Commentary on URA tender closing at Upper Thomson Road (Parcel A) residential with commercial at the first storey

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

After zero bids during its first tender closing in Jun 2024, the re-tender of Upper Thomson Road (Parcel A) now received five bids, a significant turnaround probably due to the removal of SA2 condition and increased confidence in the location reflected in the stellar launch performance of adjacent Parcel B site better known as Springleaf Residence.  

The tender for Upper Thomson Road Parcel A (595 units) which closed today (23 Oct) saw healthy participation, drawing 5 bids and a top bid of $1,062 psf ppr submitted by Wee Hur Property, at the higher end of our expectations. Sentiment has lifted since Parcel B was tendered in April 2024, as even the lowest bid of $934 psf ppr for Parcel A today was higher than the $905psf ppr submitted by the lone bidder for Parcel B then.  

Interest in today’s tender matches the most recent suburban GLS plot of a similar size at Chuan Grove (2) (505 units) which also received 5 bids during the closing of its tender on 4 Sep 2025. 

Upper Thomson Road Parcel A was originally put up for tender in Dec 2023 as a hybrid residential and long-stay serviced apartment (SA2) site. However, it did not receive any bids when its tender closed in Jun 2024. This likely stemmed from the inclusion of long-stay serviced apartments, which is a new and untested concept. 

Later released as a residential with commercial on the first-storey site under the H1 2025 GLS Programme, and the SA2 condition removed, the site now received 5 bids, and a top bid price of $613.94 mil or $1,062 psf ppr at the higher end of our expectations. This was a tight 2.1% higher than the second highest bid of $1,040 psf ppr submitted by a tie-up between Frasers Property and Soilbuild Group and 12.3% higher than the third highest bid of $945 psf ppr placed by a consortium between GuocoLand/Hong Leong Holdings/Mitsui Fudosan Co. 

In April 2024, the JV between GuocoLand/Hong Leong Holdings was the sole bidder for Upper Thomson Road Parcel B then and was awarded the site for a unit price of $905 psf ppr. Upper Thomson Road Parcel B was recently launched in Aug 2025 as Springleaf Residence (941 units) and saw robust take-up, moving 870 units or 92% of total units at an average price of $2,175 psf over its launch weekend. Developers are likely encouraged by the strong performance at Springleaf Residence to place more competitive bids today for Upper Thomson Road Parcel A as it is closer to Springleaf MRT and of a more palatable size compared to Springleaf Residence.  

Other comparable GLS sites include seven plots at the nearby Lentor Hills estate which were awarded at top bid prices ranging from the lowest and also the most recent – $920 psf for the seventh Lentor plot which received 2 bids and was awarded in Apr 2025 to Kingsford Group – to the highest of $1,204 psf ppr for the first Lentor site, redeveloped as  Lentor Modern, which recorded 9 bids and was awarded in Jul 2021 to GuocoLand. An eighth Lentor plot (580 units) is on the H2 2025 GLS Programme, scheduled to be launched for tender in December 2025. 

Right next to Springleaf MRT, Upper Thomson Road Parcel A is located within an established residential area that mainly comprises low-density landed housing and is adjacent to Springleaf Forest, offering unblocked nature views. It is also near amenities at shophouses along Upper Thomson Road. 

At a bid price of $1,062 psf ppr, the developer may launch the project at an average price of $2,300 - $2,350 psf.