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UOL, CapitaLand Aim High with S$1.4 Billion, S$1,537 psf ppr Bid

A UOL Group and CapitaLand Development joint venture has won the New Upper Changi Road government land sale site with a S$1.4 billion bid — S$1,537 per sq.

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PropAce Institutional Advisory
Quantitative Estate Research & Regulatory Strategy

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PropAce UOL, CapitaLand Aim High with S$1.4 Billion, S$1,537 psf ppr Bid
PropAce UOL, CapitaLand Aim High with S$1.4 Billion, S$1,537 psf ppr Bid

A UOL Group and CapitaLand Development joint venture has won the New Upper Changi Road government land sale site with a S$1.4 billion bid — S$1,537 per sq ft per plot ratio (psf ppr) — the top offer in a four-way tender (The Business Times, 2026; Edgeprop, 2026). The consortium, which also includes UOL unit Singapore Land, plans a 1,010-unit residential project on the former Temasek Primary School and Temasek Secondary School grounds (The Straits Times, 2026).

Key takeaways

  • UOL Group, CapitaLand Development and Singapore Land topped four bidders for the New Upper Changi Road GLS site at S$1.4 billion, or S$1,537 psf ppr (The Business Times, 2026; Edgeprop, 2026).
  • The 1,010-unit project, in two- to four-bedroom formats, will sit opposite Bedok Town Centre and within a five-minute walk of Bedok MRT station and Bedok Mall (UOL Group and CapitaLand Development, 2026).

The bid that reset the suburban benchmark

The New Upper Changi parcel drew four bids (Edgeprop, 2026). The UOL–CapitaLand offer came in ahead of the second-highest bid from City Developments and Hong Realty (The Straits Times, 2026). Behind them, GuocoLand, Hong Leong Holdings and Mitsui Fudosan offered S$1.24 billion, or S$1,340 psf ppr, while Sim Lian submitted S$1.22 billion, or S$1,310 psf ppr (The Business Times, 2026). The winning rate also sits above the 2026 run-rate: URA government land sales data show residential land averaged S$1,300 psf ppr across nine sites awarded this year (PropAce Institutional Advisorydata, 2026).

The Peck Hay Road site was awarded to CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited for S$542.4 million, or S$1,865 psf ppr, in 2026, drawing four bids of its own (PropAce Institutional Advisorydata, 2026).

Why the consortium paid up

In a joint statement, UOL and CapitaLand Development argued the site's attributes justify the price: it is opposite Bedok Town Centre, less than a five-minute walk from Bedok MRT station and Bedok Mall, and close to reputable schools and East Coast Park (UOL Group and CapitaLand Development, 2026). The developers said residential developments in the east are highly sought after, and that the project will appeal to a broad buyer base, including HDB upgraders and residents from surrounding landed housing estates (UOL Group and CapitaLand Development, 2026).

The product plan is mass-market: two- to four-bedroom units, "keeping total price quantum realistic" (UOL Group and CapitaLand Development, 2026).

UOL and CapitaLand Development bought a Hougang site for S$1.5 billion, or S$1,179 psf ppr, in December 2025 (The Business Times, 2026; The Straits Times, 2026).

The Bedok upgrader equation — and the supply wave

HDB flats in the area reached their minimum occupation period from 2022 to 2026. ERA chief executive Marcus Chu has said this could create a pool of public housing upgraders with substantial capital in Bedok (ERA, 2026).

The Bayshore Road site closed in March 2025 with eight bids and a top offer of S$1,388 psf ppr from SingHaiyi; it is now the 515-unit Vela Bay (The Straits Times, 2026; The Business Times, 2026). In July 2026, a Frasers Property-led joint venture won the Bayshore Drive mixed-use site at S$1,323 psf ppr (The Straits Times, 2026; The Business Times, 2026). The Bayshore Drive project alone is planned with up to 1,280 new private homes, integrated with the upcoming Bedok South MRT station on the Thomson-East Coast Line (The Business Times, 2026).

The numbers: land, prices and a diverging market

PropAce Institutional Advisorydata fill in the price levels. Islandwide private prices averaged S$2,038 psf in 2026-Q2, 6.8% below their S$2,186 psf peak but 33.3% above the S$1,529 psf trough (PropAce Institutional Advisorydata, 2026). New-launch private homes averaged S$2,304 psf against S$1,596 psf for resale — a new-sale premium of roughly 44% (PropAce Institutional Advisorydata, 2026). By segment, prime-core (CCR) homes averaged S$2,443 psf, city-fringe (RCR) S$2,078 psf and suburban (OCR) S$1,552 psf (PropAce Institutional Advisorydata, 2026). HDB prices, at S$652 psf, sit exactly at their peak — no higher — yet remain 57.5% above the S$414 psf trough (PropAce Institutional Advisorydata, 2026).

Policy backdrop

Total Debt Servicing Ratio must be no more than 55% of gross monthly income (Monetary Authority of Singapore, 2021). Financial institutions must stress-test residential property loans at the higher of a 4% medium-term interest-rate floor or the "thereafter" rate (Monetary Authority of Singapore, 2022).

On the HDB side, a significant rule change took effect on 28 July 2026: private property owners buying a non-subsidised HDB resale flat without an HDB housing loan no longer face the 15-month wait-out period (Housing & Development Board, 2026). The removal followed two consecutive quarters of HDB resale price declines (Housing & Development Board, 2026). The separate 30-month wait-out still applies to subsidised flats, new executive condominium units bought from a developer, and any purchase using an HDB housing loan; private owners must also dispose of their private property within six months of completing the flat purchase (Housing & Development Board, 2026).

