Frasers, Sekisui, and CSC Land Consortium's S$1,410 per square foot bid for the Dunea

Frasers, Sekisui, and CSC Land Consortium's S$1,410 per square foot bid for the Dunearn Road site beats out nine other bids

It places the first residential site bid of S$491.5 million in the state tender for the new Bukit Timah Turf City estate.

June 27, 2025

CONDOsingapore.com

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Nine bids were submitted for the first government land sales (GLS) site in the brand-new Bukit Timah Turf City estate, indicating a high level of interest.

A 99-year leasehold private housing site in Dunearn Road, close to the Sixth Avenue MRT station, with the potential to produce roughly 380 units was up for grabs at Thursday's (Jun 26) exercise.

Before the Urban Redevelopment Authority (URA) unveiled its Draft Master Plan 2025 on Wednesday, analysts polled earlier this week predicted that up to six bids would be submitted, but the participation rate exceeded that estimate.

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The highest bid, S$491.5 million, or S$1,410 per square foot per plot ratio (psf ppr), was within the analysts' range and came from a partnership between Frasers Property, Sekisui House, and CSC Land.

The consortium's offer was 3.7% higher than City Developments' second-highest bid of S$1,360 per square foot. According to Tricia Song, head of research for Singapore and South-east Asia at CBRE, the top five bids were also closely clustered within a 10% range, indicating agreement on the site's appeal.

Since September 2021, when two modest sites in Slim Barracks in the one-north area each attracted ten bids, the nine bids represented the highest turnout for a private residential site (apart from executive condominium plots) at a GLS tender.

According to Mark Yip, CEO of Huttons Asia, the release of the Draft Master Plan offered "more clarity on the land usage in Turf City, reducing risks for developers."

The opportunity to obtain a first-mover advantage in a new estate was another reason given by property consultants for the developers' intense interest.

"The project on this site may have strong demand from homebuyers as future residents will be able to enjoy the locational attributes of living in Bukit Timah as well as the ongoing development of Turf City and the new amenities added over time," stated Justin Quek, CEO of OrangeTee & Tie.

He continued, "The land parcel is close to some of Bukit Timah's best schools, which may increase pent-up demand from families with school-age children in the future."

"Dunearn Road may be perceived as a prestigious residential address because it is near Good Class Bungalow areas," said Wong Siew Ying, head of research and content at PropNex.

Furthermore, the site's yield of 380 housing units indicates a project size that is manageable.

"Given that the last GLS site in the vicinity was awarded nearly a decade ago, we believe quality developments, specifically in the prime districts 9, 10, and 11, will continue to be highly attractive to homebuyers due to their locational attributes," stated Soon Su Lin, CEO of Frasers Property Singapore, speaking on behalf of the consortium that placed the top bid.

According to PropNex, the project on the Dunearn Road site will sell for "above S$2,900 psf" on average.

In light of the most recent tender outcome, Song of CBRE stated that the highest bid was roughly 8% less than the S$1,540 per square foot that the Fourth Avenue Residences site, adjacent to the Sixth Avenue MRT station, had received in December 2017.

"A changed environment today, including higher construction costs and a reduction in saleable area for condo projects resulting from the harmonisation of floor area definitions, is reflected in the lower land price for the Dunearn Road site."

"There is also the higher Additional Buyer's Stamp Duty rates on foreign buyers, investors, and even housing developers if they don't sell out their project by the deadline," she continued.

A partnership between Sim Lian Land and Sim Lian Development (with a bid of S$1,329 psf ppr) and a partnership between UOL, Singapore Land, and Kheng Leong Company (S$1,301 psf ppr) were also bidding at Thursday's URA-conducted tender.

Together with TID Residential, Intrepid Investments made an offer of S$1,280 per square foot.

At S$1,251 per square foot, China Overseas Land & Investment (Coli) Singapore came in sixth place.

Kingsford Group (S$1,102 psf ppr) and a Sustained Land unit (S$1,162 psf ppr) were among the other bidders.

Wee Hur Development had the lowest bid, S$949 per square foot per person.

In the near future, developers will have another chance to purchase land in the area. According to the confirmed list of the second-half 2025 GLS programme, which was revealed earlier this month, an adjacent plot that is zoned residential with commercial at the first story is scheduled for launch in December. It can produce 1,400 square metres of gross floor area of commercial space in addition to 335 private residences.

For Bukit Timah Turf City, the government has planned between 15,000 and 20,000 units of public and private housing.

According to PropNex, the Draft Master Plan 2025 may make more than 20 residential plots (including those with first-story commercial space) and three white sites available in addition to the two GLS sites on Dunearn Road.

According to PropNex CEO Ismail Gafoor, "the plans outlined will establish Bukit Timah Turf City as a self-sustaining neighbourhood with a mix of commercial offerings, healthcare amenities, and a school."