The Dunearn Road site (in blue) is adjacent to another plot (in purple) that was awarded last year to Frasers Property, Sekisui House and CSC Land at $1,410 psf ppr (Picture: EdgeProp LandLens)
The tender for a Government Land Sale (GLS) plot on Dunearn Road closed on April 28. Six bids were received, with a joint venture between Wing Tai Holdings and Metro Holdings submitting the top bid of $533 million, or $1,625 psf per plot ratio (psf ppr).
Wing Tai and Metro’s bid was 3.1% over the second-highest bid, submitted by a joint venture comprising Frasers Property, CSC Land Group and Sekisui House. The joint venture had put in a bid of $517 million ($1,576 psf ppr).
The remaining bids came from China Overseas Land & Investment ($1,530 psf ppr); City Developments ($1,528 psf ppr); a consortium between UOL Group, Singapore Land and Kheng Leong Co ($1,526 psf ppr); and a GuocoLand-Hong Leong Holdings joint venture ($1,480 psf ppr).
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The Dunearn Road plot was launched for tender in December 2025 as part of the 2H2025 GLS programme. Measuring 204,962 sq ft, the Core Central Region (CCR) site is zoned for residential use with commercial at the first storey, and can yield about 330 housing units and around 15,069 sq ft of commercial space.
It is the second GLS site that was launched for sale in the upcoming Bukit Timah Turf City housing estate, following a neighbouring plot on Dunearn Road that was awarded last year. Frasers Property, Sekisui House and CSC Land had beaten eight other tenderers for the site, with the joint venture submitting a top bid of $491.45 million ($1,410 psf ppr). The plot can be developed into a 380-unit residential project.
Wing Tai and Metro’s bid of $1,625 psf ppr is 15% higher than the $1,410 psf ppr land rate for the first Dunearn Road plot, reflecting the developers’ strong confidence in the upcoming estate, observes Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group. Mark Yip, CEO of Huttons Asia, adds that, unlike the first plot, which was fully residential, the latest plot's inclusion of retail space on the first floor could also have contributed to the higher bid.
Meanwhile, Wong Siew Ying, PropNex’s head of research, notes that the gap between the highest and lowest bids for the second site — at 9.8% — was much narrower than the 49% gap between the top and bottom bids for the first Dunearn Road plot. “This may suggest greater alignment of developers’ assessment of the area, and higher confidence as the demand for new homes in prime areas remains steady,” she explains.
Wing Tai’s bid for the latest Dunearn Road GLS plot follows its successful launch of River Green last year. The 524-unit condo on River Valley Green in District 9, linked to the Great World MRT Station, was one of the top-performing CCR projects in 2025, with 460 units (88%) snapped up at an average price of $3,130 psf during its launch weekend in August 2025.
Caveats lodged with URA as of April 28 show that 488 units (93%) of River Green’s units have been taken up, with prices averaging at $3,145 psf.
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“The Dunearn Road parcel presents an opportunity to capitalise on [Wing Tai’s] recent success and maintain a pipeline of projects within the segment, particularly at a time when buyer demand in well-located areas remains supported by underlying demand fundamentals,” remarks Mohan Sandrasegeran, head of research and data analytics at SRI.
Huttons' Yip also notes that the strong take-up of other recently-launched CCR projects, such as Newport Residences and River Modern, likely bolstered developers’ confidence in the region.
He estimates the supply of new private homes in the CCR could total 1,870 units in 2026, falling 28.6% from 2,618 units in 2025. In 2027, this may fall further to an estimated 1,395 units. “The lower supply will support price growth in the CCR segment,” he says.
Developers’ interest in the Dunearn Road plot was also bolstered by its strong locational attributes, note market observers. The site is within walking distance of Sixth Avenue MRT Station on the Downtown Line. Situated within the Bukit Timah enclave, it is also within 1km of Methodist Girls’ School, and within 2km of other schools, including Pei Hwa Presbyterian Primary School and Raffles Girls’ Primary School.
Additionally, the site is near the upcoming Turf City MRT Station being built under Phase 2 of the Cross Island Line, expected to be completed in 2032.
As part of Bukit Timah Turf City, the site will further benefit from the broader transformation of the area. About 15,000 to 20,000 new homes are earmarked for the new precinct, alongside new amenities, green spaces and community infrastructure. “This positions the development within a future residential cluster with a strong emphasis on liveability, greenery and car-lite design, which could appeal to both owner occupiers and longer-term investors,” says SRI’s Sandrasegeran.
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According to Realion’s Quek, the last condo launch in the vicinity was Fourth Avenue Residences, Allgreen Properties’ 476-unit, 99-year leasehold condo fronting the Sixth Avenue MRT Station. Completed in 2022, the development is experiencing healthy activity in both the resale and rental market, which may indicate pent-up demand for a new project in the area, he says.
Data compiled by CBRE shows that Fourth Avenue Residences recorded a median price of $2,551 psf in 2025. Other developments in the vicinity, largely comprising freehold developments such as Maple Woods, The Cascadia and Royalgreen, logged median prices ranging from $2,205 to $2,835 psf in 2025, adds Tricia Song, CBRE's head of research for Singapore and Southeast Asia (see Table 1).
Table 1: Nearby comparables
Source: CBRE Research, Realis, data downloaded as of 27 Apr 2026. Includes only resale projects with at least five transactions in 2025.
*Transactions in 2026 YTD.
PropNex’s Wong expects the future project on the Dunearn Road site to appeal to a broad range of buyers, from affluent homebuyers and right-sizers in the surrounding areas to HDB upgraders in the Toh Yi area and beyond. “Given the top bid land rate of $1,625 psf ppr, we project that the average selling price for the new project may potentially be at above $3,000 psf,” she says.
SRI's Sandrasegeran notes that the median price of new condos in the CCR stood at approximately $3,172 psf in 1Q2026. Against this backdrop, he believes the Dunearn Road site project could launch at prices ranging from $3,150 to $3,250 psf.
Meanwhile, CBRE's Song expects the future project to take its cue from launch prices at the first Dunearn Road site. In any case, she predicts the project at the second plot could launch at an average price of $3,200 to $3,300 psf.