The Urban Redevelopment Authority (URA) has announced the results of the government land sales tender for the Upper Thomson Road (Parcel A) site, which closed today. The site, capable of accommodating 595 residential units and 2,000 square metres of commercial space, attracted five bids. Wee Hur Holdings, along with its largest shareholder GSC Holdings, submitted the highest bid at approximately $614m, translating to a land rate of $1,062 per square foot per plot ratio (psf ppr).
The tender’s outcome was influenced by the successful launch of the adjacent Springleaf Residence in August 2025. The absence of a mandatory requirement for long-stay serviced flats on the site also increased its appeal to developers. Wong Siew Ying, Head of Research and Content at PropNex, noted, “The flexibility provided by the URA, coupled with strong sales at Springleaf Residence, has boosted developers’ confidence.”
The top bid exceeded the second-highest offer from Frasers Property and Soilbuild Group by 2.1%, and was 13.7% higher than the lowest bid from Sim Lian Group. This marks a significant increase compared to the land price of the nearby Parcel B site, awarded to GuocoLand and Hong Leong Holdings in April 2024 for $905 psf ppr.
The Upper Thomson Road (Parcel A) site, previously launched in June 2024, initially failed to attract bids due to the requirement for serviced flats. However, the URA’s revised conditions have made the site more attractive. With the potential for connection to Springleaf MRT station and commercial space on the first storey, the site is poised to be a desirable development. The estimated average selling price for the new development is expected to be above $2,250 psf.
