UOL-CapitaLand JV Bids Record $1.12B for Singapore Site

A consortium of UOL Group, its Singapore Land Group unit, and CapitaLand Development has submitted the top bid of S$1.43 billion (US$1.12 billion) for a major residential land parcel on New Upper Changi Road in Bedok. The joint venture's offer for the 1,010-unit site was 13.8 percent higher than the next closest bid, according to Singapore's Urban Redevelopment Authority (URA).

If awarded, this bid would set a new record for a pure residential government land sale in Singapore, surpassing the S$1.284 billion paid for a Dunman Road site in June 2022. Wong Siew Ying, head of research at PropNex, stated, "The strong top bid suggests that the consortium placed a higher value on the site."

Record Price Per Square Foot

The consortium's bid equates to S$1,537 per square foot of built area. According to Tricia Song, CBRE's head of research for Singapore and Southeast Asia, this sets a new benchmark for a government residential tender site outside Singapore's central core, coming in 10.7 percent above the previous record set at Bayshore Road in March 2025. Song linked the high price to developer confidence in large sites near transport hubs within mature estates, where there is pent-up demand from upgraders.

CBRE estimates that apartments at the New Upper Changi Road site could launch at an average price between S$2,850 and S$2,950 per square foot. CapitaLand said the project will feature two- to four-bedroom formats across various price points to attract different buyers.

Site Details and Local Demand

The 30,769 square metre site has a 99-year lease and can yield up to 86,154 square metres of gross floor area. It is located opposite Bedok Town Centre and within a five-minute walk of Bedok MRT station and Bedok Mall. CapitaLand highlighted the site's excellent connectivity, access to amenities, proximity to reputable schools, and nearby East Coast Park.

Analysts point to strong local demand. Wong from PropNex noted the steady take-up of recent launches in Singapore's east, citing fully sold-out projects like Sky Eden @ Bedok and Sceneca Residence. Mark Yip, CEO of Huttons Asia, emphasized Bedok's popularity, calling this "probably the last parcel of land within walking distance to the MRT."

Market Context and Government Supply

The record bid follows a 1.4 percent climb in Singapore's private home prices during the first half of this year. In response, the government has increased the number of residential units it will release this year to 9,320, which is 50 percent more than the decade's average. The URA also stated it would increase the overall supply pipeline of private housing for the second half of 2026 to about 61,000 units to maintain market stability.

Elsewhere in Singapore, the URA recently launched tenders for two other sites in Marina South and near Orchard Road, which could yield a combined 500 homes. Earlier this year, other developer ventures won tenders for sites at Peck Hay Road and River Valley Green. The URA will evaluate all bids for the New Upper Changi Road site before making an award decision. The proposed development is subject to a maximum technical height control of 64 metres, with a low-rise zone along its western boundary restricted to five storeys.