Csc Land Sekisui House And Frasers Jv Submits Top Bid 1410 Psf Ppr Dunearn Gls Site
A consortium consisting of CSC Land, Sekisui House, and Frasers Property has secured the top bid of $491.45 million for a 145,173 sq ft, 99-year leasehold government land sale (GLS) site on Dunearn Road. This translates to $1,410 psf per plot ratio (ppr).
The site, located in the Bukit Timah Turf City housing precinct, is the first private residential plot to be offered for sale in District 11 of the Core Central Region (CCR). It has the potential to be developed into a 380-unit residential project.
The tender was closed on June 26, with nine bids received. Wong Siew Ying, head of research and content at PropNex, notes that the high level of developer interest for this plot can be attributed to its location in the up-and-coming Bukit Timah Turf City.
This is the highest level of developer participation in a GLS tender for a prime site in the CCR since May 2018, when a site along Cuscaden Road also attracted nine bids, CEO of Huttons Asia, Mark Yip, points out.
In terms of absolute bid price, this is also the highest since 2024, when UOL Group and Singapore Land Group paid $428.28 million ($1,617 psf ppr) for a GLS plot on Orchard Boulevard in prime District 9 of the CCR.
The margin between the top bid and the second-highest bid of $474 million ($1,360 psf ppr) submitted by City Developments Ltd (CDL) was just 3.7%. According to Wong, this relatively narrow price gap suggests that the developers are confident in the potential of the site despite the expected increase in housing supply in the area.
The winning bid of $1,410 psf ppr by the consortium is 8.4% lower than the $1,540 psf ppr paid by Allgreen Properties in 2017. Leonard Tay, Head of Research at Knight Frank Singapore, attributes this to current macroeconomic caution amidst global uncertainty.
The previous GLS tender in the Bukit Timah area was in December 2017, when Allgreen Properties paid $533 million ($1,540 psf ppr) for a residential development plot on Fourth Avenue. This site has since been developed into the 476-unit Fourth Avenue Residences and was launched in January 2019. It was completed in 2022 and fully sold. As of May 2025, there have been 18 resale transactions at a median price of $2,520psf. Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, notes that there are also mostly freehold non-landed private homes within 1km from the site, such as Floridian, Maplewoods and The Cascadia, with transaction prices ranging from $2,136 psf to $2,862 psf.
CBRE’s Song expects the developer of the new project on Dunearn Road to launch at an average price of between $2,900 to $3,000 psf, while Mohan Sandrasegeran, head of research at SRI, predicts launch prices to range between $2,910 psf and $3,100 psf. He cites data retrieved from URA Realis, where new units in the CCR have been sold at an average price of about $2,922 psf over the past five months of 2025.
The GLS site on Dunearn Road is within a 10-minute walk to both the Sixth Avenue MRT station and the upcoming Turf City MRT station on the Cross Island Line. The authorities are currently assessing the feasibility of building a new exit ramp from the PIE towards Tuas, which will improve connectivity.
In addition, various community and recreational facilities and parks are also within a 10-minute walk. There is also a planned school located 500m away which will enhance convenience for families with young children. The site is also situated within an education belt with numerous top schools in the vicinity.
Huttons’ Yip notes that the Draft Master Plan 2025 has provided more clarity on the land usage in Turf City, thus reducing risks for developers. He points out that two adjacent sites will be used for commercial purposes on the first storey, providing amenities for the new housing precinct.
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Frasers Property Singapore CEO, Soon Su Lin, who speaks on behalf of the joint venture, says that the site stands out for its excellent connectivity as well as access to amenities and green spaces. She also believes that given the last GLS site in the vicinity was awarded almost a decade ago, quality developments in the prime Districts 9, 10 and 11 within the CCR will continue to be highly attractive to homebuyers due to their location.