Commentary on URA tender closing at Dunearn Road (2)

May 4, 2026 -- Commentary on URA tender closing at Dunearn Road (2)

The second Dunearn Road site to be tendered within 10 months saw healthy participation and a top price above expectations, reflecting developer confidence in the rejuvenation in the former Turf City. Despite ongoing economic and geopolitical uncertainty from the Middle East conflict, developers’ appetite for new land remained strong, encouraged by robust take-up and benchmark pricing at recent new launches.

Today’s tender for the residential with commercial at 1st storey site at Dunearn Road (2) (330 units) saw healthy participation, receiving 6 bids and a top bid price of $1,625 psf ppr – above expectations – submitted by a joint venture between Wing Tai Holdings and Metro Holdings.

This was 3.1% higher than the second-highest bid of $1,576 psf ppr placed by a consortium between Frasers Property, CSC Land and Sekisui House and 6.2% above the third bid of $1,530 psf ppr from China Overseas Land and Investment. Hong Leong Holdings, Mitsui Fudosan Co. and GuocoLand placed the lowest bid of $1,480 psf ppr, 9.8% lower. The price gap between the top and last bidder of less than 10% shows consensus on the site.

Dunearn Road (2) (330 units) is the second site in the Bukit Timah Turf City area which is undergoing a rejuvenation into a highly liveable and car-lite estate featuring high-density public and private housing with 15,000 to 20,000 homes, amenities, community spaces and extensive green spaces at the upcoming Turf City Nature Park. Located in the prestigious Bukit Timah precinct, the estate would be served by 2 MRT stations, Sixth Avenue MRT on the Downtown line and the future Turf City MRT on the Cross Island Line.

The first pure residential plot at Dunearn Road (380 units) next door received 9 bids during its tender close in Jun 2025, and was awarded to a consortium of CSC Land, Sekisui House and Frasers Property on 3 Jul 2025 for a top bid price of $1,410 psf ppr. Across the road in Holland Plain, another site at Holland Link (230 units) drew 5 bids and a top bid price of $1,432 psf ppr in Jul 2025 and was awarded to Sim Lian Group on 7 Aug 2025.

The top bid price of $1,625 psf ppr, 15.2% higher than the $1,410 psf ppr for the earlier site, signals its superior attributes such as a long frontage along a future park and unblocked landed view, and perhaps the scarcity value of a commercial component in this area. The 1,400 sqm commercial GFA is not too large to be of high development risk (given a larger mall Bukit V is two MRT stations away) and yet could provide some immediate retail amenities in this largely residential enclave. The two private tender results thus far reflect developer confidence in the growth potential and future demand for new homes in the prime located Turf City estate, despite the future presence of public housing and more residential supply.

Other attractions of Dunearn Road sites include:

• The popular Methodist Girls’ School falls within a 1km radius, Raffles Girls’ Primary and Pei Hwa Presbyterian within a 1 – 2km radius
• Potential demand from downgraders at nearby landed estates

The closest and newest 99-year leasehold comparable will be Fourth Avenue Residences which was completed in 2022, and saw 27 resale transactions in 2025 at a median price of S$2,551psf and 4 transactions in 2026 YTD at a median price of $2,679psf.

Average non-landed resale projects in the locale within 1km of the site are mostly freehold, including Floridian, Maplewoods, The Cascadia, The Nexus, The Sixth Avenue Residences, The Tessarina and Royal Green which traded at median prices of $2,205 psf for the oldest (completed in 1997) to $2,835psf for Royal Green (completed in 2021) in 2025.

Nearby comparables

Source: CBRE Research, realis, data downloaded as of 27 Apr 2026. We only include resale projects with at least 5 transactions in 2025.

*Transactions in 2026 YTD.

The joint developers would likely take their cue from launch prices at the first Dunearn Road site. At a top bid price of $1,625 psf ppr for Dunearn Road (2), the future project could launch at an average price of $3,200-3,300 psf.

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