UOL-CapitaLand-SingLand JV tops four bids for New Upper Changi Road GLS site at $1,537 psf ppr
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.
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.
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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
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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
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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.