At ParkTown Residence, 1,041 units were sold within 20 hours, from 9 am on Feb 22 until 2 am the next day, including the hours during the VIP preview on Feb 21. It amounted to “a unit sold every two minutes”, according to UOL Group during its FY2024 results briefing on Feb 27.
With over 1,000 units sold in just over a single day, the 1,193-unit ParkTown Residence achieved a sales rate of 87%, a new record for a mega project. The median price achieved for the Outside Central Region (OCR) project is $2,363 psf.
“Betting big on a fully integrated development 1½ years ago has paid off,” said UOL Group CEO Liam Wee Sin. He was referring to the mixed-use site (now ParkTown) at Tampines Avenue 11, which UOL and CapitaLand Development (CLD) acquired in a 50:50 joint venture for $1.21 billion ($885 psf per plot ratio) in July 2023.
With 1,041 units sold at its launch weekend, it amounted to “a unit sold every two minutes”, according to UOL Group during its FY2024 results briefing on Feb 27 (Photo: UOL Group)
On the same weekend, the 501-unit Elta at Clementi Avenue 1, a project jointly developed by CSC Land Group and MCL Land, sold 65% of the units. Considered an OCR project, Elta’s median transacted price is $2,539 psf.
A month earlier, The Orie, a joint venture project by City Developments (CDL) with Frasers Property and Sekisui House, saw 87% of its units snapped up over the Jan 18-19 launch weekend. It was the first residential launch of 2025. The 777-unit development at Toa Payoh Lorong 1 is in the Rest of the Central Region (RCR). To date, 88% of the project has been sold at a median price of $2,731 psf.
In the Core Central Region (CCR), the 351-unit One Bernam in Tanjong Pagar saw all its remaining units sold out after the developer offered discounts. Based on caveats lodged, the median price of the 104 remaining units sold in January and February was $2,525 psf. One Bernam was launched in May 2021 by a joint venture between MCC Land and Hao Yuan Investment.
Based on caveats lodged, One Bernam sold the 104 remaining units in January and February at a median price of $2,525 psf (Artist’s impression: One Bernam)
Narrowest price gap since 1Q2013
URA Realis caveat data shows that the median unit price gap between new non-landed private home sales in the CCR relative to the other two segments has narrowed significantly in recent years. In fact, in 1Q2025 (until Feb 23), the median price of $2,554 psf in the CCR is 6% lower than the $2,716 psf in the RCR (See Chart in EP16).
The last time the median unit price in the RCR was higher than that of CCR was in 1Q2013, where the price gap was –7.3% (CCR at $1,510 psf, and RCR at $1,629 psf), according to PropNex Research.
Comparing CCR’s median price of $2,554 psf with the OCR’s $2,386 psf in 1Q2025 (until Feb 23), the gap was at its narrowest of just 7%, notes PropNex.
“The lower CCR median price in 1Q2025 was mainly influenced by the transactions at One Bernam, where the developer had offered discounts,” says Ismail Gafoor, CEO of PropNex. “When juxtaposed against the prices at The Orie and Parktown Residence, we saw the price gap between the regions shrink during the quarter.”
Indeed, the price gap between the CCR and other regions has been converging, notes Marcus Chu, CEO of ERA Singapore. “In 2018, the CCR-RCR price gap stood at 50%, but over the years, it has gradually narrowed to 10% in 2024.”
Projects on the borders of CCR and RCR
Chu attributes this phenomenon to the launch of RCR projects strategically located on the borders of CCR and RCR, which have helped boost price growth in the RCR. These include projects like the 366-unit Union Square Residences (median price of $3,168 psf) and CanningHill Piers (median price of $2,886 psf).
Strong demand for RCR projects in popular housing enclaves, such as Emerald of Katong and The Orie, saw an overwhelming response, leading to higher prices for these properties, notes Chu. The 846-unit Emerald of Katong, launched last November, was 99% sold over a weekend. To date, only one unit is available. The median price achieved is $2,627 psf.
The figures also show that median prices of new sales in the RCR and OCR “have caught up significantly” with transactions in the CCR, observes Leonard Tay, Knight Frank Singapore’s head of research. “Admittedly, in the CCR in 1Q2025, new sales comprised largely of balance units sold from earlier launches.”
