A joint venture (JV) comprising CSC Land, Sekisui House, and Frasers Property has submitted the top bid of $491.45 million for a 145,173 sq ft, 99-year leasehold government land sale (GLS) site on Dunearn Road. The bid price translates to $1,410 psf per plot ratio (ppr).
The GLS site on Dunearn Road was the first private residential plot launched for sale in the future Bukit Timah Turf City housing precinct in District 11 of the Core Central Region (CCR). The site could be developed into a 380-unit residential project.
The tender closed on June 26, with nine bids received. “In our view, the healthy interest for this plot likely stemmed from it being the inaugural site to be launched for sale in the up-and-coming Bukit Timah Turf City,” says Wong Siew Ying, head of research and content at PropNex.
It was the highest level of developer participation in a GLS tender for a prime site in the Core Central Region (CCR) since May 2018, when a site along Cuscaden Road also attracted nine bids, says Mark Yip, CEO of Huttons Asia.
In absolute terms, the bid price for the Dunearn Road GLS site is also the highest since UOL Group and Singapore Land Group paid 428.28 million ($1,617 psf ppr) bid for a GLS plot on Orchard Boulevard in prime District 9 of the CCR in February 2024.
The margin between the top bid and the second-highest bid of $474 million ($1,360 psf ppr) submitted by City Developments Ltd (CDL) was just 3.7%. The relatively narrow bid price gap between the top two bids suggests that the developers share a good measure of confidence for the site, despite more housing supply slated to come up in that area, says PropNex’s Wong.
The $1,410 psf ppr bid submitted by the CSC Land, Sekisui House, and Frasers Property JV for the Dunearn Road GLS site is 8.4% lower than the $1,540 psf ppr submitted by Allgreen Properties in 2017. “The latest bid price reflects current macroeconomic caution amid global uncertainty,” says Leonard Tay, head of research, Knight Frank Singapore.
According to Tay, the last GLS tender in the Bukit Timah area was in December 2017, when Allgreen Properties paid $533 million ($1,540 psf ppr) for the residential development plot on Fourth Avenue. It has since been developed into the 476-unit Fourth Avenue Residences and was launched in January 2019.
The 99-year leasehold project was completed in 2022 and fully sold. Fourth Avenue Residences has seen 18 resale transactions in 2024- May 2025 at a median price of S$2,520psf, notes Tricia Song, CBRE head of research for Singapore and Southeast Asia.
Apart from Fourth Avenue Residences, non-landed private homes within 1km of the GLS site on Dunearn Road are mostly freehold, including Floridian, Maplewoods and The Cascadia, notes Song. Transaction prices of these freehold condos range from $2,136 psf for the oldest project in the area, Maplewoods (completed in 1997) to $2,862 psf for the newest, Royal Green (completed in 2021).
CBRE’s Song, therefore, expects the developer of the new project on Dunearn Road to launch at an average price of $2,900 to $3,000 psf.
Mohan Sandrasegeran, head of research at SRI, expects launch prices in the new project to range between $2,910 psf and $3,100 psf. He cites data retrieved from URA Realis, where new units in the CCR have been sold at an average price of about $2,922 psf over the past five months of 2025, notes
The Sixth Avenue MRT station and the upcoming Turf City MRT station on the Cross Island Line are within a 10-minute walk of the GLS site on Dunearn Road. The authorities are assessing the technical feasibility of building a new exit ramp from the PIE towards Tuas, which will enhance connectivity.
Community and recreational facilities, as well as parks, will also be within a 10-minute walk. A school located 500m away is in the plans and will enhance convenience for families with young children. The land parcel is also located in an education belt with numerous top schools nearby.
“The Draft Master Plan 2025 had provided more clarity on the land usage in Turf City and reduced risks for developers,” notes Huttons’ Yip. He points to two adjacent sites with commercial use on the first storey, which will provide amenities to the new housing precinct.
“The site stands out for its excellent connectivity as well as access to amenities and green spaces,” states Soon Su Lin, CEO of Frasers Property Singapore, on behalf of the joint venture. “Given that the last GLS site in the vicinity was awarded nearly a decade ago, we believe quality developments, especially in the prime Districts 9, 10 and 11 within the CCR, will continue to be highly attractive to homebuyers due to their locational attributes.”
