21 hours ago
Maiden plot in Singapore's Bukit Timah Turf City snags nine bids as developers jostle for first-mover advantage
SINGAPORE: A consortium led by Frasers Property, Sekisui House and CSC Land Group (Singapore) has submitted a top bid of S$491.5 million in a hotly contested tender exercise for the first residential site in Turf City along Dunearn Road.
A total of nine bids were submitted by developers jostling for first-mover advantage in Turf City, which is among key new housing areas in more central locations identified in the Draft Master Plan 2025, and will bring 15,000 to 20,000 new public and private homes to the prime Bukit Timah area.
This 13,492 sq m prime district Government Land Sales (GLS) site, which could yield 380 homes, has attracted the highest number of bids since October 2021, when 10 bids were submitted for two smallish sites at one-north, and nine bids were put in for a plot at Lentor, now Lentor Modern, in July 2021, said Tricia Song, CBRE research head for Singapore and South-east Asia.
'We believe the Draft Master Plan 2025 may have boosted sentiment for this Turf City maiden site,' she said.
'The plans for Bukit Timah Turf City look promising, with 15,000 to 20,000 homes, lush greenery, good transport connectivity and 22 heritage buildings being proposed for conservation, including the two grandstands, which will be rejuvenated as community nodes,' she added.
Apart from the Dunearn Road plot and an adjacent site that is slated to be launched for tender in December 2025, Wong Siew Ying, PropNex head of research and content, noted there are '20 pure residential plots, three white sites and two residential with commercial at first storey plots potentially lined up in Turf City over the next 10 to 15 years'.
Mark Yip, chief executive of Huttons Asia, said the draft masterplan has provided 'more clarity on the land usage in Turf City and reduced risks for developers'.
'The two adjacent residential sites with commercial use at the first storey will provide amenities for the new housing area. Community and recreational facilities and parks will be within a 10-minute walk,' he added.
The top bid of $1,410 per square foot per plot ratio (psf ppr) is also the highest since the River Valley Green (Parcel B) plot was awarded to GuocoLand for $627.8 million, or $1,420 psf ppr, in February 2025.
Among the nine bidders for the site, the top bid is 3.7 per cent higher than the second highest of $1,360 psf ppr tabled by City Developments.
The two close bids suggest that the developers share a good measure of confidence for the site, despite more housing supply slated for this area, Wong noted.
Nonetheless, the $1,410 psf ppr bid is still lower than land prices in December 2017, when a nearby plot in Fourth Avenue – now Fourth Avenue Residences – drew seven bids, with a top bid of $1,540 psf ppr, Song said.
'The lower land bids (today) generally reflect higher construction costs, lower efficiency from gross floor area harmonisation and higher potential Additional Buyer's Stamp Duty (ABSD) on both developers and buyers,' she said.
Tight competition for the Dunearn Road site was expected as District 10 has only seen a few GLS sites made available in recent years,' Marcus Chu, chief executive of ERA Singapore, said.
The most recent site awarded in District 10 was in Orchard Boulevard, now Upperhouse at Orchard Boulevard, which sold for $1,617 psf ppr in January 2024, he added.
Justin Quek, chief executive of OrangeTee & Tie, noted that the Dunearn Road site is close to Sixth Avenue MRT Station and some top schools in Bukit Timah, which may fuel pent-up demand from families.
Dr Lee Nai Jia, head of real estate intelligence PropertyGuru Group, noted that demand for non-landed homes in District 10 grew steadily in the first quarter in 2025 but fell in April due to heightened macroeconomic uncertainty from geopolitical and trade tensions.
'In May, demand started to rebound, but activity remained below that from a year ago. But a renewed projects pipeline, coupled with (the future project) on the Dunearn Road GLS site, could re-energise interest in this area,' he said.
Soon Su Lin, chief executive of Frasers Property Singapore, said this will be 'an exciting opportunity for us to be part of the Turf City masterplan', if awarded.
'Given that the last GLS site in the vicinity was awarded nearly a decade ago, we believe that quality developments, specifically in prime districts 9, 10 and 11, will continue to be highly attractive to home buyers,' she said. - The Straits Times/ANN