The 540-unit Irwell Hill Residences obtained TOP last year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Is this a good time to revisit the CCR?
According to Christine Sun, OrangeTee Group’s chief researcher and strategist, the last new launch of a project on a GLS site in the CCR was in 2021. Three new projects were launched that year: Besides One Bernam, the other two were the 558-unit Midtown Modern by GuocoLand and the 540-unit Irwell Hill Residences by CDL. Both Midtown Modern and Irwell Hill Residences are entirely sold and completed.
“I think there will be pent-up demand as supply is still [limited] compared with the other market segments, namely the RCR and OCR,” says Sun.
While there were fewer CCR launches in 2024, more are likely to be launched this year, including luxury homes. “With more CCR launches this year, we can expect a spike in CCR home prices, potentially widening the price gap between the CCR and RCR,” adds Chu.
Given the median price gap between the CCR and the other two market segments converging in 1Q2025, Tricia Song, CBRE’s head of research for Singapore and Southeast Asia, expects CCR launches to offer “a good value proposition”, notably those near MRT stations and amenities, such as the upcoming projects at Orchard Boulevard, Zion Road, River Valley and Holland Drive.
Artist’s impression of the 301-unit, 35-storey luxury residential tower. Named UpperHouse, it is expected to debut sometime in the middle of the year (Picture: UOL Group)
‘Quantum play’
PropNex’s Gafoor notes that projects in these amenity-rich areas “may well witness the sort of healthy take-up rates we have seen so far this year if the pricing is right”.
Developers must be mindful that the prospective buyers are predominantly locals since the hefty 60% additional buyer’s stamp duty (ABSD) has deterred foreign buyers, notes Gafoor.
“Quantum play will remain a key pricing strategy,” he adds. “Looking at transactions of new non-landed private homes in the CCR, we observe that most units sold are priced below $4 million, based on caveats lodged.”
Developers recognise that, too. “If we get our quantum game right, with an Orchard Road location, an MRT station at our doorstep and a strong product offering, we can command good sales,” says Liam of UOL.
Sources: URA Realis, CBRE Research, data downloaded as at Mar 4, 2025
UOL and its wholly-owned subsidiary Singapore Land Group (SingLand) bought the GLS site at Orchard Boulevard for $428.28 million ($1,617 psf per plot ratio) in February 2024. The land cost of $1,617 psf ppr is 32% below the $2,377 psf ppr paid for the Cuscaden Reserve site seven years ago.
Back then, the Cuscaden Road GLS site received nine bids. Launched in 2019 and completed in 2023, the 192-unit Cuscaden Reserve saw 157 units sold at a median price of $3,020 psf since January 2024.
UOL says it intends to develop the site at Orchard Boulevard into a 301-unit, 35-storey luxury residential tower. Named UpperHouse, it is expected to debut sometime in the middle of the year.
Based on the land price, Knight Frank’s Tay estimates the selling price of the new project to be in the “$3,200 psf to $3,500 psf range”.
By analysing comparables of the upcoming project at Orchard Boulevard, CBRE’s Song forecasts the average selling price to be around $3,350 to $3,450 psf.
A consortium made up of CapitaLand Development, UOL Group, Singapore Land Group and Kheng Leong Co. acquired the GLS site at Holland Drive for $805.39 million ($1,285 psf ppr) and intends to develop it into a 38-storey twin-tower residential project with 666 units (Photo: Samuel Isaac Chua/EdgeProp Singapore)
In May, UOL, SingLand, Kheng Leong Co and CapitaLand Development jointly purchased the GLS site at Holland Drive for $805.39 million ($1,285 psf ppr). CapitaLand holds a 35% stake in the joint venture, with UOL and SingLand jointly holding 55% and Kheng Leong the remaining 10%.
The new project at Holland Drive will be a 38-storey twin tower with 666 residential units. The project is targeted for launch sometime in 3Q2025. The project is also located in prime District 10 and next to the newly completed mixed-use development, One Holland Village.
According to Liam, the new project will be able to tap into the amenities at One Holland Village next door. The site is also within walking distance of the Holland Village MRT Station.
Based on the land acquisition cost, Knight Frank’s Tay estimates the selling price of the new project at Holland Drive to be in the $2,800 psf to $3,100 psf range, “depending on the level of luxury provided in the design and finishes”.
