Commentary on the Closing of GLS Site at Bukit Timah Road

SINGAPORE, 11 November 2025 - “The strong turnout of eight bidders signals stronger developer confidence, buoyed by the robust sales performance of recent new private home launches in the Central Region and a lower interest rate environment. This reflects developers’ optimism that demand for well-located projects will remain resilient, as recent launches have seen healthy take-up.”

“At $566 million ($1,820 psf ppr), the top bid put in by HH Investment Private Limited is 12.3% more than the second-highest by Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd. at $504 million ($1,621 psf ppr). The decisive margin suggests the developer’s determination to secure the site, given the strong potential of its prime central location. This bullish bid signals strong confidence in the site’s potential, being the first site to be launched since URA’s announcement of the upcoming Newton transformation.” said Marcus Chu, Chief Executive Officer (CEO), ERA Singapore. 

“Considering the small site and development size of up to 340 units, it presents developers with the opportunity to enter the CCR market at a palatable size quantum of less than $600 million.”

“The land rate of $1,820 psf ppr is the second highest GLS bid for a residential-only site, only behind the Cuscaden Road site awarded in May 2018 for $2,377 psf ppr (now Cuscaden Reserve). Based on the land cost, the site could be launched at an average price of at least $3,500 psf.”

Buyer Demand

“At a land rate of $1,820 psf ppr, it eclipsed the price paid for Orchard Boulevard, which was awarded for $1,617 psf ppr. This highlights HH Investment’s confidence in the site. In 2H 2025, the strong take-up of CCR projects this year, including River Green, Skye at Holland, and UPPERHOUSE at Orchard Boulevard, indicates strong buyer interest in CCR properties and consistent demand in the segment. We could see similar interest among homebuyers eyeing luxury condos.”

“The lack of GLS sites in the vicinity in recent years has resulted in a lack of supply. Hence, there is pent-up demand for non-landed homes in Bukit Timah/Newton, which ranks amongst the most prestigious addresses in Singapore. In addition, being the first site in the upcoming Newton transformation could forecast strong demand from buyers.”

“The centrally-located site has doorstep access to the Newton MRT Interchange. With the North-South line, residents will be just one stop away from Orchard, connecting them to the renowned Orchard Road shopping belt. Additionally, with the Downtown Line, residents will enjoy a short 10-minute commute to the CBD. Moreover, the site is expected to be within 1 km of ACS Junior. Given the school’s popularity and its high demand for admissions, this proximity could be a significant draw for families with young children.”

Outlook

“There is growing optimism within Singapore’s residential market, fuelled by the strong sales performance seen across the 2025 launches to date. We expect to see some developers looking to replenish their land bank in anticipation of sustained demand.” 

“Currently, excluding Executive Condominiums, two GLS sites remain open for tender, with another six sites on the 2H 2025 Confirmed List set to be launched. However, of these eight sites, the Dunearn Road site scheduled for tender in December 2025 is the only other site located in the CCR.”

“Developers who are unsuccessful in their current bids may turn their attention to upcoming sites slated to be launched for tender in the coming months, including Dover Road, Tanjong Rhu Road and Kallang Avenue." 

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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