If you've been watching the Bukit Timah corridor and wondering whether the window for getting in at a reasonable price is closing, this latest land sale result gives you your answer. The Dunearn Road GLS site just changed hands at a price that's going to set the tone for everything that launches in this precinct over the next two to three years.
The tender for this Dunearn Road site closed with six bids, and five of those six came in above $500 million. The winning bid from Wing Tai Holdings and Metro Holdings came in at $533 million, which works out to $1,625 per square foot per plot ratio (psf ppr). That's not just a strong number. It's a statement.
To put that in context, the adjacent first Dunearn Road GLS site transacted at $1,410 psf ppr. This second site came in 15.2% higher. In a market where developers are careful with their land bids, that kind of premium tells you exactly how much conviction there is in this location.
The site sits on 205,010 square feet of land with a maximum GFA of 328,022 square feet, yielding around 330 private residential units plus commercial space. There's a mandatory supermarket of at least 10,764 square feet that must operate for a minimum of 10 years from TOP, plus a childcare centre. Analysts are projecting launch prices above $3,000 psf, with estimates ranging from $3,150 to as high as $3,300 psf. The launch itself isn't expected until the second half of 2027.
In my view, the real story here isn't just the winning bid. It's the tightness of the bid spread. When six developers are all clustering their bids within roughly 10% of each other, that tells me there's broad consensus on where this market is heading. Nobody underbid wildly. Nobody tried to steal the site cheap. That kind of alignment doesn't happen unless everyone at the table believes the numbers work.
What I'm seeing on the ground is that CCR land has become a conviction buy for developers who've watched the pipeline shrink. The Turf City precinct transformation under the URA master plan is still in early innings, and any developer who gets in now is positioning for a multi-year story. The 15.2% premium over the first Dunearn site isn't irrational. It reflects genuine scarcity and the fact that the neighbourhood narrative is still being written.
Here's the thing most people miss about sites like this: the prescriptive conditions, the mandatory supermarket, the childcare centre, the restricted commercial uses, all of that actually works in buyers' favour long-term. It's the government ensuring this becomes a liveable, family-oriented neighbourhood, not just another luxury tower with empty retail units. In 25 years I've watched this pattern play out repeatedly. Precincts with built-in community infrastructure hold their value through downturns far better than those without it.
If you're an HDB upgrader with your eye on Bukit Timah or the surrounding districts, I want to be honest with you. A launch above $3,000 psf puts the entry ticket for most units in this development well out of reach for a standard upgrade budget. The limited supply of around 330 units combined with the premium pricing means competition will be intense when this does launch in 2H 2027. If upgrading into the CCR is your goal, the time to plan your finances and your existing property exit is now, not when the showflat opens.
For private condo investors already holding CCR assets, this result is a data point worth paying attention to. The SRI projection of $3,150 to $3,250 psf aligns almost exactly with the current CCR median of $3,172 psf in the first quarter of 2026. That means new launches in this precinct aren't going to disrupt CCR pricing. They're going to reinforce it. If you're thinking about whether your existing CCR property still has room to run, this land cost data gives you a meaningful reference point.
For investors looking at this specific development, the commercial component deserves a closer look. The 10-year mandatory supermarket tenancy creates a built-in income stream with a secured long-term operator. That's an unusual feature in a residential-led development and it adds a layer of stability to the commercial units. Just be aware of the use restrictions. No bars, no pubs, no offices, no live entertainment. The government is deliberate about the character of this precinct, and any investor buying into the commercial portion needs to underwrite that from day one.
The Dunearn Road result confirms what I've believed about the Bukit Timah Turf City precinct for some time: developers see a long runway here, CCR pricing has a firm floor, and the supply coming through is carefully curated, not abundant. Whether you're planning an upgrade, watching your existing portfolio, or sizing up an investment entry, the next 18 to 24 months before the 2H 2027 launch is your window to get your positioning right. If you'd like to talk through how this fits your situation specifically, reach out to me directly on WhatsApp at +65 9750 1055 or visit keithtanboonkee.com. I'm happy to walk through the numbers with you.
25 years experience · 1,000+ transactions · 4,379 TOP units managed
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