# UOL-CapitaLand-SingLand JV tops four bids for New Upper Changi Road GLS site at $1,537 psf ppr - **Source:** EdgeProp Singapore - **Published:** 2026-09-01T09:34:34.000Z - **Author:** Atiqah Mokhtar - **Original:** https://www.edgeprop.sg/property-news/uol-capitaland-singland-jv-tops-four-bids-new-upper-changi-road-gls-site-1537-psf-ppr - **Topics:** Government & Policy, Transactions & Deals, Investment & Capital Markets ## Featured rationale The 13.8% bid premium signals confidence in Bedok’s upgrader and owner-occupier demand, potentially supporting launch prices above $2,900 psf despite the project’s large 1,010-unit supply. ## AI summary The UOL-CapitaLand-SingLand joint venture bid $1.43 billion, or $1,537 psf ppr, setting a prospective OCR record for a pure residential GLS plot. ## Original article The tender for a Government Land Sale (GLS) site at New Upper Changi Road closed on Sept 1, drawing four bids. A joint venture comprising UOL Group, CapitaLand Development (CLD) and Singapore Land Group (SingLand) submitted the top bid of $1.43 billion, or $1,537 psf per plot ratio (psf ppr). The joint venture’s bid is 13.8% higher than the second-highest offer of $1.252 billion, or $1,350 psf ppr, which came from a City Developments and Hong Realty joint venture. Bids received for the New Upper Changi Road site [object Object] Source: URA The joint venture’s bid, if awarded, reflects the highest absolute quantum for a pure residential GLS site, says Wong Siew Ying, head of research and content at PropNex. It beats the $1.284 billion fetched by the Dunman Road plot (now the 1,008-unit Grand Dunman) in June 2022. Read also: Hong Leong Holdings-GuocoLand JV submits sole bid for Berlayar Drive GLS site at $1,515 psf ppr In addition, the top bid’s land rate of $1,537 psf ppr would be a new record for a pure residential GLS plot in the Outside Central Region (OCR), surpassing the previous benchmark of $1,388 psf ppr. That land rate was for the Bayshore Road GLS plot — now the site of the 515-unit Vela Bay — that was awarded to a joint venture between SingHaiyi Group and Haiyi Holdings in March 2025. UOL, CLD and SingLand’s bid is also higher than the $1,330 psf ppr Allgreen Properties paid in December 2025 for the most recent GLS in the vicinity, located along Bedok Rise. Allgreen topped 10 bids for the plot, which can yield about 380 units and is adjacent to the Tanah Merah MRT Station. The New Upper Changi Road site is located in Bedok, within walking distance of the Bedok integrated transport hub, which comprises Bedok MRT Station and a bus interchange. Measuring 331,198 sq ft, the 99-year leasehold plot can yield about 1,010 residential units with a maximum gross floor area (GFA) of 927,362 sq ft. Amenities nearby include Bedok Mall and Heartbeat @ Bedok. If awarded the site, the future project will feature two- to four-bedroom formats, "keeping total price quantum realistic", said spokespersons from UOL and CLD. They added that the partnership between the UOL consortium and CLD represents "a timely replenishment of the consortium’s residential pipeline, ahead of the launch of the 1,268-unit Thomson Reserve in mid-October". Large residential catchment The tender for the New Upper Changi Road site drew below five bids — within expectations given the site’s large ticket size, observes Leonard Tay, head of research at Knight Frank Singapore. However, the top bid received for the plot exceeded land rates analysts had projected, ranging from about $1,250 to $1,450 psf ppr. In addition, the UOL-CLD-SingLand consortium’s offer was well above the other bids, which