Nine-Way Tender Signals Strong Market Confidence: Bukit Timah Site Draws Keen Interest Ahead of Enclave Rejuvenation

First Turf City Site Attracts Nine Bids in Most Heated Tender in Six Years

As the blueprint for the rejuvenation of Turf City takes clearer shape, developers are making bold bets on the potential of this future prime residential enclave. On 26 June, the Urban Redevelopment Authority (URA) announced the tender results for the Dunearn Road parcel—this 99-year leasehold residential site in prime Bukit Timah drew nine bids, marking the most hotly contested tender in the Core Central Region (CCR) since 2019.

A consortium comprising Frasers Property, Sekisui House, and CSC Land Group ultimately emerged triumphant with a top bid of $491.45 million, translating to $1,410 per square foot per plot ratio (psf ppr). While slightly below the $1,540 psf ppr fetched by the Fourth Avenue site in 2017, the tender outcome strongly reflects the market's high conviction in Turf City's growth potential.

Intense Competition Driven by Turf City Rejuvenation Blueprint

Market analysts widely attribute the robust bidding interest to the Draft Master Plan 2025 unveiled by the government on 25 June. The plan outlines the injection of 15,000 to 20,000 new public and private residential homes into Turf City, complemented by extensive green corridors, excellent transport connectivity, and the conservation of heritage structures such as The Grandstand as future community landmarks. This transformative vision has undoubtedly served as a powerful catalyst for the Dunearn Road site.

Surrounded by MRT stations, top-tier prestigious schools, and key transport nodes, the parcel sits within what developers regard as a "golden triangle". The aggressive bidding further underscores their confidence in the prime luxury residential market and strategic long-term positioning.

Launch Prices Projected at $2,900 to $3,200 psf

Spanning approximately 145,000 sq ft, the site is expected to yield about 380 private residential units. Factoring in the winning land tender rate, analysts estimate that the future development will launch at an average selling price of between $2,900 and $3,200 psf, firmly positioned for high-end and affluent buyers.

Second-Half GLS Parcels Expected to Draw Greater Spotlight

Notably, another residential parcel along Dunearn Road under the Government Land Sales (GLS) programme is slated for release in the second half of the year. Market watchers will be keeping a close eye on how this latest bid price sets the tone for upcoming land tenders.

The nine-way battle not only underscores the industry's consensus on Turf City's long-term prospects, but also establishes a clear pricing benchmark for future new launches in the precinct.