A joint venture of UOL, CapitaLand Development and Singapore Land Group won the New Upper Changi Road site in Bedok with a $1.425 billion bid, or $1,537 per square foot per plot ratio (psf ppr). Four bids came in on 1 Sep 2026, and URA awarded it on 4 Sep 2026. EdgeProp says it can yield about 1,010 homes.
The bids
| Bidder | Bid | psf ppr |
|---|---|---|
| UOL, CapitaLand Development, Singapore Land Group | $1.425B | $1,537 |
| City Developments and Hong Realty | $1.252B | $1,350 |
| GuocoLand, Hong Leong Holdings and TID | $1.243B | $1,340 |
| Sim Lian Group | $1.215B | $1,310 |
- URA's award notice gives the site as 30,769 sq m with a maximum gross floor area of 86,154 sq m, on a 99-year lease. The tender launched on 15 May 2026. URA's tender-closing notice of 1 Sep 2026 lists four bids, in the same order and at the same amounts as the table above.
- EdgeProp reports the winning bid was 13.8% above second place. It also calls it a record land rate for a pure residential site in the Outside Central Region (OCR), above the earlier $1,388 psf ppr, and the largest total amount for a pure residential GLS site.
- UOL's SGX filing says the bid came from United Venture Development (Daisy), which is 80% UOL and 20% Singapore Land Group, and CL Sapphire, a CapitaLand subsidiary, on a 50:50 basis.
- EdgeProp quotes UOL and CapitaLand spokespeople as planning two- to four-bedroom homes to keep the total price realistic.
On the third bid: URA lists the tenderers as GuocoLand (Singapore) Pte. Ltd. and Apricate Pte. Ltd. EdgeProp and Stacked Homes name the group as GuocoLand, Hong Leong Holdings and TID. Red Hot Singapore names Mitsui Fudosan instead of TID. Hong Leong Group describes TID as its joint venture with Mitsui Fudosan, which is likely why both names appear (our reading). URA does not say who owns Apricate.
"Psf ppr" is the land price divided by the floor area the site may build. It is a land cost, not a selling price.
What it means for buyers
EdgeProp cites analysts estimating future selling prices of $2,850 to $3,200 psf, depending on timing and positioning. That is an estimate, not a developer price, and no launch date has been announced.
Our reading: a project this large will give Bedok-area buyers a lot of choice, but a record land rate raises the developer's cost, which is one input into later pricing. Compare it with new launch prices (psf) and the launch tracker.
Sources
- URA: tender closing for URA sale site at New Upper Changi Road (1 Sep 2026, with all four bids in Annex A)
- URA: tender award for URA sale site at New Upper Changi Road
- UOL: SGX announcement on the award of tender
- EdgeProp: UOL-CapitaLand-SingLand JV tops four bids at $1,537 psf ppr
- Red Hot Singapore: UOL, CapitaLand bid for New Upper Changi site
- Stacked Homes: Bedok condo site sold for a record $1.42 billion
- Hong Leong Group: property businesses (TID)
Frequently asked questions
How many homes can the New Upper Changi Road site yield?
About 1,010, according to EdgeProp. URA's notice gives the floor area (86,154 sq m) but not a unit count.
Who won the New Upper Changi Road tender?
A venture of UOL Group, CapitaLand Development and Singapore Land Group, per EdgeProp. URA names the awardees as United Venture Development (Daisy) Pte. Ltd. and CL Sapphire Pte. Ltd. UOL's SGX filing says the first is held by UOL and Singapore Land Group (80:20) and the second is a CapitaLand subsidiary, in a 50:50 venture.
What does psf ppr mean in a land tender?
It is the land price divided by the floor area the site is allowed to build. It is a land cost, not the price a buyer pays.