clustered between $1,310 and $1,350 psf ppr. Read also: URA to offer nine sites under Confirmed List of 2H2026 GLS Programme Tay believes the bid reflects the consortium’s conviction in the site and its surrounding residential catchment. Bedok has a resident population of nearly 275,000, making it the second-largest among Singapore planning areas. “This provides a substantial pool of potential owner-occupiers and HDB upgraders living within the immediate area, as well as possible spillover of interested homebuyers from Tampines,” he says. Karamjit Singh, CEO of Delasa, says that active participation in the tender was expected, given the project’s location in a mature town such as Bedok, where many HDB flats and landed homes are likely fully paid off. “This makes it a large, fertile and underserved buyer catchment, as the last major condo launch here was 15 years ago,” he added. That launch was for the 583-unit Bedok Residences in 2011. Sitting on top of Bedok Mall, the development is integrated with Bedok MRT Station and the bus interchange. Prices at the project averaged around $1,300 psf at the time of launch. In the last year, resale prices at Bedok Residences have averaged $1,757 psf. Healthy buyer demand However, the most recent launch in the immediate area was the 158-unit Sky Eden@Bedok. Launched by Frasers Property in September 2022, the mixed-use development, which also includes a retail podium, was fully taken up in 2024, with prices averaging around $2,100 psf. It was subsequently completed in 2025. In the broader vicinity, Seneca Residence, the 268-unit condo by an MCC Land-led consortium on Tanah Merah Kechil Link, is also fully sold, PropNex’s Wong highlights. The 99-year leasehold condo connected to Tanah Merah MRT Station launched in January 2023, fetching an average price of about $2,070 psf. Zooming out even further, Vela Bay in Bayshore was the latest launch for District 16, where the New Upper Changi Road site is located. Selling prices at the development have ranged between $2,532 to $3,302 psf since launching in April, with over 74% of units taken up, based on lodged caveats. Read also: Vela Bay draws 1,000 cheques for 515 units ahead of Bayshore debut The steady take-up of launches in the east points to healthy demand for new private homes, says Wong. Comparable projects around the New Upper Changi Road site [object Object] Source: CBRE Research, Realis, data downloaded as of Aug 31 Strong upgrader pool Strong HDB resale activity in Bedok also points to a potentially large pool of upgraders, which could benefit the future development at the New Upper Changi Road site. Bedok recorded 755 resale flat transactions in the first seven months of 2026, including 44 million-dollar flats — already surpassing the 39 recorded for the whole of 2025, notes Marcus Chu, CEO of ERA Singapore. Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group, adds that over 9,500 four-room and five-room HDB flats in Bedok and Tampines are set to fulfil their minimum occupation period between 2026 and 2029, underscoring the large pool of potential buyers that may be drawn to the development. It will also likely appeal to those looking for smaller homes. “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,” Quek says. Prices above $2,900 psf Looking at Vela Bay’s land cost and corresponding selling prices, Delasa’s Singh reckons prices at the future development on the New Upper Changi Road site could range between $2,900 and $3,000 psf. Other analysts have similar estimates. These include PropNex’s Wong, who expects average selling prices to be above $2,900 psf, and CBRE’s Song, who predicts an average price range of $2,850 to $2,950 psf. Knight Frank’s Tay projects prices to average around $3,100 to $3,200 psf. “Future residential selling prices would likely need to be positioned meaningfully above current eastern-region launch benchmarks,” he says. ## Chinese translation > Translation model: openai_codex_cli ### UOL-CapitaLand-SingLand 合资公司以每平方英尺容积率1,537新元居 New Upper Changi Road GLS 地块四份标书之首 该地价高于 Bayshore Road GLS 地块每平方英尺容积率1,388新元的成交价，以及 Bedok Rise 地块每平方英尺容积率1,330新元的成交价。 