The Bukit Timah Road site next to Newton MRT station (Image: Google)
The Urban Redevelopment Authority on Tuesday released a residential site in Singapore’s upscale Bukit Timah area for tender under the Government Land Sales programme with capacity to provide 340 homes.
The Bukit Timah Road site next to the Newton MRT interchange measures 5,899 square metres and can yield 28,907 square metres (311,152 square feet) of gross floor area, the URA said in a release. The 99-year leasehold parcel is part of land scheduled for release to add 4,725 homes under the GLS confirmed list during the July-December period.
The last two months saw firm bids for GLS tenders at Dunearn Road and Holland Link, signalling renewed developer interest in Core Central Region sites, according to property agency Huttons Asia. The strong response to recently launched CCR projects may provide assurance of underlying demand for prime CCR homes, said Huttons Asia CEO Mark Yip.
“Furthermore the site is right next or close to a MRT station, which is a key similarity with the recent CCR launches,” Yip said.
Orchard Benchmark
As no GLS sites have been released for sale in the Newton area since 1997, the nearest comparable CCR parcel is Orchard Boulevard, according to property agency OrangeTee. That plot was awarded in February 2024 for S$1,617 per square foot of accommodation to a UOL Group joint venture, which launched the UpperHouse project on the site last month.
URA chief executive officer Lim Eng Hwee (Image: URA)
The 301-unit UpperHouse sold 178 homes at a median price of S$3,259 per square foot in a month when 357 CCR units transacted — the highest total for the region since 443 units were traded in April 2021.
“The sales take-up was robust during its launch in July 2025, indicating that luxury home demand remains healthy,” said OrangeTee CEO Justin Quek. “Therefore, we expect the future project here to be as well-received, given its excellent location being at the heart of a new neighbourhood in Newton.”
OrangeTee anticipates between three and six bidders for the Bukit Timah Road site, with the highest offer likely to reach S$1,500 to S$1,600 ($1,167 to $1,245) per square foot of accommodation. The tender closes at noon on 11 November.
Buyers Bullish
New private home sales in Singapore hit their highest level in five months in July as buyers brushed aside fresh cooling measures.
Excluding the public-private hybrid executive condo segment, developers sold 940 new units last month, representing a 63 percent rise from the 576 units sold in the same month last year and a more than three-fold increase from the 272 homes transacted in June.
House hunters remained unfazed by the 4 July cooling measures, which raised the holding period and magnitude of seller’s stamp duty, suggesting that most buyers view properties as a mid- to long-term investment, according to Huttons.
Leave a Reply