SINGAPORE – Robust demand for a well-sized prime residential site next to the Newton MRT interchange, coupled with strong sales momentum in Singapore’s prime housing market, led to a strong showing at a state land tender that closed on Tuesday (Nov 11).
The 99-year leasehold private housing site along Bukit Timah Road attracted eight bids, with the top offer of S$566.29 million – or nearly S$1,820 per square foot per plot ratio (psf ppr) – submitted by HH Investment. The site can potentially yield around 340 homes.
HH Investment is a Singapore-incorporated company owned by members of the Liao family behind Taiwan’s Huang Hsiang Construction Corp. The group previously developed Balmoral Place, a freehold boutique project with 28 apartments.
The winning bid came in well above analysts’ expectations of S$1,300 to S$1,600 psf ppr, based on a poll conducted by The Business Times. The number of bids received was also at the upper end of forecasts, which ranged from three to 10.
Nicholas Mak, chief research officer at Mogul.sg, said the aggressive bidding reflects strong confidence in Singapore’s high-end residential market. “Developers do not expect the music to stop anytime soon,” he noted, describing the sector as being in a bull run.
At S$1,820 psf ppr, the Newton site achieved the second-highest GLS price for a residential-only site, behind the S$2,377 psf ppr paid for a Cuscaden Road plot in May 2018, said ERA Singapore CEO Marcus Chu.
HH Investment’s bid was 12.3 per cent higher than the second-highest offer of S$1,621 psf ppr from a joint venture between Hoi Hup Realty and Sunway Developments. Other notable bids came from a Wing Tai unit at S$1,555.47 psf ppr, and a CapitaLand Development–Mitsubishi Estate tie-up at S$1,555.38 psf ppr.
The lowest bid of S$1,311.26 psf ppr was submitted by Japura Development, linked to CK Asset, founded by Hong Kong tycoon Li Ka-shing.
Catalyst for a new Newton neighbourhood
The Bukit Timah Road site is the first parcel launched under the government’s plan to develop a new residential precinct in Newton. Under the Draft Master Plan 2025 unveiled in June, the Urban Redevelopment Authority (URA) envisions the area as a “vibrant, mixed-use urban village”.
About 5,000 new private homes are planned across three clusters – Newton Circus, Scotts Road and Monk’s Hill. The tendered site falls within the Newton Circus cluster, which will feature a new amenity node with high-density mixed-use developments centred around a public “village square”.
CBRE’s head of research for Singapore and South-east Asia, Tricia Song, said the project will help transform Newton from a predominantly business-oriented area into a more balanced residential and lifestyle hub.
Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group, added that strong take-up at recent prime and city-fringe launches has likely boosted developer confidence. He also highlighted pent-up demand in the Newton MRT area, noting the lack of major new launches since Kopar at Newton and Klimt Cairnhill.
Analysts further cited the site’s strong fundamentals, including its direct access to the Newton MRT interchange, proximity to Orchard Road and the CBD, nearby popular schools such as Anglo-Chinese School (Junior) and St Joseph’s Institution Junior, and the close-by Newton Food Centre.
PropNex head of research and content Wong Siew Ying said the tender outcome adds to a growing list of GLS sites this year that have drawn strong developer interest, reflecting improved buyer sentiment and market optimism. Of the 17 non-executive condo GLS tenders that have closed so far in 2025, 10 attracted five or more bids – a sharp contrast to 2024, when only one non-EC site achieved similar interest.
Other bidders for the site included China Overseas Land & Investment at about S$1,481 psf ppr, Garden Estates and Intrepid Investments at S$1,480 psf ppr, and Allgreen Properties’ Aster Residential at nearly S$1,449 psf ppr.