The Urban Redevelopment Authority has just closed the land tender for a site at Upper Thomson Road (Parcel A), which was launched under the 1H2025 Government Land Sales (GLS) programme. The site can yield approximately 595 units with 2,000 sqm of commercial space.

There were five bids received for this plot, which was within our expectations. The highest bid was from Wee Hur Property Pte Ltd and GSC Holdings Pte Ltd at a bid price of S$613,939,000 or around S$1,062 psf ppr. This was above our estimates and was 2.1 per cent higher than the next highest bid from Frasers Property Phoenix Pte. Ltd. and SB (Westpoint) Investment Pte. Ltd., which was S$601,500,000 or around S$1,040 psf ppr. Overall, the number of bids submitted for the tender may indicate the confidence in the future sales performance of this site.

The healthy participation in the tender exercise was unsurprising. Parcel A will have direct connection to the Springleaf MRT station on the Thomson-East Coast Line (TEL) and a sizable commercial space offering new amenities like retail shops, which will be attractive to residents. The site will be next to green spaces and near Springleaf Nature Park and Lower Seletar Reservoir too. Hence, future homes here may appeal to buyers looking for homes within a tranquil living environment and walking distance to an MRT station.

New homes in the area and slightly further out in Lentor Hills have also proven to be popular with homebuyers, with limited remaining stock left. The adjacent Upper Thomson Road (Parcel B) plot, which was recently launched as the project Springleaf Residence, saw extremely strong take up with 870 units or 92 per cent of the entire project, during the launch weekend.

Remaining units at the nearby Lentor Hills private residential projects are also low despite having six project launches to date, and there may not be significant additions to the supply of homes there. The most recent parcel there was awarded to Kingsford Huray Development Pte Ltd in April 2025, and the other remaining land parcel that is earmarked for sale will be launched in December.

The healthy participation in the land tender could have also stemmed from the relative rarity of integrated developments made available each year, coupled with the strong project performance when launched for sale. Only a handful of land parcels with both a commercial component and direct access to an MRT station were made available in recent years through the GLS programme.

These integrated developments are also highly attractive to buyers. The nearby integrated development, Lentor Modern, sold 508 or 84 per cent of its 605 units during its launch weekend in September 2022. More recently, the last major suburban integrated development, Parktown Residence, sold over 87 per cent or 1041 out of 1193 units during its launch weekend earlier this year in February. With integrated developments remaining both a rarity in Singapore's private residential supply and extremely popular with homebuyers, developers may have been keen to snag this desirable land parcel.