Commentary on URA tender closing of Residential site at New Upper Changi Road

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

Undeterred by slower sales at July’s launches, developers displayed bullish conviction at the tender for the large residential site at New Upper Changi Road (1,010 units). 4 bids were received within expectations, but the top bid of $1.425 bn ($1,537 psf ppr) was significantly above expectations, surpassing the $1,388 psf ppr for Bayshore Road and setting a new record land rate for a pure residential GLS site in the OCR. This may reflect developers’ confidence in large sites near transport hubs in mature estates with pent-up upgraders demand.

Today's tender for the residential site at New Upper Changi Road (1,010 units) saw 4 bids within expectations, but a top bid price of $1.425 bn ($1,537 psf ppr) significantly above expectations. The top bid was submitted by a tie-up between UOL Group and CapitaLand Development, outbidding the second-placed CDL and Hong Leong Holdings' $1,350 psf ppr by quite a wide 13.9%, reflecting the top bidder group’s confidence in the site. The third highest bidder, a tie-up between GuocoLand and Hong Leong Holdings, bidded $1,340 psf ppr, while Sim Lian Group placed the lowest bid of $1,310 psf ppr. The very narrow 3.1% price gap between the second to fourth bidders shows consensus on the site. 

At $1,537 psf ppr, New Upper Changi Road sets a new record land rate for a pure residential GLS site in the OCR, 10.7% above the $1,388 psf ppr paid for Bayshore Road in Mar 2025 and 15.6% above the $1,330 psf ppr recorded for Bedok Rise in Dec 2025 which was the most recent comparable location-wise.

Of a more similar scale but a mixed-use plot is Bayshore Drive (1,280 units) which received 3 bids and was awarded in Jul 2026 to a consortium between Frasers Property, Sunway MCL, Sekisui House and Lum Chang for $1,323 psf ppr.

The previous large pure residential OCR site at Upper Thomson Road Parcel B received just 1 bid and was awarded in Apr 2024 for $779.60 mil ($905 psf ppr). Later launched in Aug 2025 as Springleaf Residence, the project saw robust takeup, moving 92% of its 941 units over its launch weekend at an average price of $2,175 psf. 

New Upper Changi Road is located in the mature Bedok estate near Opera estate and Chai Chee. Key draws include:

• Walking distance to key transport nodes, about 400m to Bedok MRT station on the East-West Line and the Bedok bus interchange
• Perpetual unblocked landed view on the south-western side of the plot
• Within 1km of Opera Estate Primary School
• Potential downgrader demand from the nearby landed housing enclave at Siglap, and a sizeable upgrader pool from the mature Bedok neighbourhood and the Chai Chee HDB estate across the road
• Scarce fresh private supply in the immediate Bedok MRT area. The last launch nearby, Sky Eden @ Bedok, was four years ago and was a very small project.
• Potential economies of scale given its larger size
• Retail and lifestyle amenities across the road at Bedok Mall, Heartbeat@Bedok and ESR Bizpark @ Chai Chee
• Regular-shaped plot

Nearby 99y-leasehold and FH comparables 

Project	No. of units sold in 2026 YTD	Median price sold in 2026 YTD	Tenure	Year completed	Total no. of units in project
SKY EDEN @ BEDOK	12	$2,404	99 yrs from 05/01/2022	2025	158
BEDOK RESIDENCES	9	$1,824	99 Yrs From 21/11/2011	2015	583
SCENECA RESIDENCE	5	$2,312	99 yrs from 10/02/2021	2026	268
GRANDEUR PARK RESIDENCES	19	$2,030	99 Yrs From 25/05/2016	2020	720
URBAN VISTA	22	$1,623	99 Yrs From 05/11/2012	2016	582
THE GLADES	23	$1,731	99 Yrs From 21/01/2013	2016	726
EAST MEADOWS	12	$1,230	99 Yrs From 02/03/1998	2002	482
CASA MERAH	18	$1,542	99 Yrs From 11/07/2006	2009	556
FLAMINGO VALLE	18	$1,848	Freehold	2014	393
Uncompleted projects
VELA BAY	383	$2,863	99 yrs from 25/06/2025	Uncompleted	515

Source: CBRE Research, realis, data downloaded as of 31 Aug 2026. We only include projects with at least 5 transactions in 2026.

The most recent launch in the east is Vela Bay, which has sold 383 of its 515 units in 2026 to date at a median price of $2,863 psf. Location-wise, the nearest 99-year leasehold launch is integrated development Bedok Residences which transacted at $1,824 psf in 2026 to date, and boutique project Sky Eden @ Bedok, which has seen sub-sales at $2,404 psf. Sky Eden @ Bedok was launched in September 2022 and sold 75% of its 158 units at an average price of $2,100 psf then. 

One station away at Tanah Merah MRT, the most recent 99-year leasehold launch was the mixed-use Sceneca Residence (268 units), which sold 60% of total units at an average price of $2,072 psf over its launch weekend in Jan 2023 and has recorded sub-sales at $2,312 psf in 2026 to date. The larger Grandeur Park Residences (720 units) transacted at $2,030 psf in 2026 to date.

At a top bid price of $1,537 psf ppr, we expect they could look to launch at an average price of $2,850 to $2,950 psf.