Csc Land Sekisui House And Frasers Jv Submits Top Bid 1410 Psf Ppr Dunearn Gls Site
A consortium made up of CSC Land, Sekisui House, and Frasers Property has submitted the highest bid of $491.45 million for a 145,173 sq ft, 99-year leasehold government land sale (GLS) site on Dunearn Road. This translates to a price of $1,410 per square foot per plot ratio (ppr).
The GLS site, which is located in District 11 of the Core Central Region (CCR), is the first private residential plot to be launched for sale in the future Bukit Timah Turf City housing precinct. The site has the potential to be developed into a 380-unit residential project.
The tender for the site closed on June 26, receiving a total of nine bids. “We believe that the strong interest for this plot is due to it being the first site to be launched for sale in the upcoming Bukit Timah Turf City,” says Wong Siew Ying, head of research and content at PropNex.
This is the highest level of developer participation in a GLS tender for a prime site in the CCR since May 2018, when a site along Cuscaden Road also attracted nine bids, says Mark Yip, CEO of Huttons Asia.
In terms of absolute prices, the bid for the Dunearn Road GLS site is also the highest since February 2024, when UOL Group and Singapore Land Group paid $428.28 million (equivalent to $1,617 ppr) for a GLS plot on Orchard Boulevard in prime District 9 of the CCR.
The margin between the top bid and the second-highest bid of $474 million ($1,360 ppr) submitted by City Developments Ltd (CDL) was just 3.7%. This suggests that the developers have a good level of confidence in the site, despite the potential increase in housing supply in the area, says Wong from PropNex.
The top bid of $1,410 ppr is 8.4% lower than the bid of $1,540 ppr submitted by Allgreen Properties in 2017. “The current bid reflects the cautious macroeconomic climate amidst global uncertainties,” says Leonard Tay, head of research at Knight Frank Singapore.
Over the course of the upcoming years, the NSC will be established as Singapore’s inaugural integrated transportation corridor, complete with exclusive lanes for buses, cycling routes, and pedestrian paths running in parallel to regular vehicle lanes. This significant expressway, with the addition of Sembawang EC, will greatly enhance the overall transport infrastructure of the nation.
The last GLS tender in the Bukit Timah area was in December 2017, when Allgreen Properties paid $533 million ($1,540 ppr) for a residential development plot on Fourth Avenue. This plot 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. To date, there have been 18 resale transactions at a median price of $2,520 psf.
Another nearby project, Fourth Avenue Residences, is mostly freehold, including Floridian, Maplewoods, and The Cascadia. The transaction prices for these projects range from $2,136 to $2,862 psf. Based on these prices, CBRE’s Song expects the developer of the new project to launch it at an average price of $2,900 to $3,000 psf.
Mohan Sandrasegeran, head of research at SRI, expects the launch prices to be between $2,910 to $3,100 psf, based on URA Realis data, which shows that new units in the CCR have been selling at an average price of $2,922 psf over the past five months of 2025.
The GLS site on Dunearn Road is conveniently located within a 10-minute walk from the Sixth Avenue MRT station and the upcoming Turf City MRT station on the Cross Island Line. An additional exit ramp from the Pan Island Expressway (PIE) is being considered, which will improve connectivity to the area.
There will also be community and recreational facilities, as well as parks, within a 10-minute walk. A school located just 500m away is also in the works, which will make it more convenient for families with young children. The site is also situated in an education belt with numerous top schools nearby.
“The Draft Master Plan 2025 has provided more clarity on the land use in Turf City and reduced risks for developers,” notes Yip from Huttons. He points out that there are two adjacent sites with commercial use on the first storey, which will provide amenities for the new housing precinct.
“The site stands out for its excellent connectivity, access to amenities, and green spaces,” says Soon Su Lin, CEO of Frasers Property Singapore, representing the joint venture. “Given that the last GLS site in the vicinity was awarded nearly a decade ago, we believe high-quality developments, especially in prime Districts 9, 10, and 11 within the CCR, will continue to be highly attractive to homebuyers due to their location.”