Press Release

Press Release

4 December 2023

Singapore, 4 December 2023 - The Urban Redevelopment Authority (URA) has just launched the land tender for three plots of land under the 2H 2023 Government Land Sales (GLS) programme; two sites at Upper Thomson Road, and one site at Zion Road. Upper Thomson Road (Parcel A) has an estimated site area of 2.44 ha, and with a gross plot ratio (GPR) of 2.2, can yield around 640 units. There will also be around 2,000 sqm of commercial space on the site, of which 1,000 sqm will be for a childcare centre. Upper Thomson Road (Parcel B) has an estimated site area of 3.2 ha, and with the GPR of 2.5, about 940 units may be built there. 

For the plot at Zion Road (Parcel A), the site area of around 1.53 ha at a GPR of 5.6 will be able to yield an estimated 1,170 housing units, and 2,400 sqm of commercial space, of which 600 sqm will be for a childcare centre. 

With three large plots released at the same time, out of which two have almost a thousand units each, we may see relatively fewer bidders in total for this round of land tenders. Elevated interest rates, macroeconomic uncertainty, geopolitical developments and high construction costs will also continue to weigh on developers. Developers may also form consortiums or joint ventures to bid for the bigger parcels.

Upper Thomson Road (Parcel A) and (Parcel B)

The two plots at Upper Thomson will inject over 1,500 new homes into the Springleaf area. Currently, the area is mainly occupied by landed properties, with some condos near Nee Soon Camp. 

Parcel A has a direct connection to the Springleaf MRT station on the Thomson-East Coast Line (TEL) and a commercial space, possibly offering new amenities like retail shops, which will be attractive to residents. Parcel B is also within walking distance to the Springleaf MRT station. Both sites will be next to green spaces and near Springleaf Nature Park and Lower Seletar Reservoir. Hence, future homes may appeal to buyers looking for homes within a tranquil living environment. While there are currently no schools located within 2km of the two plots, the TEL may help residents travel to other parts of the island for alternatives.  

There are few new project launches in the vicinity. The last GLS, The Essence, was awarded in February 2018 to Lian Soon Holdings Pte. Ltd. and OKP Land Pte Ltd at a tender price of S$43,948,000 or S$681 psf ppr. 

Parcel A, being directly connected to Springleaf MRT and having a commercial space, may see slightly more interest from developers. Space will be better optimised as the plot is more regular in shape than Parcel B. Parcel A will have fewer units and entails a smaller bid quantum which may be financially more manageable compared to Parcel B. The final bid price may be more than S$850 million to almost S$1 billion for Parcel B as the site has a higher GPR and more units.

We expect 3 to 6 bidders for the Parcel A site, with the highest bid price between S$950 to S$1,050 psf ppr. For Parcel B, we expect 2 to 5 bidders at the highest bid price between S$900 to S$1,000 psf ppr. 

Zion Road (Parcel A)

The Zion Road (Parcel A) plot will have a commercial component of 2,400 sqm (inclusive of 600sqm for a childcare center). The site is well located with good transport connectivity, and is close to shopping amenities such as Great World mall. The site may be directly connected to the Havelock MRT on the TEL. 

There are a number of popular schools within 2km radius of the plot which will attract families with school-going children, such as Alexandra Primary School, Cantonment Primary School, CHIJ (Kellock), Crescent Girls’ School, Gan Eng Seng School, Radin Mas Primary School, River Valley Primary School, Tanglin School, and Zhangde Primary School.

The supply of new homes in the area remains relatively limited. The last GLS sales was Rivierie, at Jiak Kim Street, awarded in December 2017 to FCL Residences Pte. Ltd. at a tender price of S$955,407,818 or S$1,733 psf ppr. As of October 2023,’s Monthly Developer Sales data, Riviere is fully sold out. Sales are strong at another nearby project, Irwell Hill Residences, with only a few balance unsold units. 

There will be few new housing alternatives for buyers. The adjacent Parcel B plot is on the Reserve List, and may be triggered for sale or moved to the Confirmed List in future GLS programmes depending on the sales response of Parcel A. Buyers who are interested in staying in this locale will likely consider the future project at Parcel A. 

The large overall GFA of Zion Road (Parcel A) may result in developers forming consortiums to mitigate development risks, as the final bid price may cross S$1 billion. For this site, we anticipate 2 to 4 bidders, at a highest bid price of S$1,500 to S$1,650 psf ppr.

New Long-stay Serviced Apartments 

We expect the new long-stay serviced apartments to have minimal impact on pricing and bids from developers.