UOL, CapitaLand JV Lodges S$1.43 Billion Top Bid for New Upper Changi Road Site
A joint venture between UOL Group, Singapore Land Group, and CapitaLand Development has made the highest offer of S$1.43 billion for a 99-year leasehold residential site on New Upper Changi Road in Bedok. The bid, 13.8 per cent above the next closest offer, could set a record for the highest price e
A joint venture between UOL Group, its Singapore Land Group subsidiary, and CapitaLand Development has submitted the top bid of S$1.43 billion for a 99-year leasehold residential site on New Upper Changi Road in Bedok, the Urban Redevelopment Authority said on Tuesday. The offer, which topped three other bids, was 13.8 per cent higher than the next highest bid from City Developments and Hong Realty.
If the tender is awarded, the bid will be the highest price ever paid for a pure residential government land sale in Singapore, surpassing the S$1.284 billion paid for a site on Dunman Road in June 2022, said Wong Siew Ying, head of research and content at PropNex. The joint venture’s bid of S$1,537 per square foot of built area also set a record for a government residential tender site outside Singapore’s central core, coming in 10.7 per cent higher than the S$1,388 ratio paid for a site on Bayshore Road in March 2025, according to Tricia Song, CBRE head of research for Singapore and Southeast Asia.
The 30,769 sq m (331,195 sq ft) site at the intersection of Upper Changi Road and Bedok South Road is approved to yield up to 86,154 sq m of gross floor area. It is located opposite Bedok Town Centre and within a five-minute walk of Bedok MRT station and Bedok Mall, with schools and East Coast Park nearby, CapitaLand said. The former Temasek Primary and Secondary school site is bordered by Opera Estate landed housing to the west and south, public housing to the north, and an industrial estate to the east.
The project will comprise 1,010 units in two- to four-bedroom formats at a range of price points to appeal to different homebuyers, CapitaLand said. CBRE expects the developers could sell apartments at an average launch price of S$2,850 to S$2,950 per square foot. “The strong top bid suggests that the consortium placed a higher value on the site, reflecting strong conviction in its development potential and the underlying demand outlook for private residential properties,” Wong said.
The UOL and CapitaLand consortium’s bet comes as private home prices in Singapore climbed 1.4 per cent in the first half of 2026, prompting the government to increase the number of residential units it will release this year to 9,320, 50 per cent more than the average for the past decade. The URA said in June it will increase the overall supply pipeline of private housing for the second half of 2026 to about 61,000 units, from 57,000 units, to keep the market stable. That pipeline includes about 32,000 units that could be released for sale in the next two years.
“Bedok is a highly popular town among buyers,” said Mark Yip, CEO at Huttons Asia. “As a mature estate, there are very limited land parcels near to Bedok MRT station. This is probably the last parcel of land within walking distance to the MRT.” Wong noted that steady take-up of launches in Singapore’s East points to healthy demand, with Sky Eden @ Bedok and Sceneca Residence both fully sold and Vela Bay in Bayshore achieving a 72 per cent take-up rate during its April 2026 launch. The URA said a decision on the award of the tender will be made after bids have been evaluated.
