Three companies bid together and won the New Upper Changi Road site on 1 September 2026: UOL Group, CapitaLand Development and Singapore Land Group. They paid $1.4254 billion. That works out to $1,537 psf ppr, and it is the most anyone has ever paid for a purely residential state site in the suburbs.
The site sits off New Upper Changi Road in Bedok. It covers 3.08 hectares, about four football pitches, and can hold roughly 1,010 homes. It is also the first state site released within walking distance of the Bedok bus and train interchange in sixteen years, and probably the last.
Key findings
- Winning bid$1.4254B · $1,537 psf ppr
- Above the second-highest bid+13.8%
- Above the top of the analyst range+9.8%
- Above the old suburban record (Bayshore Road, $1,388)+10.7%
- Estimated breakeven$2,730 psf ppr
- Our indicative launch estimate$3,140–$3,550 psf (est.)
Three terms used in this article
- psf pprWhat the developer paid for land, per square foot of floor space it may build
- BreakevenTotal project cost divided by that floor space. Sell below it and the developer loses money
- OCROutside Central Region. The government's term for the suburbs
How we checked this
The bidders and bid amounts come from the Urban Redevelopment Authority's page for this site and from reporting by The Business Times and The Straits Times on 1 September 2026. The site's size, plot ratio and unit yield are in URA's media release of 15 May 2026.
We did the headline sum ourselves rather than repeating it. The site can build 86,154 square metres of floor space, or 927,353 square feet. Divide the $1.4254 billion bid by that and you get $1,537. That matches the published figure.
The cost breakdown below is EdgeProp Singapore's estimate, merged into our land-sale record. We check every one the same way: total cost divided by floor space should reproduce the stated breakeven. Here it does, at $2,730 psf ppr. Resale prices come from our compilation of URA caveat data, the records lodged when a property changes hands. It covers 149,329 matched resales island-wide, losses included.
Who bid, and how close were they?
Four groups bid, three of them teams of several companies. That was expected, given roughly $1.4 billion of land cost. The size of the gap at the top was not expected.
| Rank | Who bid | Bid | Bid (psf ppr) | Top bid was above by |
|---|---|---|---|---|
| 1 | UOL Group, CapitaLand Development & Singapore Land Group | $1,425,400,000 | $1,537 | — |
| 2 | City Developments & Hong Realty | $1,252,000,000 | $1,350 | 13.8% |
| 3 | GuocoLand, Hong Leong Holdings & Mitsui Fudosan | $1,240,000,000 | $1,340 | 14.7% |
| 4 | Sim Lian Group | $1,220,000,000 | $1,310 | 17.3% |
The shape of that list is the story. The second, third and fourth bids all landed between $1,310 and $1,350. That is a spread of just 3.1%. Three well-funded groups looked at the same site and arrived at almost the same number. Then the winner bid 13.8% above all of them.
At the Bayshore Drive tender two months earlier, the top bid was only 5.8% clear. When bids cluster, the market agrees on what a site is worth. When they cluster and one bidder sits far above, one group has decided it is worth much more than everyone else thinks.
For a buyer, that is the useful reading. About $1,350 is what this site was worth to three of the four bidders. The extra $187 is one group's conviction about the Bedok interchange. It now sits in the cost base, to come out of buyers' pockets or the developer's profit.
How does the result compare with the forecasts?
Every published forecast we tracked came in below the actual bid. The forecast made closest to the tender was the furthest off.
| Source | When | Expected top bid | Actual vs top of their range |
|---|---|---|---|
| Huttons Asia | May 2026 | $1,350–$1,450 | 6.0% above |
| Realion Group (Justin Quek) | May 2026 | $1,400–$1,500 | 2.5% above |
| Business Times analyst poll | Late Aug 2026 | $1,250–$1,400 | 9.8% above |
Why they all missed. This is the second time in two months; every forecast for Bayshore Drive also came in low. Here it was sharper. Sentiment cooled over the summer, the forecasts drifted down with it, and the winning bidder ignored both.
Neither site has a true match anywhere. Bayshore Drive was the only mixed-use plot in a 60-hectare area; this one is the last state site walkable to Bedok's interchange. Forecasts are built from what similar sites sold for, so when nothing similar exists there is no way to price the scarcity and the forecast comes in low. We have changed our method because of it: a site with no real comparison now gets an explicit allowance for a high outlier.
Is $1,537 psf ppr actually a record?
