CapitaLand‑UOL‑SingLand consortium sets record with $1.43b Changi site bid

The winning bid beat the runner-up by 13.8%.

A consortium of CapitaLand Development, UOL Group, and Singapore Land Group (SingLand) has placed the top bid for a residential Government Land Sales (GLS) site at New Upper Changi Road, at about $1.43b or $1,537 per square foot per plot ratio (psf ppr).

This sets a new record land rate for a pure residential GLS site in Singapore's Outside Central Region, surpassing the $1,388 psf ppr paid for the Bayshore Road site in March 2025, according to Tricia Song, Head of Research for CBRE.

Wong Siew Ying, Head of Research and Content, PropNex noted that the bid also marks the highest land price ever recorded for a pure residential GLS site, overtaking the $1.28b garnered by the Dunman Road site in June 2022.

The tender, which closed on 1 September, drew four bids for the 3.1-hectare site, which can yield about 1,010 private homes.

The top bid was submitted under the entities United Venture Development (Daisy) Pte. Ltd. and CL Sapphire Pte. Ltd.

It came in 13.8% above the second-highest bid of $1.25b, or $1,350 psf ppr, from a tie-up between CDL Constellation Pte. Ltd. and Hong Realty (Private) Limited, according to Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group.

“The very narrow 3.1% price gap between the second to fourth bidders shows consensus on the site," Song said.

CBRE expects an average selling price of $2,850 to $2,950 psf, whilst PropNex projects a price above $2,900 psf.

Leonard Tay, Head of Research for Knight Frank, projects the prices starting from $3,000 psf and averaging $3,100 to $3,200 psf, citing construction costs, financing costs, and developer margin requirements.

Several factors underpinned developer confidence in the site, according to the analysts.

Mark Yip, CEO of Huttons Asia, said the plot is likely the last parcel of land within walking distance of Bedok MRT station, at an estimated distance of under 300 metres.

Tay said Bedok is Singapore's second-largest planning area by resident population, with about 274,360 residents as of the General Household Survey 2025, trailing only Tampines at 290,090.

“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 added.

Quek pointed to a further pipeline of demand, with an estimated 9,500 four- and five-room HDB flats in Bedok and Tampines set to fulfil their Minimum Occupation Period (MOP) between 2026 and 2029.

Yip cited a narrower estimate of about 1,000 flats fulfilling MOP in the same window.

Quek also flagged rental upside from the future Thomson-East Coast Line interchange at Tanah Merah MRT station, which he said would improve connectivity for the area.

Yip pointed to a recent record in the HDB resale market nearby, with a five-room flat at Bedok South Horizon fetching $1.45m in August 2026.

The site sits near several recently transacted or launched projects. Song noted that Vela Bay, the most recent launch in the east, has sold 383 of its 515 units in 2026 to date at a median price of $2,863 psf.

The nearby Bayshore Drive mixed-use site, awarded in July 2026, fetched $1,323 psf ppr, according to Quek

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Huttons Asia

Knight Frank

PropNex

Realion Group

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