Sources: URA Realis, CBRE Research, data downloaded as at Mar 4, 2025
Buying into a ‘muted market’
In 1H2024, GLS tenders saw a “muted response” from developers relates UOL’s Liam. “Even sales at new project launches were lacklustre,” he says. “However, we saw it as an opportunity to acquire more superior sites.”
UOL Group wasn’t the only developer to do so. Last April, CDL, together with Japanese developer Mitsui Fudosan (Asia), jointly acquired Zion Road (Parcel A) for $1.1 billion ($1,202 psf ppr). The JV partners submitted the lone bid for the site. It was the first GLS site to offer URA’s serviced apartment II (SA2) category, with rental accommodation offering a minimum three-month lease.
CDL intends to develop an “integrated mixed-use development” designed by Japanese architect and engineering firm Nikken Sekkei in collaboration with Singapore-based ADDP Architects. The same duo designed CDL’s other mixed-use development, Newport Residences-Newport Plaza (a redevelopment of the former FujiXerox Towers).
Zion Road (Parcel A) was acquired jointly by CDL and Mitsui Fudosan (Asia) for over $1.1 billion ($1,202 psf ppr) in February 2024, while Allgreen Properties bought Zion Road (Parcel B) for $730.09 million ($1,304 psf ppr) last July (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The upcoming project at Zion Road (Parcel A) will have two 62-storey residential towers with 706 units, a retail podium on the first storey and a 36-storey tower with 376 units under the SA2 category.
According to CDL, the development is directly connected to Havelock MRT station on the Thomson-East Coast Line and will also feature an early childhood development centre and a supermarket. CDL is likely to preview the project sometime in 2H2025.
Allgreen Properties won the neighbouring Zion Road (Parcel B) with a bid of $730.09 million ($1,304 psf ppr) last July. Only two bids were received for the residential site, which could yield about 610 units. Allgreen is expected to preview the new project sometime in 3Q2025.
Given their land purchase price, Knight Frank’s Tay expects selling prices at both Zion Road parcels to be in the ballpark of $2,900 psf to $3,200 psf, depending on the level of luxury, design and finishes.
Wing Tai Holdings will develop River Valley Green (Parcel A) into River Green, a new upmarket condo with over 400 units (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Last June, Wing Tai Holdings won the River Valley Green (Parcel A) tender with a bid of d $464 million ($1,325 psf ppr). The new project on the site is expected to debut sometime in 2Q2025 as River Green, which is expected to have more than 400 units.
In February this year, GuocoLand won the River Valley Green (Parcel B) with a top bid of $627.84 million ($1,420 psf ppr). The site drew five bids. The 99-year leasehold site can yield about 475 residential units. GuocoLand announced that it intends to develop a “high-end waterfront residential development with two towers”.
GuocoLand announced that it intends to develop a “high-end waterfront residential development with two towers” at River Valley Green (Parcel B), which it won in a land tender in February with a bid of $1,420 psf ppr (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Based on CBRE Research’s analysis of comparable projects, Song estimates the average selling price of the projects at Zion Road and River Valley Green to be between $2,950 and $3,350 psf.
Sources: URA Realis, CBRE Research, data downloaded as at Mar 4, 2025
Opportunity to upgrade
Besides projects on GLS sites, there are also new projects on redevelopment sites coming up in the prime residential neighbourhoods, says ERA’s Chu, such as the new luxury development at the freehold 21 Anderson, which Kheng Leong purchased in September 2021 for $213 million.
Another is the redevelopment of Robertson Walk and Fraser Place Robertson by Frasers Property and Japanese developer Sekisui House. The new mixed-use development will have 348 residential units, F&B and entertainment. Redevelopment is expected to commence next year and is slated for completion by the end of 2028.
“Projects like 21 Anderson and Robertson Walk may appeal to owner-occupiers looking to buy a freehold or 999-year property for legacy planning,” says ERA’s Chu.
“The narrower price gap between the CCR and RCR does present an opportunity for some buyers to enter the CCR market — provided they have the necessary financing and are comfortable making the leap from RCR to CCR,” says PropNex’s Gafoor.
“That said, price is not the only consideration,” he adds. “Some buyers may still prefer the RCR or OCR for various reasons, such as being closer to family members or certain schools.”
