Wee Hur Holdings and its largest shareholder, the Goh family-controlled GSC Holdings, submitted the top bid for a 262,875 sq ft Government Land Sale (GLS) site at Upper Thomson Road (Parcel A). The tender closed on Oct 23 with five bids received, marking a strong rebound in developer interest for the site.
Wee Hur's bid of $613.94 million works out to a land rate of $1,062 psf per plot ratio (ppr) — the highest among the five contenders. The second-highest bid, which came from a joint venture between Frasers Property and Soilbuild Holdings, was around 2% lower at $601.5 million ($1,040 psf ppr).
Meanwhile, the third highest bidder, a joint venture between GuocoLand, Hong Leong Holdings, and TID (a partnership between Hong Leong Group and Mitsui Fudosan), submitted a bid of $546.5 million, or $945 psf ppr.
“If awarded, the site is expected to enter the market around 2027," says Marcus Chu, CEO of ERA Singapore. This is the second time the 99-year leasehold plot has been offered for sale. When it was first launched in December 2023, the tender closed in June 2024 without any bids. At the time, the site’s development conditions required the inclusion of 100 long-stay serviced apartments (SA2) — a clause that dampened interest.
According to Mark Yip, CEO of Huttons Asia, the removal of the SA2 requirement resulted in renewed enthusiasm from developers. The site is zoned for residential use with commercial space on the first storey. It could yield around 595 residential units and 21,527 sq ft of commercial space, providing opportunities for amenities and retail at street level.
The future development will enjoy direct underground connectivity to Springleaf MRT Station on the Thomson-East Coast Line. The site is also adjacent to Springleaf Forest, Springleaf Nature Park and Lower Seletar Reservoir, as well as across the road from famous eateries such as the Springleaf Prata Place, Casuarina Curry and Pacamara Boutique Coffee Roasters. The tender results follow the success of the adjacent Upper Thomson Road (Parcel B) site, awarded in April 2024 to the GuocoLand–Hong Leong JV for $779.6 million ($905 psf ppr).
“If awarded, the site is expected to enter the market around 2027," says Marcus Chu, CEO of ERA Singapore. This is the second time the 99-year leasehold plot has been offered for sale. When it was first launched in December 2023, the tender closed in June 2024 without any bids. At the time, the site’s development conditions required the inclusion of 100 long-stay serviced apartments (SA2) — a clause that dampened interest. According to Mark Yip, CEO of Huttons Asia, the removal of the SA2 requirement resulted in renewed enthusiasm from developers. The site is zoned for residential use with commercial space on the first storey. It could yield around 595 residential units and 21,527 sq ft of commercial space, providing opportunities for amenities and retail at street level.
The future development will enjoy direct underground connectivity to Springleaf MRT Station on the Thomson-East Coast Line. The site is also adjacent to Springleaf Forest, Springleaf Nature Park and Lower Seletar Reservoir, as well as across the road from famous eateries such as the Springleaf Prata Place, Casuarina Curry and Pacamara Boutique Coffee Roasters. The tender results follow the success of the adjacent Upper Thomson Road (Parcel B) site, awarded in April 2024 to the GuocoLand–Hong Leong JV for $779.6 million ($905 psf ppr).
The top bid for Parcel A is about 17% higher than the land rate at Parcel B, won by the sole bidder GuocoLand-Hong Leong JV, notes Kelvin Fong, CEO of PropNex. The new project, launched as Springleaf Residence in August 2025, achieved 92% sales on its first weekend. The 941-unit project is now 95% sold at an average price of $2,177 psf, based on caveats lodged.
"Given that more than 95% of units at Springleaf Residence have already been sold, and that the project is likely to be fully sold before the launch of the upcoming Upper Thomson Road (Parcel A) development, it is reasonable to expect that the next project will enter the market on a strong pricing foundation," says Mohan Sandrasegeran, head of research and data analytics at SRI.
At the nearby Lentor Hills estate, there is very little new stock available despite six projects and nearly 3,000 units launched since September 2022. "The most recent parcel there was awarded to Kingsford Group in April 2025, and the other remaining land parcel in Lentor is earmarked for launch in December," notes Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group. Based on the land price of $1,062 psf ppr, Leonard Tay, head of research at Knight Frank Singapore, estimates the selling price for the new project to start from $2,300 psf and average above $2,400 psf.
Taking into account prevailing transaction benchmarks, rising construction and land costs, as well as improved buyer familiarity with the Springleaf Precinct, SRI reckons future launch prices for Parcel A to be "between $2,200 psf to $2,300 psf".
Meanwhile, ERA estimates an average selling price of at least $2,300 psf, while PropNex is projecting an average selling price "hovering around $2,250 psf".