The cost of a suburban giant

The New Upper Changi parcel spans 30,769 sq m, bounded by New Upper Changi Road and Bedok South Road, with a maximum gross floor area of 86,154 sq m (The Straits Times, 2026; The Business Times, 2026). It is among the largest residential GLS sites launched in the suburbs in recent years (The Business Times, 2026). The successful bidder must demolish existing buildings on the site and engage an asbestos surveyor for checks and sampling before construction (The Business Times, 2026).

FAQ

How much did UOL and CapitaLand pay for the New Upper Changi site?

The joint venture with Singapore Land bid S$1.4 billion, or S$1,537 psf ppr, the top of four bids for the New Upper Changi Road GLS site (The Business Times, 2026; Edgeprop, 2026).

Statutory Source: Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines

What kind of project will be built there?

A 1,010-unit residential development on the former Temasek Primary School and Temasek Secondary School grounds (The Business Times, 2026). The project will offer two- to four-bedroom units, opposite Bedok Town Centre and within a five-minute walk of Bedok MRT station and Bedok Mall (UOL Group and CapitaLand Development, 2026).

Statutory Source: Singapore Statutes Online (AGC) — Primary Legislation & Real Estate Regulations

Who were the other bidders?

Four consortia took part. City Developments and Hong Realty submitted the second-highest bid; GuocoLand, Hong Leong Holdings and Mitsui Fudosan offered S$1.24 billion (S$1,340 psf ppr); and Sim Lian bid S$1.22 billion (S$1,310 psf ppr) (The Straits Times, 2026; The Business Times, 2026).

Statutory Source: Singapore Statutes Online (AGC) — Primary Legislation & Real Estate Regulations

How does the winning rate compare with recent land sales?

Residential land averaged S$1,300 psf ppr across nine GLS sites awarded in 2026, while the Peck Hay Road site fetched S$1,865 psf ppr (PropAce Institutional Advisorydata, 2026).

Statutory Source: Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines

By the numbers

``` Private PSF momentum by district — QoQ %

D11 +28.2% ██████████████████████ D26 +11.8% █████████ D25 +7.6% ██████ D12 +6.2% █████ D08 +5.9% █████ D20 +4.1% ███ D28 +3.8% ███ D02 +0.2% █ D27 -0.1% ░ D19 -0.5% ░ ```

DistrictMedian PSFQoQYoYTxns (3mo)
D11$2,849▲ 28.2%▲ 28.3%341
D26$2,282▲ 11.8%▲ 6.3%263
D25$1,348▲ 7.6%▲ 6.3%69
D12$1,956▲ 6.2%▲ 5.6%106
D08$2,024▲ 5.9%▲ 17.9%45
D20$2,060▲ 4.1%▲ 5.0%144
D28$1,707▲ 3.8%▲ 9.8%113
D02$2,465▲ 0.2%▲ 20.5%35
D27$1,423▼ 0.1%▼ 13.0%141
D19$1,753▼ 0.5%▲ 5.0%551

_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, private residential, 2026-06..2026-08. Directional; confirm before acting._

Sources

  • URA Government Land Sales data, compiled by PropAce Institutional Advisory— 2026.
  • URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
  • URA caveat data, compiled by PropAce Institutional Advisory.
  • HDB resale data (via data.gov.sg), compiled by PropAce Institutional Advisory— 2026-Q2.

References

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Frequently Asked Questions

How much did UOL and CapitaLand pay for the New Upper Changi site?

The joint venture with Singapore Land bid S$1.4 billion, or S$1,537 psf ppr, the top of four bids for the New Upper Changi Road GLS site (The Business Times, 2026; Edgeprop, 2026). Statutory Source:** Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines

What kind of project will be built there?

A 1,010-unit residential development on the former Temasek Primary School and Temasek Secondary School grounds (The Business Times, 2026). The project will offer two- to four-bedroom units, opposite Bedok Town Centre and within a five-minute walk of Bedok MRT station and Bedok Mall (UOL Group and CapitaLand Development, 2026). Statutory Source:** Singapore Statutes Online (AGC) — Primary Legislation & Real Estate Regulations

Who were the other bidders?

Four consortia took part. City Developments and Hong Realty submitted the second-highest bid; GuocoLand, Hong Leong Holdings and Mitsui Fudosan offered S$1.24 billion (S$1,340 psf ppr); and Sim Lian bid S$1.22 billion (S$1,310 psf ppr) (The Straits Times, 2026; The Business Times, 2026). Statutory Source:** Singapore Statutes Online (AGC) — Primary Legislation & Real Estate Regulations

How does the winning rate compare with recent land sales?

Residential land averaged S$1,300 psf ppr across nine GLS sites awarded in 2026, while the Peck Hay Road site fetched S$1,865 psf ppr (PropAce Institutional Advisorydata, 2026). Statutory Source:** Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines

Statutory References & Citations

  • Monetary Authority of Singapore (MAS) (2026). Notice 645: Computation of Total Debt Servicing Ratio (TDSR) for Property Loans. Singapore: MAS.
Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.

Contains information from Statutory Property Regulations, IRAS & MAS Schedules and URA Singapore Planning Framework accessed from iras.gov.sg, mas.gov.sg & data.gov.sg, made available under the Singapore Open Data Licence version 1.0.