Newton GLS site draws 8 bids; HH Investment sets benchmark at S$1,820 psf ppr

Newton GLS site draws 8 bids; HH Investment sets benchmark at S$1,820 psf ppr

Nov 11, 2025

CONDOsingapore.com

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A strong show of confidence in Singapore’s prime residential market emerged at the latest government land sale (GLS) tender, where a Newton site attracted eight bids and a headline-grabbing top offer of S$1,820 per square foot per plot ratio (psf ppr) — well above analysts’ expectations of S$1,300 to S$1,600 psf ppr.

The 99-year leasehold private housing plot along Bukit Timah Road, next to the Newton MRT station interchange, was awarded to HH Investment with a S$566.29 million bid. The site can yield about 340 residential units.

The aggressive pricing underscores renewed risk appetite among developers, supported by robust 2025 sales in prime and city-fringe projects and limited near-term supply in the Newton enclave.

Pricing surprise and competitive gap

HH Investment — a Singapore-incorporated vehicle owned by members of the Liao family behind Taiwan’s Huang Hsiang Construction Corp — outbid its nearest competitor by a wide margin. The S$1,820 psf ppr bid was 12.3 per cent above the second-highest offer of S$1,621 psf ppr from a Hoi Hup Realty–Sunway Developments joint venture.

Other major developers clustered in the S$1,480–S$1,555 psf ppr range, including Wing Tai, a CapitaLand Development–Mitsubishi Estate tie-up, and China Overseas Land & Investment. The lowest bid came from Japura Development, linked to CK Asset founded by Li Ka-shing, at S$1,311 psf ppr.

The sharp premium commanded by the winning bid signals a differentiated conviction on achievable selling prices and absorption rates, rather than broad-based exuberance across the bidding field.

At S$1,820 psf ppr, the Newton site ranks as the second-highest GLS land rate ever achieved for a purely residential site, behind only the Cuscaden Road plot awarded in 2018 at S$2,377 psf ppr, according to ERA.

Bull-cycle psychology in the prime segment

Market observers view the tender outcome as reflective of a late-cycle acceleration in Singapore’s high-end market. Mogul.sg’s Nicholas Mak characterised the prime residential segment as being in a “bull run”, suggesting developers anticipate sustained demand momentum.

Developers’ confidence is underpinned by strong recent take-up rates at projects such as Skye at Holland, Penrith, Zyon Grand, River Green and Promenade Peak. These launches have demonstrated buyer willingness to absorb higher quantum pricing in both prime and city-fringe locations.

Importantly, Newton has seen limited new supply since Kopar at Newton and Klimt Cairnhill. The absence of recent major launches has likely created pent-up demand among both owner-occupiers and investors seeking proximity to Orchard Road and the CBD.

Strategic value of first-mover positioning

The Bukit Timah Road parcel is the first site released under the government’s broader vision to rejuvenate Newton into a mixed-use residential precinct under the Draft Master Plan 2025.

The new neighbourhood — centred around Newton Circus — will eventually introduce about 5,000 private homes across three clusters: Newton Circus, Scotts Road and Monk’s Hill. The area is envisioned as a “vibrant, mixed-use urban village” with higher-density developments anchored by public spaces.

For HH Investment, the successful bid offers first-mover advantage in shaping price benchmarks and buyer expectations in what could become a multi-phase transformation story.

CBRE’s Tricia Song noted that future mixed-use and white sites around the MRT station could gradually rebalance Newton’s traditionally business-oriented character toward a more lifestyle-driven residential hub.

Demand fundamentals remain intact

The site benefits from strong locational fundamentals:

• Direct access to the North-South and Downtown Lines at Newton MRT
• One stop to Orchard Road retail belt
• Quick connectivity to the CBD
• Proximity to schools such as Anglo-Chinese School (Junior) and St Joseph’s Institution Junior
• Walking distance to the iconic Newton Food Centre

These attributes support both owner-occupier demand and investor rental potential, particularly from expatriates and high-income households seeking central connectivity.

Broader GLS trend: momentum building

The Newton outcome adds to a pattern of strengthening developer participation in 2025. According to PropNex, 10 of the 17 non-executive condominium GLS tenders closed this year have attracted five or more bids — a marked improvement from 2024, when only one of 16 comparable tenders saw similar competitive intensity.

This suggests that capital deployment appetite among developers has meaningfully recovered, especially for well-located, “palatable-sized” sites with manageable unit counts and clear exit visibility.

Investment implications

The S$1,820 psf ppr land rate implies that HH Investment is underwriting strong achievable selling prices, likely targeting premium positioning within the Newton micro-market. Given construction costs and financing considerations, break-even levels are expected to sit comfortably above recent Newton benchmarks.

If sales momentum in the prime segment sustains, this tender could mark a new pricing inflection point for 99-year leasehold projects in District 11.

For investors and market watchers, the key takeaway is not merely the headline land rate — but the re-emergence of competitive conviction in Singapore’s core residential districts.