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The Dunearn Road’s GLS plot is launched in June 2025. This adversely affected Bukit Timah property. The enormous new Turf City area’s first private housing lot was offered. Competition was fierce with nine industry players bidding. This indicates that developers’ confidence in Singapore’s Core Central Region (CCR) has returned.In the end, the highly sought-after 99-year leasehold site went to a joint venture made up of Frasers Property., CSC Land Group (Singapore), and Sekisui House. They now have the rights to create this important gateway development.
The consortium’s winning offer was S$491.5 million, which works out to a land rate of around S$1,410 psf ppr. This number stood out because it was so close to the second-highest offer, barely 3.7% higher. This suggests that the top bidders all agreed on the plot’s true worth and potential for growth. This land rate was slightly lower than the record S$1,540 psf ppr paid for the nearby Fourth Avenue Residences site in 2017. However, the current bid takes into account the fact that construction costs are high and that new cooling measures have changed how developers think about risk.
The site’s uniqueness is demonstrated by the high number of bids, which is in stark contrast to the lower offer counts observed in previous recent CCR auctions. Developers weren’t just fighting over a piece of property; they were also fighting for the chance to get a head start on a huge, multi-decade endeavor to bring the area back to life. This high-stakes bidding battle shows that the market liked the government’s Draft Master Plan 2025, which made Turf City a new high-profile residential area.
Strategic First-Mover Advantage
The Dunearn Road site is advantageous because of its accessibility and multiple awards. Sixth Avenue MRT station on the Downtown Line is nearby. This facilitates the access of individuals who wish to reside in the area to Marina Bay and the central business district. The house is also in a great location, close to Singapore’s famous educational belt, which is home to schools like Methodist Girls’ School (MGS) and Raffles Girls’ Primary School. Which makes it even better for families.
The significance of this site extends beyond its immediate boundaries, as it acts as the pilot project for the comprehensive transformation of the sprawling former racecourse area. The long-term vision for Turf City includes the delivery of between 15,000 and 20,000 public and private homes over the next two to three decades, effectively creating a new town in a highly sought-after central location. The joint venture that clinched the bid will be responsible for setting the benchmark for design, quality, and pricing in this nascent, high-end neighbourhood.
The Draft Master Plan has a lot of people interested in how it plans to protect old buildings and add green spaces. There will be no changes made to the grandstands or other old buildings. This will help the area keep its own style. The old-fashioned charm of the area will be brought together with new features of the community. The new houses on Dunearn Road are different from others because they promise to honor the land’s history while building high-quality homes. This is an intangible value proposition that large developers were keen to grasp.
Market Implications and Project Forecast
With a site area of approximately 13,492 square metres, the plot is estimated to yield a boutique project of around 370 to 380 private residential units. The developers may concentrate on creating a premium product for Districts 10 and 11’s wealthy buyers due to the unit count’s manageability compared to the supply pipeline. This expected low-density, high-quality approach is likely to mitigate market risk and command strong buyer interest upon launch.
Market experts estimate that the new Dunearn Road private apartment will cost between S$2,900 and S$3,100 per square foot. The high median prices of new non-landed houses sold in the CCR and good resale performance of similar leasehold developments in the area prompted this estimate. The successful sale of this GLS plot shows that Singaporeans want high-end homes, especially in large-scale urban redevelopment areas.
