Eh, you know that feeling when the coffee shop auntie shocks you by charging $6 for kopi-o, and you still queue up anyway? That’s basically what just happened at New Upper Changi Road. The UOL-CapitaLand-Singland joint venture just slapped down $1.4 billion for that GLS site, working out to $1,537 psf ppr. And guess what? Developers are still queuing up to pay it.
$6 kopi-o and you still queue up anyway — that’s basically what just happened at New Upper Changi Road.
Let me break this down for you. This isn’t just “high” — it’s 13.8% higher than the next best bid. That’s not a small gap, that’s like one person offering $6 for kopi while everyone else offers $5.30. Somebody really, really wanted this plot. Just behind, GuocoLand, Hong Leong and Mitsui Fudosan bid $1.34 billion, while Sim Lian offered $1.22 billion.
Why though? Location, location, location — the old Temasek Primary and Secondary school grounds, bounded by Bedok South Road, near the future Tanah Merah interchange. About 331,000 sq ft of land, max GFA of 86,154 sq m, and roughly 1,010 units coming your way.
Compare it to recent sales and you’ll see the pattern:
- Bedok Rise: $1,330 psf ppr
- Bay Shore Drive: $1,323 psf ppr
This new benchmark just blew past both. It’s the priciest pure-residential suburban land price since Dunman Road back in June 2022.
Now here’s the kicker — expected launch price is $3,000 to $3,200 psf. Nearby Bedok Residences is trading at $1,824 psf median. So buyers, brace yourselves.
Who’s buying? HDB upgraders whose flats are hitting MOP between 2022 and 2026, landed estate residents in Bedok, and folks working at Changi Airport or Changi Business Park chasing rental yield. Bedok’s planning area is home to about 274,360 residents, the second-largest population in Singapore after Tampines, giving developers a massive built-in catchment to sell to. This strong locational demand mirrors what was seen at the Upper Thomson Road GLS site, where five bids were received and the winning offer exceeded analyst forecasts by about 2%.
But here’s my worry, lah. Bedok’s had three other GLS sites since 2025 — Bay Shore Road, Bay Shore Drive, and Bedok Rise — pumping out 3,185 new homes between 2025 and 2028. Add this site’s 1,010 units, and absorption might stretch past 2028.
Bottom line: UOL brings the construction muscle, CapitaLand brings the branding and sales network. Smart pairing. But with this much supply hitting one area, even a strong JV needs the market to cooperate.
