This Bedok Condo Site Just Sold For A Record $1.42 Billion — And Its Future Condo Could Launch Near $3,000 PSF

The tender for a new condominium site in Bedok is the latest indication that the tailwinds pushing up residential development land prices in Singapore are still going strong. On Sept 1, the tender for a government land sale (GLS) site on New Upper Changi Road set a record price for a residential plot in the suburbs, or Outside Central Region (OCR).

A consortium of developers – comprising UOL Group, CapitaLand Development, Singapore Land – put in the highest bid among the four tenders submitted. The consortium outbid the other competitors by a mile, offering $1.42 billion for the 331,194 sq ft site.

That bid price works out to a land rate of $1,537 psf per plot ratio (ppr), and sets a record for a residential development site in the OCR.

This bid price is 10.7% higher than the $1,388 psf ppr that SingHaiyi paid for the site at Bayshore Road in March 2025. That has since been launched as the 515-unit Vela Bay, which entered the market in April this year. The condo sold 72% of its units during its opening weekend sales, and set an average selling price of $2,886 psf.

Meanwhile, a joint venture comprising CDL and Hong Realty submitted the second highest bid of $1.25 billion ($1,350 psf ppr), about 14% shy of the top bid by the UOL-CapitaLand consortium.

Other developers who participated in the tender included a GuocoLand-led consortium who put in a $1.24 billion ($1,340 psf ppr) bid, as well as Sim Lian Group who submitted a $1.21 billion ($1,310 psf ppr) bid.

Most market analysts like Tricia Song, head of research, Singapore and Southeast Asia, at CBRE, noted that the very narrow 3.1% price gap between the second to fourth bidders showed a general consensus from developers on the value of the site.

However, higher-than-expected bid price by the UOL-CapitaLand consortium was “significantly above expectations” and may reflect the developers’ confidence in this type of large residential sites near transport hubs in mature estates, especially the one here which has shown signs of pent-up demand for new private homes, says Song.

The Upper Changi Road GLS site, which sits at the junction of New Upper Changi Road and Bedok South Road, is one of the largest residential GLS sites that the government has launched in recent years. The 99-year leasehold site has a maximum gross floor area of approximately 927,353 sq ft and the new development could yield about 1,010 condominium units.

The expected size of the new development makes it a mega development, according to Mr. Mohan Sandrasegeran, Head of Research & Data Analytics at SRI. “This site is quite important because it represents one of the few large scale residential plots in a mature East region estate with immediate MRT access,” he says.

The last time the government awarded a large residential site in the OCR was the Upper Thomson Road Parcel B site, which was awarded to GuocoLand in April 2024 after it had put in the top bid of $779.6 million ($905 psf ppr). That site was subsequently launched as the 941-unit Springleaf Residence in August last year, which saw a strong take up that moved 92% of its units during its opening sales weekend at an average price of $2,175 psf.

All indications suggest that when the New Upper Changi Rd site is developed, the new project should also garner a high degree of buying interest.

The site is close to Bedok MRT station on the East-West Line (EWL) as well as Bedok bus interchange, and the area is served by major roads and expressways. Tanah Merah MRT station, which is one stop away from Bedok station, will also become an interchange when it links to the Thomson-East Coast Line in the 2030s.

Bedok is also one of the most mature residential districts in Singapore with many established amenities like Bedok Mall and nearby employment hubs. In addition, the site is within two kilometers of schools including Red Swastika School, St. Stephen’s School, Anglican High School, St. Patrick’s School, Victoria School, Temasek Junior College and Victoria Junior College. This would make the new development attractive to families with school-going children.

What’s behind developers’ confidence in this site?

“The top bid for the New Upper Changi Road site shows that developers are prepared to pay a clear premium for mature-estate demand in Bedok. This is not just a transport-led site; it is also supported by a sizeable upgrader pool,” says Marcus Chu, Chief Executive Officer, ERA Singapore.

According to data by ERA, there have been at least 755 HDB resale transactions in Bedok in the first seven months of 2026, and 44 million-dollar flats sold there over the same period. In terms of million-dollar resale transactions, this already surpasses the area’s record last year which notched 39 million-dollar resale HDB deals.

Chu adds that in the eyes of most developers the site is a strategic opportunity, because it puts a just-right product in front of both HDB upgraders and landed right-sizers in the area. He adds that many established families in Bedok have grown their wealth over the years and are ready to upgrade, this is supported by the fact that the town is seeing an increase in million-dollar HDB flat transactions.

A project like this could encourage some landed homeowners to unlock housing equity by moving into a condominium while setting aside more funds for retirement or family planning, says Chu. This is especially so with the rollback of the wait-out period rule several weeks ago.

Market data provided by Realion (OrangeTee &ETC) Group also indicates that Bedok and Tampines are also set to have an estimated 9,500 four- and five-room HDB flats that will fulfill their minimum occupation period (MOP) between 2026 and 2029.

“There may be a large catchment of potential buyers for the upcoming development here. Right-sizers from the nearby landed homes in Siglap area and Opera Estate may also be drawn to the project, further broadening its potential buyer base,” says Justin Quek, Deputy Group CEO of Realion.

He adds that the GLS site wraps around part of the Opera Estate landed housing cluster, specifically the homes off Swan Lake Ave and Dido Street, and so there is a chance that the new condo units could enjoy unblocked views of this large landed enclave.

Unpacking the record OCR land price

Two months ago, we saw the first non-Central Business District (CBD) development site in Singapore fetch an eye-watering $2 billion. The sky-high price was submitted by a five-way joint venture between Frasers Property, Frasers Centrepoint Trust, Sunway MCL, Sekisui House, and Lum Chang Holdings. This was for the only integrated development plot in the emerging Bayshore district in East Coast. The top bid of $2.128 billion translates to $1,323 psf ppr for the 618,500 sq ft site.

It’s not the first time that developers have put forward strong bids for development opportunities in this part of the East. The last residential-only GLS site in the vicinity was for a site at Bedok Rise last December.

Located opposite Tanah Merah MRT station, it was Allgreen Properties who submitted the winning bid of $464.8 million ($1,330 psf ppr) for the 218,438 sq ft plot. It managed to beat nine other bidders who were also competing for this lucrative site.

There was a wide range of opinions and launch price estimates from market analysts this time around. Some property consultancies like Knight Frank see more room for prices to run up, with launch price expectations starting from about $3,000 psf, with premium units potentially going at higher prices depending on the unit design, views, and floor level.

Leonard Tay, head of research at Knight Frank Singapore, opines that a project of roughly 1,010 units requires a deep and sustained demand base, and Bedok’s demographic profile provides quantifiable numbers in a more compelling fashion than many other GLS locations.

On the other hand, ERA’s Marcus Chu expects the future condominium to be priced realistically between $2,850 psf and $2,900 psf, citing the plot’s huge catchment of landed property to support pricing. “Developers are likely to remain disciplined in their land bids, but sites with clear demand drivers can still attract competitive pricing,” says Chu.