该项目将包含二至四卧房户型，以“保持总价量现实可行”。 莱坊研究主管 Leonard Tay 表示，按每平方英尺容积率1,537新元的地价计算，该项目未来售价很可能“显著”高于目前东部地区新盘基准，起价为每平方英尺3,000新元，平均价为每平方英尺3,100至3,200新元。 相比之下，Mogul.sg 首席研究官 Nicholas Mak 指出，附近 Bedok Residences 单位今年迄今的中位价为每平方英尺1,824新元，较周二的最高出价低近20%。 世邦魏理仕数据显示，今年迄今，可比项目的中位价从 East Meadows 的每平方英尺1,230新元，到 Vela Bay 的每平方英尺2,863新元不等。 位于 New Upper Changi Road 地块仅一站之隔的综合用途项目 Sceneca Residence，在2023年1月开盘周末以平均每平方英尺2,072新元售出60%的单位。 Song 指出，其转售交易今年迄今录得每平方英尺2,312新元的中位价。 UOL 与 CLD 此前曾合作多个项目。 最近，他们在2025年12月以15亿新元或每平方英尺容积率1,179新元拿下后港一幅地块，此前还以8.10亿新元通过集体出售收购 Thomson View Condo。两家发展商也因推出 Tampines 大型项目 Parktown Residence 而引起市场关注，该项目在2025年2月开盘期间售出其1,193个单位的近90%。 他们表示，最新合作“及时补充了该财团的住宅项目储备，领先于拥有1,268个单位的 Thomson Reserve 在10月中旬推出；我们正看到强劲兴趣”。 New Upper Changi 地块面积为30,769平方米（sq m），由 New Upper Changi Road 和 Bedok South Road 围绕，地块内包括前淡马锡小学和淡马锡中学。 莱坊的 Tay 认为，发展商最高出价背后的“信念”可能因周边住宅客源的深度而得到“强化”。 约274,360名居民居住在勿洛，使其成为新加坡第二大规划区，仅次于附近居民人口达290,000人的淡滨尼。 该地区近2,300套建屋发展局组屋也在2022年至2026年达到最低居住年限。 ERA 行政总裁 Marcus Chu 此前表示，2025年楼龄低于15年的五房式和四房式组屋转售中位价分别为103万新元和86万新元，这可能在勿洛形成一批拥有可观资本的公共住房升级买家。 Realion Group 副集团行政总裁 Justin Quek 也预计，由于该地块靠近樟宜机场和樟宜商业园等主要就业中心，投资者和房东将有健康需求。 他说：“随着附近的丹那美拉地铁站未来成为汤申-东海岸线的转换站，这里未来项目的出租潜力也可能提升。” 与此同时，市场观察人士指出，自2025年以来，勿洛规划区已有另外三幅政府售地地块售出。其中包括 Bayshore Road 地块，即如今拥有515个单位的 Vela Bay 所在地块，该地块于2025年3月以八份标书收标，最高出价来自 SingHaiyi，为每平方英尺容积率1,388新元。 较近期而言，7月，Bayshore Drive 一幅综合用途地块以每平方英尺容积率1,323新元售予 Frasers Property 合资公司；而 Kuok Group 旗下 Allgreen 则在2025年11月以每平方英尺容积率1,330新元拿下 Bedok Rise 地块。 分析师称，总体而言，这四幅地块将在2025年至2028年间注入3,185套新私人住宅，市场可能需要一些时间来消化。 New Upper Changi Road 项目的地价为14亿新元，将需要显著的资金投入。 该地块最高总楼面面积为86,154平方米，是近年来郊区推出的最大住宅政府售地地块之一。 中标者还须承担拆除地块上现有建筑物的成本，并聘请石棉检测员进行检查和取样。