<div id="readability-page-1"><div><p>[SINGAPORE] The second Bukit Timah Turf City site to be released by the government drew heated competition from developers on Tuesday (Apr 28), with Wing Tai and Metro’s construction arm, Metrobilt Construction, coming out on top with its S$1,624.89 per square foot per plot ratio (psf ppr) bid.</p><p>Their top bid of just under S$533 million for the prime Dunearn Road land was 3 per cent higher than the next highest bid of S$517 million or S$1,576.13 psf ppr from a Frasers Property-led consortium, which had clinched the first Dunearn site tendered in June 2025 at S$1,410 psf ppr. </p><p>This was followed by China Overseas Land &amp; Investment (Coli) Singapore with a bid of S$501.9 million or S$1,530.09 psf ppr, and City Developments Limited not far after at S$501.4 million or S$1528.44 psf ppr. </p><p>In fifth place were UOL, Singapore Land and Kheng Leong with a S$500.6 million offer or S$1,526.28 psf ppr. </p><p>The lowest bid, at S$485.5 million or S$1,480.01 psf ppr, was from Hong Leong Holdings and GuocoLand.</p><p>The tender bids were at the higher end of estimates by analysts polled by <em>The Business Times</em> earlier this week, who saw top offers coming in between S$1,350 and S$1,650 psf ppr.</p><div><div><h3>Navigate Asia in<br/>a new global order</h3><p>Get the insights delivered to your inbox.</p></div></div><p>Consultants had anticipated fairly strong participation for the Dunearn Road plot after the adjacant site garnered nine bids in June 2025. It was the best turnout since September 2021 for a private residential site, excluding executive condominium plots, in a GLS tender.</p><p>Nearby, a Holland Link site attracted five bids when the tender closed in July, and a highest offer of S$1,432 psf ppr from Sim Lian Group. </p><p>The Dunearn Road GLS plot on offer was expected to draw equally firm demand, given its location in prime District 10 and improving market for new CCR homes. </p><div><div><div><p>SEE ALSO</p><div><div><div><div><p><img height="3685" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fd7db4d1b2071bf91ce37072c4d9daab02d6018febbd43a849ea7226a7b8cbbf/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="6414" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fd7db4d1b2071bf91ce37072c4d9daab02d6018febbd43a849ea7226a7b8cbbf/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Reckless housing land bids? Developers’ faith in Singapore government can pay off</span></h3><p></p></div></div><div><div><div><p><img height="1150" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1bada1d15cc7d9e05c9ff68a6448e44d46f3836418acf306332b749aa058ab25/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1500" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1bada1d15cc7d9e05c9ff68a6448e44d46f3836418acf306332b749aa058ab25/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>URA puts up two prime condo sites in Newton, River Valley for sale</span></h3><p></p></div></div><div><div><div><p><img height="1000" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0b6954c76f0cdbb68f86d0c9101028b3e16c5041df065327836d15d56e9d7b52/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1500" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0b6954c76f0cdbb68f86d0c9101028b3e16c5041df065327836d15d56e9d7b52/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Frasers Property, Mitsubishi Estate JV pips CDL with S$610.75 million top bid for Kallang plot</span></h3><p></p></div></div></div></div></div></div><p>Developers who lost out in earlier GLS tenders were also expected to return with fresh bids. </p><p>Observers added that the plot has a “palatable” size of 19,041.6 sq m – which can generate around 330 units – could further broaden participation. </p><p>But some cautioned that rising construction costs and potential interest rate movements, amid ongoing Middle East tensions, could rein in bids.  </p><p>Located a stone’s throw from Sixth Avenue MRT, the Dunearn Road land parcel has a maximum gross floor area (GFA) of 30,467 sq m. Of this, at least 600 sq m will be set aside for a childcare centre and a maximum of 1,400 sq m for commercial spaces on the first floor, including a supermarket of at least 1,000 sq m. </p><p>The last condominium launch in the Dunearn Road plot’s vicinity was Fourth Avenue Residences in 2019. Caveats data showed 25 resale transactions in the 99-year leasehold project in the past year, at a median price of S$2,540 psf. </p><p>Most recently on Apr 1, a 710 sq ft unit changed hands at S$1.9 million or S$2,674 psf. </p><p>Other private homes in the area are mostly freehold developments. These include Floridian, Maplewoods, The Cascadia, The Nexus, The Sixth Avenue Residences, The Tessarina and RoyalGreen, which transacted at median prices of S$2,186 psf to S$2,772 psf in the past year. </p><div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span>Sign up here to get Decoding Asia newsletter.</span> Delivered to your inbox. Free.</p></div></div></div>

<p>Wing Tai and Metro's Metrobilt Construction won the Dunearn Road site tender with a bid of S$1,624.89 psf ppr, totaling just under S$533 million. This bid was 3% higher than the next highest offer of S$517 million from a Frasers Property-led consortium. Other notable bids included S$501.9 million from China Overseas Land and S$501.4 million from City Developments Limited. The bids exceeded analyst estimates, reflecting strong demand for prime residential land in Singapore's District 10, despite concerns over rising construction costs and interest rates.</p>

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Metro

Wing Tai

Frasers Property

CHINA OVERSEAS

CityDev

Singapore Land

GuocoLand

Mitsubishi Estate Company, Limited

CITYDEV NCCPS

Wing Tai, Metro outbid 5 others for Dunearn Road site with bullish S$1,625 psf ppr bid at just under S$533 million