Tender Launched Gls Site Bukit Timah Road
The Parktown Residence development, situated on a 99-year leasehold site along Tampines Avenue 11, covers a vast area of 545,314 square feet. This prime land is designated for a dynamic mixed-use project that will feature both commercial and residential units, along with a bus interchange, community club, and hawker centre. In this joint venture, CapitaLand will possess a 50% stake while the remaining 50% will be shared between UOL and SingLand. Interested parties can also visit the Parktown Residence Showflat to learn more about the project.
with guide price of $45.5 mil
A land parcel in Bukit Timah Road has been put up for sale by tender under the Government Land Sale (GLS) programme. Spanning across 63,498 sq ft, the 99-year leasehold site has a gross plot ratio of 4.9 and is estimated to yield 340 housing units.This site is part of the new housing supply that will be introduced in the Newton area, according to Wong Siew Ying, head of research and content at PropNex. The Urban Redevelopment Authority (URA) Draft Master Plan 2025 (DMP 2025) proposes the development of 5,000 private homes, along with new amenities and green spaces, in the neighbourhood.Wong highlights that this is the first site from the Confirmed List of the 2H2025 GLS programme to be launched for sale. “With its prime location in the Core Central Region (CCR), this site is expected to attract strong interest from developers and potentially receive competitive bids,” she predicts.Read also: Portfolio of 16 freehold retail units at Crown Centre on the market for $33.8milAdvertisementAdvertisementHer optimism is underpinned by the strong performance of recent CCR launches, such as The Robertson Opus (348 units), UpperHouse at Orchard Boulevard (301 units) and River Green (524 units). According to Wong, developers have sold more than 850 units in the CCR between July 1 and August 17, which puts 3Q2025 on track to recording the highest quarterly new home sales in the CCR since 4Q2010, when 994 units were sold.She anticipates that the Bukit Timah Road site could attract as many as nine bids, with the top bid potentially ranging from $1,500 psf to $1,600 psf per plot ratio (ppr). This would be in line with recent GLS sales in the CCR as seen at Holland Link (5 bids) and Dunearn Road (9 bids), she adds.CCR new home sales are expected to remain robust, particularly in light of the limited supply of new homes, which stands at 3,000 units per annum between 2019 and 2023, notes Wong. The strong demand for recent CCR launches reflects the underlying demand for prime CCR homes, she says.Mark Yip, CEO of Huttons Asia, says the Bukit Timah Road site is located near the Newton MRT Interchange, which is an attractive selling point for property buyers. This is a key similarity with recent CCR launches, he adds. The development is also close to reputable schools such as Anglo-Chinese School (Junior) and St. Joseph’s Institution Junior.According to Marcus Chu, CEO of ERA Singapore, the site’s prime location and potential as part of Newton’s proposed transformation into a vibrant urban village under the DMP 2025 could attract between six and eight bidders.AdvertisementAdvertisementCompetition for the site could intensify, potentially leading to more aggressive bids, he adds.Leading property agencies expect the site to attract significant interest as the Newton area has not seen any GLS sites up for sale in nearly two decades. “GLS land parcels sold in Newton have previously been used for transitional offices, with only one residential land parcel awarded back in 1997. This signals a limited supply of GLS sites in the area,” says Justin Quek, CEO of OrangeTee and deputy group CEO of Realion.He adds that this lack of supply bodes well for the future project at the Bukit Timah Road site. “We expect the future project here to be as well-received, given its excellent location at the heart of a new neighbourhood in Newton.”Interested parties can submit their bids for the site until noon on November 11.