Although sentiment around Government Land Sales has been mixed this year, the Upper Thomson Road (Parcel A) tender ended on a high note, with Wee Hur’s property arm and GSC Holdings clinching the 99-year site on Oct 23, 2025 with a S$613.9 million bid, or S$1,061.56 per square foot per plot ratio. The price rounds to about S$1,062 psf ppr, edging past analyst expectations of S$900 to S$1,050, and beating the next best offer by a slim 2 percent.
Upper Thomson Parcel A lands S$613.9m at S$1,062 psf ppr, topping forecasts
In all, five bids came in, a sharp turnaround from the site’s previous outing, which closed with no takers. The second-highest bid came from Frasers, Soilbuild Group and CYZ Land at S$601.5 million (S$1,040.06 psf ppr).
The 2.44-hectare plot sits in the Springleaf precinct along Upper Thomson Road, right beside Springleaf MRT Station, which should help future residents get around without much fuss. With ample upcoming GLS options, developers have grown increasingly selective, which may temper bid aggression even at well-located sites.
With a gross plot ratio of 2.2, the site allows a maximum gross floor area of 53,729 square metres, translating to an estimated 595 homes.
A minimum 1,000 square metres of GFA must be set aside for a childcare centre, while 1,500 square metres will support shops, restaurants, and a supermarket, giving daily needs a convenient address.
For buyers, this mix typically means shorter queues and fewer grocery runs by car, always a plus. The focus on integrated amenities follows the luxury market trend where developments with smart technology and comprehensive facilities are increasingly attracting premium buyers.
This result also reflects policy tweaks. The parcel was first offered in December 2023 with a mandatory long-stay serviced apartment, or SA2, component, which spooked bidders due to higher costs, operational complexity, and an untested housing category.
When the site returned to market on June 24, 2025, the SA2 element became optional, subject to approval, and interest revived.
Strikingly, the only GLS site with SA2 awarded so far is at Zion Road, secured by City Developments Limited and Mitsui Fudosan in April 2024 for S$1.1 billion, or S$1,202 psf ppr.
Its Zyon Grand previews kicked off in early October with prices from S$2,689 psf.
In the immediate neighbourhood, momentum is building. Parcel B next door went to GuocoLand and Intrepid Investments in April 2024 at S$905 psf ppr, and its project, Springleaf Residence, has seen strong take-up since August.
Two sizeable residential plots near the Seletar Expressway signal future growth, while the nearby Lentor cluster shows sustained demand.
Elsewhere, the Dorsett Road GLS in October 2025 drew nine bids and achieved S$1,338 psf ppr, underscoring selective competitiveness.
Developers will still contend with biodiversity-sensitive design requirements, which raise consultancy and construction costs, and a current gap in nearby amenities and school options.
Even so, strong bid depth, improved parameters, and MRT adjacency point to cautious confidence—without rose-tinted glasses.
