Dunearn Road GLS Tender Closing in June 2025: Commentary by ERA

SINGAPORE, 26 June 2025 – The tender for the Government Land Sale (GLS) site at Dunearn Road closed on 26 June 2025. In total, the site drew interest from nine bidders, with the top bid of $491.5 million (or $1,410 psf ppr) being put in by a joint venture (JV) comprising Frasers Property, Sekisui House and CSC Land.

“Among the nine bidders for the site, a joint venture (JV) comprising Frasers Property, Sekisui House and CSC Land put in the highest bid at $491.5 million. This translates to a land rate of $1,410 psf ppr. With the top bid exceeding the second-highest by 3.7%, these results point towards a close contest for this GLS site,” said Marcus Chu, CEO, ERA Singapore.

“This tight competition is to be expected as District 10 has only seen a few GLS sites made available in recent years. The most recent site awarded in District 10 was Orchard Boulevard, now UPPPERHOUSE at Orchard Boulevard, which sold for $1,617 psf ppr in Jan 2024.”

“At $1,410 psf ppr, Dunearn Road’s top bid is in line with River Valley Green (Parcel B)’s $1,420 psf ppr. Furthermore, since this is only a 1.6% premium over the $1,388 psf ppr for Bayshore Road in the OCR, Dunearn Road’s top bid likely reflects comparative value for a CCR site.”

“That said, the wide 48.6% gap between the highest and lowest bids likely also represents a mixed market outlook among participating developers.”

“Amid economic volatility, developers continue to favour sites with tried-and-tested attributes, especially those located in established housing estates and near MRT stations. New launches at such well-located sites have generally performed better as they bring both greater convenience and long-term value to buyers.”

“Dunearn Road ticks the right boxes that attracts developers. Beyond being the first residential site in the future Bukit Timah Turf City township, it is part of a larger effort to bring approximately 15,000 to 20,000 new public and private homes to the area. Not only does this represent a first-mover’s advantage, but it could also set the tone for further growth in Bukit Timah as a premium, master-planned community.”

“Moreover, with only a handful of GLS sites awarded in Bukit Timah, we can expect strong pent-up demand for homes in the area. In particular, those who wish to remain in the area but are ready for a new home will likely be on the lookout for new housing opportunities. This includes adult children who want independence, but still prefer to live closer to their parents.”

“The site is also likely to fall within a 1 to 2km radius of several prestigious schools, including Raffles Girls’ Primary School, Hwa Chong Institution (Secondary and Junior College – Integrated Programme), and National Junior College.”

“Additionally, it is also a seven-minute walk away from Sixth Avenue MRT station on the Downtown Line. This level of convenience is expected to grow further, following the opening of Turf City MRT station in 2034. The station will be located on the Cross Island line, giving residents a direct route to destinations in both western and north-eastern Singapore.”

“Bukit Timah has some of the most coveted addresses in Singapore. Moreover, with the site being located near prestigious landed housing and good class bungalow estates, Dunearn Road’s future development will be a symbol of status and aspiration.”

“As part of the 2H 2025 GLS programme, another site at Dunearn Road with an estimated yield of 335 units has been released. Developers eyeing this future plot will likely take reference from the current Dunearn Road site’s bid price, while also factoring in potential competition from it.”

For media enquiries, please contact:

Ning Peh, Senior Marketing Communications Manager, ERA Singapore

Email: ning@era.com.sg

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