URA has awarded a Bedok residential site to a UOL-CapitaLand-SingLand joint venture at $1,537 per square foot per plot ratio, the highest rate ever recorded for a pure-residential site outside Singapore's central region.

TL;DR

  • URA awarded the New Upper Changi Road Government Land Sale site to United Venture Development (Daisy) Pte Ltd and CL Sapphire Pte Ltd for $1,425,388,000, or $1,537 psf ppr, on 4 September 2026.
  • That is the highest land rate ever recorded for a pure-residential Outside Central Region site, and 13.8% above the second-highest of four bids.
  • The 99-year leasehold site could yield around 1,010 condominium units, the only Confirmed List GLS site in the first half of 2026 with that scale.

What did URA just award, and to whom?

The Urban Redevelopment Authority awarded the tender for a residential site at New Upper Changi Road, in Singapore's Bedok Planning Area, to United Venture Development (Daisy) Pte Ltd and CL Sapphire Pte Ltd, a joint venture representing UOL Group, CapitaLand Development and SingLand. The winning bid was $1,425,388,000, equivalent to $1,537 per square foot per plot ratio (psf ppr). The site was launched for tender on 15 May 2026 and closed on 1 September 2026, offered on a 99-year lease. It spans 30,769 square metres with a maximum permissible gross floor area of 86,154 square metres, a 2.8 plot ratio that property researchers estimate could yield roughly 1,010 condominium units across towers of 24 to 36 storeys.

How big a record is this, really?

Four bids were submitted for the site. The winning $1,537 psf ppr bid was 13.8% higher than the second-highest offer of $1.252 billion, or $1,350 psf ppr, from a joint venture between City Developments Limited and Hong Realty, according to property research firm ERA Singapore. That makes it the highest land rate ever recorded for a pure-residential Outside Central Region Government Land Sale site, surpassing the $1,330 psf ppr Allgreen Properties paid for the nearby Bedok Rise site when it was awarded in December 2025, a gap of roughly 15.6%.

Why would developers pay this much for an OCR site?

ERA Singapore's research points to strong nearby demand: Vela Bay, a leasehold condominium in the Bedok Planning Area, sold 72% of its units at launch in April 2026, and the median price for new 99-year leasehold condominiums in Bedok has climbed from $1,407 psf in 2016 to $2,863 psf across the first eight months of 2026. The New Upper Changi Road site sits a five-minute walk from Bedok MRT Station and Bedok Mall, within 2km of established schools including Victoria School and Temasek Junior College, and has no upcoming condominium competition within a 1km radius. ERA also links developer confidence to Singapore's broader economic backdrop: the Ministry of Trade and Industry raised its 2026 GDP growth forecast to between 4.5% and 5.5% in August, up from 2% to 4% previously, after the economy grew 6.1% year-on-year in the first half of 2026.

What could this mean for future launch prices in Bedok?

Neither URA nor the winning developers have announced a launch timeline, project name or indicative pricing for the site, so any per-square-foot launch estimate at this stage is not confirmed. As a general rule of thumb, developers in Singapore typically look to sell finished units at a premium over their land cost once construction, financing and margin are factored in, and the $1,537 psf ppr paid here is well above recent Bedok land benchmarks. Investors should treat this as a signal of where land costs, and by extension future asking prices, are heading in the area, not as a forecast of a specific launch price.

Why this matters

A record OCR land price from a major developer consortium is a useful bellwether for how Singapore's mass-market residential land market is pricing risk heading into 2027, and it follows a broader pattern of institutional capital returning to APAC real estate this year. For more context on where capital is flowing across the region, see our coverage of APAC real estate investment rebounding toward high-yield logistics and office assets, and our analysis of why H2 2026 demands greater capital selectivity across APAC commercial property.

Frequently Asked Questions

When will the New Upper Changi Road project launch, and what will it be called?

Not confirmed. URA's release covers only the land award; the developers have not announced a project name, launch date or unit pricing.

Is $1,537 psf ppr expensive for a Singapore government land sale?

Yes, by historical standards for this category. It is the highest rate ever recorded for a pure-residential Outside Central Region GLS site, above the $1,330 psf ppr paid for nearby Bedok Rise in December 2025.

Who are UOL Group, CapitaLand Development and SingLand?

They are three of Singapore's largest listed property developers and landlords, here bidding together through the entities United Venture Development (Daisy) Pte Ltd and CL Sapphire Pte Ltd.

Sources and method

This article is based on the Urban Redevelopment Authority's press release of 4 September 2026 announcing the tender award, cross-checked against independent analysis from ERA Singapore Property Research, published 2 September 2026, for bid comparisons, market context and the Bedok Rise benchmark. This article does not constitute property, investment or financial advice; figures such as potential launch pricing are not confirmed and readers should seek independent professional advice before making investment decisions.