Wing Tai and Metro Outbid Five Others for Turf City Second Site with Bullish S$1,625 PSF PPR Bid

URA released the tender results for the second Dunearn Road (Turf City) site on Tuesday (April 28). Six developers submitted bids, fewer than the nine groups that competed for the first parcel, but the top bid was 15 per cent higher than the first site’s winning price of S$1,410 psf ppr.

The second-highest bidder was a Frasers Property-led consortium comprising Frasers Property Phoenix, CSC Land Group (China Construction/South Pacific Development), and Sekisui House, which bid S$517 million or S$1,576.13 psf ppr. The gap between the top two bids was just 3.1 per cent.

Ranking third to fifth, the bids were remarkably close, with psf ppr prices differing by just S$2, falling between S$1,526 and S$1,530. These included China Overseas Land & Investment (COLI) at S$501.9 million or S$1,530.09 psf ppr, CDL Chiron and CDL Chiron Investments (City Developments) at S$501.4 million or S$1,528.44 psf ppr, and United Venture Development (Kheng Leong, UOL, Singapore Land) at S$500.6 million or S$1,526.28 psf ppr. The tight spread indicates strong alignment among developers on the site’s value.

The lowest bid came from Intrepid Investments and GuocoLand (Hong Leong group) at S$485.5 million or S$1,480.01 psf ppr.

The second Dunearn Road site has a plot ratio of 1.6 and a total site area of 19,041 square metres, which can generate around 330 units. Residential building heights will range from 10 to 19 storeys, and the overall density is expected to remain moderate. At least 600 square metres will be set aside for a childcare centre and a maximum of 1,400 square metres for commercial spaces on the first floor, including a supermarket of at least 1,000 square metres.

The adjacent first Dunearn Road site, with a higher plot ratio of 2.4, is projected to yield about 380 units with building heights of 10 and 19 storeys. Together, the two parcels could deliver over 700 new homes in the Bukit Timah Turf City estate, which is slated to yield roughly 15,000 to 20,000 new public and private homes in total.

At S$1,625 psf ppr, Wing Tai and Metro’s winning bid was 15.3 per cent above the first site’s successful bid of S$1,410 psf ppr by the Frasers consortium in June 2025. Justin Quek, deputy group CEO of Realion (OrangeTee & ETC Group), noted that the premium may indicate strong confidence in the future housing estate here.

Mogul.sg chief research officer Nicholas Mak estimated the future Dunearn Road project could be launched at above S$3,300 psf next year, with the developers’ break-even price estimated between S$2,840 and S$3,000 psf. The last condominium launch in the vicinity was Fourth Avenue Residences in 2019, where 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. More recently, on April 1, a 710-square-foot unit changed hands at S$1.9 million or S$2,674 psf.

Other private homes in the area are mostly freehold developments including Floridian, Maplewoods, The Cascadia, The Nexus, The Sixth Avenue Residences, The Tessarina, and RoyalGreen, which transacted at median prices of S$2,205 to S$2,835 psf in 2025. Uncompleted 99-year projects in the CCR include Skye at Holland and River Modern, which recorded median prices of S$2,948 to S$3,225 psf.

PropNex head of research and content Wong Siew Ying noted that developers sold 1,916 new private homes in the CCR in 2025, the highest in four years. CCR projects launched this year, including Newport Residences and River Modern, have also recorded healthy sales. The robust take-up and benchmark pricing at some of these recent launches have supported developers’ appetite for new land.

Huttons Asia CEO Mark Yip estimated the supply of new private homes in the CCR at 1,870 units in 2026, about 30 per cent less than the 2,618 units last year. He added that this is likely to further dwindle to 1,395 units in 2027, suggesting that lower supply would support price growth in the segment.

Located a stone’s throw from Sixth Avenue MRT station, the Dunearn Road land parcel has a maximum gross floor area of 30,467 square metres. The site is near Nanyang Girls’ Boarding School, with proximity to Sixth Avenue Centre, and various amenities along Bukit Timah Road and Dunearn Road.