The recent Government Land Sales (GLS) tender for the Dunearn Road site in Singapore has garnered significant interest, attracting nine bids. This marks an increase from the six bids received for the Lakeside Drive tender in June. The site’s appeal is largely due to its strategic location within the Bukit Timah area, a coveted residential enclave, and its alignment with the Draft Master Plan 2025, according to Leonard Tay, Head of Research at Knight Frank Singapore.
Despite high development costs, the Dunearn Road site stands out as the first GLS site in Bukit Timah since 2017. Its proximity to the Sixth Avenue MRT Station and the upcoming Turf City MRT Station enhances its attractiveness. The site is integral to the future transformation of Bukit Timah Turf City into a “10-minute neighbourhood”, offering easy access to shops, parks, and community facilities.
The top bid for the site was $358 million (S$491 million), translating to $1,030 (S$1,410) per square foot per plot ratio (psf ppr), which is 8.4% lower than the $1,125 (S$1,540) psf ppr achieved at Fourth Avenue in 2017. This reflects current macroeconomic caution. Launch prices are expected to start from $2,120 (S$2,900) psf, with potential averages between $2,190 and $2,340 (S$3,000 and S$3,200) psf, depending on project specifications and demand conditions.
With limited new private non-landed housing supply in the area, the project is anticipated to attract families and retirees familiar with Bukit Timah’s educational and residential offerings. The site exemplifies the integration of prime location, connectivity, and sustainable urban planning, shaping future residential demand.
“`
