The recent Urban Redevelopment Authority (URA) tender for a residential site at Bukit Timah Road has concluded with a top bid of $1,820 per square foot per plot ratio (psf ppr), submitted by HH Investment Private Limited. This bid, which exceeded expectations, highlights a strong recovery in homebuying interest, driven by low interest rates and economic resilience.
The Bukit Timah Road site, which can accommodate 340 units, attracted eight bids, making it one of the most popular tenders of 2025. The top bid was 12.3% higher than the second-highest bid of $1,621 psf ppr from Hoi Hup Realty and Sunway Developments, and 17% above the third-highest bid by Wing Tai Holdings Limited. This indicates varying perspectives on the site’s value among developers.
Tricia Song, Head of Research at CBRE Singapore and Southeast Asia, noted that the site’s appeal lies in its connectivity and proximity to Newton MRT, as well as its location within 1km of two primary schools. The site is also part of the Draft Master Plan 2025, which aims to transform the Newton area into a balanced residential and lifestyle hub.
The top bid of $1,820 psf ppr is the highest for a Core Central Region (CCR) site since 2018, when a site on Cuscaden Road fetched $2,377 psf ppr. The Bukit Timah Road site is expected to launch at an average price of $3,300 to $3,500 psf, reflecting its prime location and the strong demand for residential properties in the area.
