The Urban Redevelopment Authority (URA) has announced the results of the government land sales (GLS) tender for a site on Bukit Timah Road, adjacent to the Newton MRT interchange station. The site, which is expected to yield approximately 340 private homes, attracted eight bids from developers, reflecting strong interest in the Core Central Region (CCR). The top bid of $566.3m, equivalent to $1,820 per square foot per plot ratio (psf ppr), was submitted by HH Investment, surpassing the second-highest bid by 12.3%.
The Bukit Timah site is part of the proposed new housing supply under the URA Draft Master Plan 2025, which aims to introduce more housing and mixed-use projects in the Newton neighbourhood. The site’s prime location near Orchard Road and the Newton MRT station has made it particularly appealing to developers.
Wong Siew Ying, Head of Research and Content at PropNex, noted that the robust upturn in the CCR primary market this year and the strong demand for well-connected projects near MRT stations have likely driven the interest. “The return of buyer interest in CCR homes—particularly well-located ones near to amenities—and the easing interest rates have boosted market confidence,” Wong said.
The top bid land rate of $1,820 psf ppr is the highest for a GLS site since a residential plot in Cuscaden Road was sold for $2,377 psf ppr in May 2018. With this rate, the average selling price for the new project could potentially exceed $3,600 psf. The resurgence in the CCR sub-market, particularly in the latter half of 2025, may have encouraged developers to bid actively, with 1,865 new CCR private homes sold by 2 November 2025, compared to 378 units in 2024.
