17 May 2024
GLS Commentary for Zion Road (Parcel A) & Upper Thomson Road (Parcel B)
Property Insight

The report on the tender results for Zion Road (Parcel A) and Upper Thomson Road (Parcel B) highlights significant insights into their respective real estate markets and development prospects within the Government Land Sales (GLS) programme.

Zion Road (Parcel A) Overview:

Zion Road (Parcel A) received a sole bid from CDL & Mitsui Fudosan at $1.11 billion, translating to $1,202 per square foot per plot ratio (psf ppr). This parcel is strategically placed within the Bukit Merah planning area and is part of a pilot program introducing a new category of serviced apartments with a minimum three-month stay requirement. This initiative aims to address the rental market's demand, particularly for those seeking longer-term accommodations.

The parcel's proximity to the 455-unit Rivière condominium, which was fully sold out, underscores the high market demand in the area. The lack of new project launches nearby further makes Zion Road (Parcel A) an attractive development opportunity. Positioned between Great World and Havelock MRT stations, its location ensures excellent connectivity, enhancing its appeal to developers.

Market trends in the Rest of Central Region (RCR), where this parcel is located, show signs of recovery with a modest increase in property prices. Given this backdrop, the expected launch prices for new properties on Zion Road (Parcel A) are projected between $3,000 and $3,300 psf.

Upper Thomson Road (Parcel B) Overview:

Upper Thomson Road (Parcel B) saw a bid of $779.56 million from GuocoLand and Intrepid Investments (a subsidiary of Hong Leong Holdings Limited), amounting to $905 psf ppr. Like Parcel A, Parcel B forms part of the GLS program in the emerging Springleaf Precinct and offers a first-mover advantage to its developer. Its strategic location near the Springleaf MRT station on the Thomson-East Coast Line (TEL) is pivotal, especially given the area's primary characteristic of landed housing.

The last non-landed GLS site awarded in the vicinity was at Chong Kuo Road in 2018, indicating a potential pent-up demand in the area. The success of recent developments in nearby Lentor also hints at a strong market appetite for new projects in emerging locales such as Springleaf Precinct. Expected launch prices for properties on Upper Thomson Road (Parcel B) are anticipated to be around $2,000 to $2,200 psf.

Both parcels present significant development opportunities, each with unique strategic advantages that cater to specific market needs. Zion Road (Parcel A) is poised to cater to the high demand for serviced apartments, while Upper Thomson Road (Parcel B) is set to capitalize on the scarcity of new launches in its area, offering a diversification in housing types. Developers are likely to find these parcels especially lucrative given their strategic locations, anticipated market demand, and the overall positive shifts in regional property market trends.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

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Overall, HDB resale prices increased by 2.9% in the first nine months of 2025, moderating from the stronger 6.9% growth recorded during the same period in 2024. The moderation reflects a gradual normalisation in market conditions as more Build-To-Order (BTO) and Sale of Balance Flats (SBF) supply enters the pipeline. The ramp-up of new flats, particularly those with shorter waiting times, provided buyers with more options and helped to ease the pace of resale price growth.

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Developers Regain Confidence as Private Home Sales Surge in 3Q2025

Singapore’s private residential market recorded a strong rebound in the third quarter of 2025, reflecting renewed confidence and improved buyer sentiment following the Federal Reserve’s rate cut in September. Developers launched a total of 4,746 new private homes, marking the highest quarterly launch volume since 2Q2013. The surge in supply was driven by several major projects across all market segments, including Skye at Holland, Penrith, and Faber Residence, which collectively contributed to the robust sales momentum observed during the quarter.

Sales performance was equally upbeat, with 3,320 units (excluding ECs) transacted — a sharp increase from 1,212 units sold in the previous quarter. The healthy take-up rate demonstrates buyers’ growing readiness to re-enter the market, buoyed by an improved macroeconomic outlook, greater project diversity, and stabilising interest rates. Many of these launches stemmed from Government Land Sales (GLS) sites, underlining the government’s continued effort to ensure a sustainable supply pipeline to meet housing needs.

The primary market’s resilience was complemented by sustained activity in the resale segment, which benefited from a tightening pool of completed units and healthy owner-occupier demand. Despite some buyers adopting a more selective approach, resale prices held firm, underscoring the market’s underlying stability.

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Head of Research & Data Analytics

Email: mohan@sri.com.sg

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23 Oct 2025
Wee Hur and GSC Holdings Top Bid $613.9 Million for Upper Thomson Road GLS Site (Parcel A)

The top land bid for the Upper Thomson Road (Parcel A) site was submitted by Wee Hur Property Pte Ltd and GSC Holdings Pte Ltd at $613.9 million ($1,062 psf ppr). Their offer edged out the second-highest bid by a narrow 2.1%, underscoring the consortium’s strong conviction and competitive stance in securing this well-located site along the Thomson corridor. For Wee Hur, this marks a timely move to replenish its residential land bank, following its last notable condominium launch, Bartley Vue, a GLS site awarded in 2020.

The site had previously closed in June 2024 without any bids, likely due to the inclusion of a mandatory serviced apartment component in a location where demand for such units was largely untested. This reflected developers’ cautious stance toward projects in emerging residential areas with unconventional use requirements.

Responding to this, the Urban Redevelopment Authority (URA) introduced refinements in the 1H2025 GLS Programme to make the parcel more appealing. Serviced apartments were no longer a compulsory component, but subject to approval, giving developers more flexibility in conceptualizing their projects. This adjustment demonstrated URA’s responsiveness to market feedback and its commitment to aligning land parcels with prevailing demand dynamics.

These changes yielded positive results. The relaunch attracted five bids, a significant improvement over the earlier tender and even surpassing participation for the neighbouring Parcel B, which received only one bid. The renewed interest was also likely spurred by the successful launch of Springleaf Residence on the adjoining Parcel B site. Developed by GuocoLand and Intrepid Investments, Springleaf Residence achieved an impressive take-up rate exceeding 92% during its launch weekend, reinforcing developer confidence in the area’s growth potential.

The resurgence of interest signals growing recognition of the Springleaf Precinct as an emerging residential enclave with strong connectivity via the Thomson-East Coast Line. Supported by proximity to Springleaf MRT and the corridor’s lush greenery, the area is evolving into a sought-after address for both homeowners and investors.

With more than 95% of units sold, Springleaf Residence is expected to be fully sold before the Parcel A project launches. The limited unsold inventory and positive buyer sentiment will likely support new demand spillover from purchasers who missed earlier opportunities.

Overall, the tender results mark a turning point for Upper Thomson Road, reinforcing confidence in the precinct’s transformation into a vibrant and well-connected residential enclave in the northern region.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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