New Upper Changi Road 一幅政府售地（GLS）地块的招标于9月1日截止，吸引四份标书。由 UOL Group、CapitaLand Development (CLD) 和 Singapore Land Group (SingLand) 组成的合资公司提交最高出价，为14.3亿新元，或每平方英尺每容积率1,537新元（psf ppr）。 该合资公司的出价较次高出价12.52亿新元，或每平方英尺容积率1,350新元，高出13.8%；次高出价来自 City Developments 和 Hong Realty 的合资公司。 New Upper Changi Road 地块收到的标书 [object Object] 来源：URA PropNex 研究与内容主管 Wong Siew Ying 表示，如获批，该合资公司的出价反映出纯住宅政府售地地块的最高绝对总价。它超过了 Dunman Road 地块（如今为拥有1,008个单位的 Grand Dunman）在2022年6月录得的12.84亿新元。 另读：Hong Leong Holdings-GuocoLand 合资公司以每平方英尺容积率1,515新元为 Berlayar Drive GLS 地块提交唯一标书 此外，最高出价的地价每平方英尺容积率1,537新元，将成为中央区以外地区（OCR）纯住宅政府售地地块的新纪录，超过此前每平方英尺容积率1,388新元的基准。该地价对应的是 Bayshore Road GLS 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月授予 SingHaiyi Group 与 Haiyi Holdings 的合资公司。 UOL、CLD 和 SingLand 的出价也高于 Allgreen Properties 在2025年12月为附近沿 Bedok Rise 的最新政府售地地块支付的每平方英尺容积率1,330新元。Allgreen 在该地块的10份标书中居首，该地块毗邻丹那美拉地铁站，可提供约380个单位。 New Upper Changi Road 地块位于勿洛，步行可达勿洛综合交通枢纽，该枢纽包括勿洛地铁站和巴士转换站。这幅99年租赁产权地块面积为331,198平方英尺，可提供约1,010个住宅单位，最高总楼面面积（GFA）为927,362平方英尺。附近配套包括 Bedok Mall 和 Heartbeat @ Bedok。 UOL 和 CLD 发言人表示，若获批该地块，未来项目将设有二至四卧房户型，“保持总价量现实可行”。他们补充称，UOL 财团与 CLD 的合作代表着“及时补充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”。 庞大的住宅客源 莱坊新加坡研究主管 Leonard Tay 观察到，New Upper Changi Road 地块的招标吸引少于五份标书，考虑到该地块总价庞大，这符合预期。 不过，该地块收到的最高出价超过分析师此前预测的地价区间，即约每平方英尺容积率1,250至1,450新元。此外，UOL-CLD-SingLand 财团的出价明显高于其他标书，后者集中在每平方英尺容积率1,310至1,350新元之间。 另读：URA 将在2026年下半年 GLS Programme 的 Confirmed List 下推出九幅地块 Tay 认为，该出价反映了该财团对地块及其周边住宅客源的信心。勿洛居民人口接近275,000人，是新加坡规划区中第二大者。他说：“这提供了一个庞大的潜在自住业主和居住在邻近地区的组屋升级买家群体，以及来自淡滨尼的潜在购房者外溢需求。” Delasa 行政总裁 Karamjit Singh 表示，鉴于项目位于勿洛这样的成熟市镇，许多组屋和有地住宅很可能已经还清贷款，招标获得积极参与属意料之中。他补充说：“这使其成为一个庞大、富有潜力且供应不足的买家客源区，因为这里上一次大型公寓推出已是15年前。” 那次推出的是2011年拥有583个单位的 Bedok Residences。该项目坐落在 Bedok Mall 之上，并与勿洛地铁站和巴士转换站相连。该项目开盘时价格平均约为每平方英尺1,300新元。过去一年，Bedok Residences 的转售价格平均为每平方英尺1,757新元。 健康的买家需求 不过，邻近地区最近一次推出的是拥有158个单位的 Sky Eden@Bedok。该综合用途项目由 Frasers Property 于2022年9月推出，也包括一个零售裙楼，于2024年全部售罄，平均价格约为每平方英尺2,100新元。其后于2025年竣工。 PropNex 的 Wong 强调，在更广泛的邻近区域，由 MCC Land 牵头财团在 Tanah Merah Kechil Link 开发、拥有268个单位的 Seneca Residence 也已售罄。这座与丹那美拉地铁站相连的99年租赁产权公寓于2023年1月推出，平均售价约为每平方英尺2,070新元。 视野再进一步扩大，Bayshore 的 Vela Bay 是 New Upper Changi Road 地块所在的第16邮区最新推出的项目。根据已登记的买卖禁令，自4月推出以来，该项目售价介于每平方英尺2,532至3,302新元之间，已售出超过74%的单位。 另读：Vela Bay 在 Bayshore 首秀前为515个单位吸引1,000张支票 Wong 表示，东部新盘的稳定销售率显示，新私人住宅需求健康。 New Upper Changi Road 地块周边可比项目 [object Object] 来源：CBRE Research、Realis，数据截至8月31日下载 强劲的升级买家群体 勿洛强劲的组屋转售活动也显示出潜在庞大的升级买家群体，这可能惠及 New Upper Changi Road 地块的未来项目。 ERA Singapore 行政总裁 Marcus Chu 指出，勿洛在2026年前七个月录得755宗组屋转售交易，其中包括44套百万新元组屋，已超过2025年全年录得的39套。 Realion (OrangeTee & ETC) Group 副集团行政总裁 Justin Quek 补充说，勿洛和淡滨尼超过9,500套四房式和五房式组屋将在2026年至2029年间达到最低居住年限，凸显可能被该项目吸引的潜在买家群体庞大。 该项目也很可能吸引寻求较小住宅的人士。Quek 表示：“来自附近 Siglap area 和 Opera Estate 有地住宅的换小房买家也可能被该项目吸引，进一步扩大其潜在买家基础。” 价格高于每平方英尺2,900新元 参考 Vela Bay 的土地成本及相应售价，Delasa 的 Singh 认为，New Upper Changi Road 地块未来项目的价格可能介于每平方英尺2,900至3,000新元之间。 其他分析师也有类似估计。其中包括 PropNex 的 Wong，他预计平均售价将高于每平方英尺2,900新元；以及世邦魏理仕的 Song，她预测平均价格区间为每平方英尺2,850至2,950新元。 莱坊的 Tay 预计价格平均约为每平方英尺3,100至3,200新元。他说：“未来住宅售价很可能需要定位在显著高于目前东部地区新盘基准的水平。”