Yes, in its category. Among the sites we track it is the most ever paid for a suburban state site meant only for homes, beating the $1,388 paid for Bayshore Road in March 2025, now the 515-home Vela Bay, by 10.7%.
Two things keep that honest. It is not a record across all Singapore land, because several sites closer to town have gone higher. In total dollars it is large but not unheard of: the last homes-only state site to pass $1 billion was a Dunearn Road plot in June 2022. What makes the rate matter is the company it keeps, because three other state sites nearby have sold since March 2025 and this one is above all of them.
| Site | Sold | Homes | Land (psf ppr) | Est. breakeven | Our launch estimate |
|---|---|---|---|---|---|
| New Upper Changi Road | Sep 2026 | 1,010 | $1,537 | $2,730 | $3,140–$3,550 |
| Bedok Rise | Nov 2025 | 380 | $1,330 | $2,449 | $2,820–$3,180 |
| Bayshore Drive (with shops) | Jul 2026 | 1,280 | $1,323 | $2,440 | $2,810–$3,170 |
| Bayshore Road (now Vela Bay) | Mar 2025 | 515 | $1,388 | $2,528 | Launched at $2,869 avg |
Read down the land column and the area has gone up about 16% in eighteen months. Read the last column and the consequence is plain: on our model, this project should launch above every one of its neighbours.
What does it mean for the launch price?
With the land price known, the biggest unknown is settled. Our pricing model starts from the estimated breakeven, which is total project cost divided by the floor space it can build. To that we add the profit margin we have measured across 42 completed launches. Here is the full breakdown.
| Cost | $ millions | $ psf ppr |
|---|---|---|
| Land (confirmed) | 1,425.4 | $1,537 |
| Construction (est.) | 506.3 | $546 |
| Interest on the land loan (est.) | 224.5 | $242 |
| Architects, lawyers and taxes (est.) | 231.8 | $250 |
| Marketing and other (est.) | 143.3 | $155 |
| Estimated total | 2,531.3 | $2,730 |
From breakeven to our published range
- Step 1 · Estimated breakeven$2,730 psf ppr
- Step 2 · Add the measured margin (15% to 30%)$3,140–$3,550 psf, rounded to the nearest $10
- Cross-check: Vela Bay turned its land price into a selling price 2.07 times higher. Do the same here≈ $3,177 psf
- Published estimate$3,140–$3,550 psf (est.)
That cross-check is reassuring at the bottom of the range. Vela Bay, one district over, paid $1,388 for land and launched at an average of $2,869, which is 2.07 times the land price. The same multiple here gives about $3,177, just inside our floor. Two different methods landing on a similar floor is worth more than either alone.
Two things about this number are easy to misread. The 15% to 30% margin is not 15% to 30% of profit. Breakeven is measured per square foot of floor space the developer may build. Homes are sold per square foot of the flat itself, which is smaller. Part of that margin is just the difference between two ways of measuring, not room to give discounts.
The second is that this range tends to be beaten on the high side when a developer has paid a scarcity premium, because the eventual price is set against the market two years from now. We would treat $3,140 as a floor more confidently than $3,550 as a ceiling. There is no price list yet, and everything here is our own estimate from our published pricing model.
What genuinely stands in its favour?
Three things do, and they are the reason the winning bid is defensible rather than reckless.
The location is not repeatable. This is the last state site of its kind within walking distance of the Bedok interchange, and you cannot buy a second one. Scarcity like that does not show up in a forecast built from past sales, but it is real.
The buyers are identifiable and dated. Realion Group's Justin Quek noted when the site went on sale that more than 9,500 HDB flats across Bedok and Tampines finish their five-year minimum stay between 2026 and 2029. Those owners become free to buy again in exactly the window this project will be selling. That is a rare thing to be able to point at.
The product matches the buyers. The consortium has said it plans two- to four-bedroom homes, to keep the price per home within reach. For a catchment of HDB upgraders that is the right call, and not what a developer chasing the top of the market would do.
The nearest evidence that this works is next door. Sky Eden@Bedok launched in 2022 and sold out by 2024, at roughly $2,100 psf on average.
What would the launch price have to clear?
