The Urban Redevelopment Authority has closed the land tender for a site at Dunearn Road which was launched under the Confirmed List of the 1H2025 Government Land Sales (GLS) programme. This site can yield around 380 units.
There were nine bids received for this plot, which surpassed our expectations. The highest bid was from CSC Land Group (Singapore) Pte. Ltd., Sekisui House, Ltd. and Frasers Property Phoenix II Pte. Ltd. at a bid price of S$491,454,208 or around S$1,410 psf ppr. This was 3.7 per cent higher than the next highest bid from CDL Divine Pte. Ltd, which was S$474,028,000 or around S$1,360 psf ppr. The highest bid price slightly exceeded our initial expectations, which may indicate confidence in the potential of this site. The most recent land tender that closed in the vicinity was a site at Fourth Avenue, which was awarded in December 2017 at a land rate of S$1,540 psf ppr. It is now the project Fourth Avenue Residences. The project was fully sold by September 2022, and it also has an active secondary market performance.
Several factors could have supported the strong interest in this land parcel. This will be the first site of the Turf City rejuvenation plan, and developers and buyers of the future project here will have the first-mover advantage. It is also quite near the main road and Sixth Avenue MRT Station on the Downtown Line. There may be keen homebuyer demand for the project here as future residents will be able to enjoy the locational attributes of staying in Bukit Timah and also benefit from the ongoing development of Turf City and the new amenities added over time. The site is also near some top schools in Bukit Timah, which may add to pent-up demand from families with school-going children in the future.
As more details for the Turf City estate are announced over time, future homeowners here will have access to a wide array of amenities including retail options, food and beverage outlets, and green spaces amidst heritage buildings that have been repurposed for new community uses. This may boost the appeal of living in the first Turf City residential project.