New Upper Changi GLS – What The Record S$1,537 Psf Ppr Bid Tells You

• UOL Group, CapitaLand Development and SingLand, the same consortium developing Thomson Reserve, submitted the top bid for the New Upper Changi Road GLS site in Bedok at S$1.425 billion, or S$1,537 psf ppr.
• At S$1,537 psf ppr, this is the highest land rate ever recorded for a pure-residential Government Land Sales site in the Outside Central Region (OCR).
• The tender drew four bids. The next-highest offer, from City Developments Limited (CDL) and Hong Realty, came in 13.8% lower at S$1.252 billion (S$1,350 psf ppr).
• The 99-year leasehold site, on the former Temasek Primary and Secondary Schools grounds near Bedok MRT, is expected to yield around 1,010 homes.
• This is the same UOL, SingLand and CapitaLand consortium’s third major Singapore land commitment in under a year, after Thomson Reserve (October 2025) and Hougang Central (December 2025).

The tender for a large residential plot at New Upper Changi Road, Bedok, closed on 1 September 2026 with four bids. The top offer, S$1.425 billion or S$1,537 per square foot per plot ratio (psf ppr), was submitted jointly by UOL Group, CapitaLand Development (CLD) and Singapore Land Group (SingLand) – the same three-developer consortium building Thomson Reserve in Upper Thomson.

A Record Bid, Not Yet a Result

It is worth being precise about what has actually happened. URA has closed the tender and published the bid results, but a tender closing is not the same as a tender award. The New Upper Changi Road site has not yet been formally awarded to any party. What is confirmed is that the UOL-SingLand-CapitaLand joint venture, bidding through the vehicles United Venture Development (Daisy) Pte Ltd and CL Sapphire Pte Ltd, placed the highest of four offers received.

New Upper Changi Road GLS Tender Results

Setting a New OCR Benchmark

At S$1,537 psf ppr, the top bid clears every recent pure-residential OCR benchmark by a wide margin. It surpasses the S$1,388 psf ppr paid for the Bayshore Road site when it was awarded in 2025 (now under development as the 515-unit Vela Bay), and the S$1,330 psf ppr Allgreen Properties paid for the nearby Bedok Rise site in November 2025 (expected to yield around 380 units). Analysts, including Huttons Asia’s Mark Yip, have described the bid as a fresh benchmark for pure-residential land value in Singapore’s suburbs. The site also marks a rare event in itself – the last pure-residential GLS site to cross the S$1 billion mark was a Dunearn Road plot sold in June 2022, now the 1,008-unit Grand Dunearn.

What This Means for Thomson Reserve Buyers

1. The same developers are now paying record rates in two different market segments

In December 2025 the consortium bid S$1,179 psf ppr for the mixed-use Hougang Central site, well above expectations at the time. Nine months later, the same three developers have topped that with a S$1,537 psf ppr bid for a pure-residential OCR site at Upper Changi. Developers who bid this confidently, twice, in two different segments within a year, are not a group that cuts corners once construction begins.

2. This is the consortium’s third major land commitment in under twelve months

Thomson Reserve (October 2025, S$810 million, RCR), Hougang Central (December 2025, S$1.5 billion, OCR mixed-use) and now New Upper Changi Road (September 2026, S$1.425 billion top bid, OCR pure-residential) add up to roughly S$3.735 billion committed by the same three developers to three landmark Singapore sites inside a year. No other developer consortium has moved at this scale and pace simultaneously.

3. Land costs across Singapore are not moving in one direction

Whether a site sits in the OCR or the RCR, the pattern across 2025 and 2026 GLS tenders is the same – each new benchmark has been set above the last one, not below it. That does not tell you what Thomson Reserve will cost. Thomson Reserve sits in a different planning region on a land rate set a year earlier, and official Thomson Reserve pricing has not been confirmed by the developer. It does tell you that buyers waiting for suburban or city-fringe land to get cheaper again have not seen much evidence of that in the past twelve months.

The Bigger Picture – Three Sites, One Consortium, Under Twelve Months

Three sites, one consortium, one financial year, roughly S$3.735 billion committed. For buyers, developer financial strength is not an abstract reassurance – it is a fairly direct proxy for whether a project gets built on time, to spec, with facilities delivered as promised. UOL Group’s credentials on that front were independently recognised when the PropertyGuru Asia Property Awards named UOL Best Sustainable Developer (Singapore) in 2025. For a closer look at what the same three developers delivered at their most recent large-scale launch, see our analysis of ParkTown Residence’s 87% launch-weekend take-up.

Sources: URA Government Land Sales tender results, 1 September 2026; Business Times, September 2026; 99.co, September 2026; EdgeProp Singapore. The New Upper Changi Road site has not yet been formally awarded by URA – figures reflect the top bid received at tender close. Official Thomson Reserve pricing has not been released by the developer. This article is prepared for informational purposes and does not constitute financial or investment advice.