A wide gap. Here is what the three closest private projects actually sell for today, from our own records.
| Project | Homes · Completed | 2026 resale price | Gap to $3,140–$3,550 | Resales on record · share that made money |
|---|---|---|---|---|
| Sky Eden@Bedok | 158 · 2025 | $2,404 psf | 31% to 48% more | 11 · 100% |
| Grandeur Park Residences | 720 · 2020 | $2,018 psf | 56% to 76% more | 217 · 100% |
| Urban Vista | 582 · 2016 | $1,629 psf | 93% to 118% more | 255 · 56.5% |
Grandeur Park Residences is the most useful of the three. It sits on the same stretch of road, it is big enough that people buy and sell there regularly, and all 217 of its resales in our data made money, at a middle figure of 4.1% a year. Its 2026 resales run at $2,018 psf. A launch at our estimate asks buyers to pay 56% to 76% more.
Urban Vista is the one worth sitting with. It is a 582-home leasehold project at Tanah Merah, finished in 2016. Of its 255 resales on record, only 56.5% made money, and the middle result is a gain of 0.1% a year, effectively nothing. It was bought at what felt like a fair price at the time. A good location and a strong land price do not, on their own, produce a gain for whoever buys the finished home.
The wider district says the same more quietly. Across 9,347 resales in District 16, 85.4% made money, at a middle figure of 2.8% a year. Island-wide it is 87.3% and 3.2%. Bedok has been a slightly below-average place to hold property, and paying a record price to enter it needs a reason beyond the record.
Supply is the last piece. Counting Vela Bay, Bedok Rise, Bayshore Drive and this site, roughly 3,185 private homes arrive in the same area between 2025 and 2028. This one is the biggest and will probably launch last.
What is still unconfirmed?
Confirmed as at 2 September 2026: the four bids, who made them, and the land price. Not confirmed: the formal award, which URA normally issues two to four weeks after a tender closes. Also unconfirmed are the project name, the mix of flat sizes, the preview date and any price list.
One cost detail sits inside the breakeven rather than beside it. The winner must knock down the existing buildings first, and before that hire a surveyor to check for asbestos and take samples. That is unusual for a suburban housing site. It adds money and time, and it is one reason a preview much before 2029 would be a surprise.
The verdict
If you are buying a home to live in: nothing about 1 September changes your timeline. There is no price list, and there will not be one for roughly two years. Use $3,140 to $3,550 psf to plan around, lean towards the lower half, and check again when the developer publishes prices.
If you are buying as an investment: read the bid list before the headline. Three of four bidders valued this site between $1,310 and $1,350, and you would be buying into a cost base 13.8% above that. Then read our resale figures. Grandeur Park has never produced a losing resale; Urban Vista has produced one 43.5% of the time. Both are Bedok-area leasehold projects next to a train station. What separates them is the price people paid to get in, and a record land price moves that the wrong way.
What we are watching next: the formal award, the project name, and the first price list. We will update this page and the site page the same day any arrives. Wider context: our state land tracker, the 1H 2026 review and the Bayshore Drive result.
The short version
What we found
- Who won, and for how muchUOL Group, CapitaLand Development and Singapore Land paid $1.4254 billion, or $1,537 psf ppr, against four bids
- A record for its typeThe most ever paid for a homes-only state site in the suburbs, 10.7% above the old record
- One bidder well clear of the restThe other three bids sat within 3.1% of each other. The winner paid 13.8% above all of them
- What stands in its favourA location that cannot be repeated, 9,500 nearby HDB flats freed up by 2029, and a two- to four-bedroom plan aimed at those buyers
- Our launch estimate$3,140 to $3,550 psf (est.), from a $2,730 breakeven plus our measured 15% to 30% margin
- The gap to checkGrandeur Park Residences on the same road resells at $2,018 psf. Our estimate is 56% to 76% above that
- The area's warningUrban Vista, a comparable Bedok project, has lost money on 43.5% of its 255 resales
So what should you do with this?
- Plan around $3,140 to $3,550 psf for now, and expect to revise it when the developer publishes real prices.
- Before you commit, look up what Grandeur Park Residences and Sky Eden@Bedok are selling for that week. Those are the prices your future resale competes with.
- Ask at any preview what the mix of flat sizes is, and what the smallest total price will be. That number, not the psf, is what decides whether you can buy.
Frequently asked questions
What was the winning bid for the New Upper Changi Road GLS tender?
UOL Group, CapitaLand Development and Singapore Land Group bid together and offered $1.4254 billion, or $1,537 per square foot per plot ratio. The tender closed on 1 September 2026. Theirs was the highest of four bids, and 13.8% above the second-highest, from City Developments and Hong Realty.
Is $1,537 psf ppr a record land price?
