New Upper Changi Road GLS: Record S$1,537 PSF PPR Top Bid Sets New OCR Benchmark (September 2026)

Four Bids, One Record-Breaking Top Offer

The Urban Redevelopment Authority (URA) closed the tender for its Government Land Sales (GLS) site at New Upper Changi Road at noon on 1 September 2026, drawing four bids from Singapore’s largest listed developers. The results, published the same day in URA’s official tender-bid annex, show a top offer of S$1,425,388,000, working out to S$1,537 per square foot of gross floor area at plot ratio (psf ppr). That top bid was lodged jointly by United Venture Development (Daisy) Pte Ltd and CL Sapphire Pte Ltd, two special-purpose vehicles that EdgeProp and 99.co have reported represent a joint venture between UOL Group, CapitaLand Development and SingLand.

URA has been careful to note that a tender closing is not the same as a tender award. “This is not an announcement of tender award,” the agency’s release states. “A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.” In practice, GLS sites in Singapore are almost always eventually awarded to the highest bidder, but the formal award is a separate step that typically follows in the weeks after tender closing.

Why S$1,537 PSF PPR Sets a New Benchmark

The significance of this tender lies less in the identity of the bidders and more in the land rate itself. At S$1,537 psf ppr, the top bid is the highest ever recorded for a pure-residential Government Land Sales site in the Outside Central Region (OCR), the broad planning classification covering suburban districts including Bedok, Pasir Ris, Tampines, Woodlands and Jurong. It surpasses the previous OCR benchmark of S$1,330 psf ppr, set when Allgreen Properties won the nearby Bedok Rise site in November 2025, which itself had built on the S$1,250 psf ppr record set by the Clementi Avenue 1 site back in November 2023.

That progression, roughly S$1,250 to S$1,330 to S$1,537 psf ppr across three OCR tenders spanning under three years, illustrates how quickly developer appetite for well-located suburban land has grown even as overall private home price growth has moderated through 2026. The New Upper Changi Road site’s proximity to the future Bedok South MRT station on the Thomson-East Coast Line, alongside its position within the established Bedok-Pasir Ris east corridor, appears to have been a significant draw for all four bidding consortia.

Who Bid, and How Close the Contest Was

The spread between the top and fourth-placed bids was relatively narrow by GLS standards, at under 17 percent from top to bottom. United Venture Development (Daisy) Pte Ltd and CL Sapphire Pte Ltd’s S$1,425,388,000 bid was followed by CDL Constellation Pte Ltd and Hong Realty (Private) Limited at S$1,252,000,000 (S$1,350 psf ppr), GuocoLand (Singapore) Pte Ltd and Apricate Pte Ltd at S$1,242,664,619 (S$1,340 psf ppr), and Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$1,215,000,000 (S$1,310 psf ppr). The closeness of bids two through four, all within a S$37 million band, suggests a broadly shared view among developers of the site’s underlying value, with the top bid representing a deliberate premium to secure the plot.

Summary: All Four Bids at a Glance

Why This Matters for Buyers and Bedok-Pasir Ris Owners

For prospective buyers, a record land rate is an early signal, not a confirmed outcome. Launch prices for any eventual project on this site typically land well above the land cost once construction, financing and developer margin are factored in, so a S$1,537 psf ppr land rate could translate into launch prices meaningfully higher than recent nearby new launches once the site is developed, most likely from around 2028 onwards given typical GLS-to-launch timelines. For existing owners in Bedok, Pasir Ris and the surrounding east corridor, the result reinforces a broader theme already visible in this month’s HDB resale records at Bedok South Horizon and Pasir Ris One: sustained developer and buyer confidence in this part of Singapore, even as the site itself remains years from becoming a completed, saleable project. Nearby resale flat and condo owners should treat this as one data point supporting continued demand in the corridor, rather than a guarantee of specific price movements.

What Happens Next

The following is informed speculation, not confirmed policy. Based on the pattern of recent GLS tenders, a formal award is likely to follow within roughly four to eight weeks of the 1 September 2026 closing, though URA has not given a specific date. Should the top bid be awarded as expected, the successful joint venture would then need to work through detailed design and planning approval before any public preview or launch, a process that has typically taken between 18 months and two years for comparable OCR sites in recent years. It remains to be seen whether the eventual project’s pricing will track the record land rate closely or whether developers will need to moderate margins given broader questions about OCR demand at higher price points, though this is speculative pending an actual launch.

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