Yes, for its type. It is the most ever paid for a suburban state site meant only for homes, among the sites we track, passing the $1,388 paid for Bayshore Road in March 2025, now Vela Bay. It is not a record across all Singapore land, because several sites closer to town have gone higher.
Who won the New Upper Changi Road GLS tender?
UOL Group, CapitaLand Development and Singapore Land Group, bidding through United Venture Development (Daisy) Pte. Ltd. and CL Sapphire Pte. Ltd. That is the top bid only. As at 2 September 2026 the Urban Redevelopment Authority had not issued the formal award, which normally follows two to four weeks after a tender closes.
What is the estimated launch price for the New Upper Changi Road project?
Our estimate is $3,140 to $3,550 psf. That is our own figure, not the developer's, and not a price list. We take the site's estimated breakeven of $2,730 and add the 15% to 30% margin we have measured across 42 completed launches. There is no price list yet and there will not be one for roughly two years.
Why did the top bid beat the forecasts by so much?
Analysts polled by The Business Times expected $1,250 to $1,400, so the winning $1,537 was 9.8% above the top of that range. Two things explain it. This is the first state site released within walking distance of the Bedok interchange in sixteen years, and probably the last. And Realion Group counted more than 9,500 HDB flats in Bedok and Tampines finishing their five-year minimum stay between 2026 and 2029.
How does this compare with Bedok Rise and Bayshore Drive?
At $1,537, New Upper Changi Road is 15.6% above the $1,330 paid for Bedok Rise in November 2025, and 16.2% above the $1,323 paid for Bayshore Drive in July 2026. Our launch estimates follow the same order: $3,140 to $3,550 here, against $2,820 to $3,180 and $2,810 to $3,170. With Vela Bay, those four sites add roughly 3,185 private homes to the same area between 2025 and 2028.
What gap would the eventual launch have to clear?
A wide one. Grandeur Park Residences, on the same road, sold at a middle price of $2,018 psf across its 2026 resales in our data, and Sky Eden@Bedok at $2,404. Our estimate is roughly 56% to 76% above Grandeur Park and 31% to 48% above Sky Eden. New launches usually do cost more than older housing nearby, but this is the number a buyer should look at rather than the land record.
Does a record land price guarantee a record launch price?
No. The land price sets the floor under what a developer can sensibly charge, not the ceiling, and it does not guarantee the buyer a gain. Developers price against the market at the time they launch, roughly two years away here. Our District 16 figures are the caution: across 9,347 resales, 85.4% made money at a middle figure of 2.8% a year, against 87.3% and 3.2% island-wide.
Sources & methodology
Site particulars, plot ratio and unit yield: URA's page for this land parcel and its media release of 15 May 2026. Past state land sales can be checked against URA's record of past sale sites. The bids and bidders are as reported by The Business Times and The Straits Times on 1 September 2026. We have not seen a URA award notice, because none has been issued.
Forecasts are attributed to Huttons Asia and Realion Group's Justin Quek in May 2026, and to a Business Times analyst poll in the week before the close. The 9,500 HDB flats figure is Realion Group's. The cost breakdown is EdgeProp Singapore's estimate; resale figures are our own compilation of URA caveat data. Both are described under How we checked this above. Launch estimates are ours, from our published pricing model, and the consortium has not confirmed them.
Disclaimer & disclosure. This article is independent research published for general information and education. It is not financial, investment, legal or property advice, and it does not take account of your circumstances. The result described here is the top bid only. URA had not issued the formal award as at publication, and no project name, flat mix, preview date or price list is confirmed. Estimated launch prices are projections. They depend on developer decisions, market conditions and the design of the project, and may prove materially wrong. Past results at the projects named here do not predict future ones. Urban Vista is included precisely because a large share of its resales lost money. Check all figures against URA publications before relying on them. How the publisher's related commercial interests are managed is set out in our editorial policy.
Update history
- Article published. Top bid $1.4254B, or $1,537 psf ppr, from a UOL Group, CapitaLand Development and Singapore Land consortium against four bids, with the formal award still pending. We publish an estimated breakeven of $2,730 and a launch range of $3,140 to $3,550 psf. In the same pass we corrected a plot ratio error in our own records for this site, from 2.1 to 2.8, the figure that reproduces the site's 86,154 sq m of floor space from its 30,769 sq m area. The error had been suppressing the land price and estimate on the site page.
- Next update — URA's formal award, then the project name, then the first price list. Any of the three replaces part of what is estimated here with a confirmed figure.
