New Upper Changi Road – Government Land Sale (GLS) Site Analysis

URA closed the tender for the Government Land Sale (GLS) site along New Upper Changi Road on 1 September 2026. The site attracted four bids, with the top bid of $1.43 billion ($1,537 psf ppr), submitted by UOL Group and CapitaLand. The top bid is 13.8% higher than the second-highest bid of $1.25 billion or $1,350 psf ppr submitted by City Developments and Hong Realty.

With a maximum gross floor area (GFA) of 86,154 sqm, about 1,010 condominium units can be built on this residential site. It is the only land parcel on the Confirmed List for 1H 2026 that can potentially yield more than 1,000 units.

Table 1: Details of New Upper Changi Road GLS Site

Site and Location Attributes

Neighbourhood amenities

The New Upper Changi Road GLS site is near Bedok Mall, Bedok Interchange Hawker Centre, as well as a market and food centre along Chai Chee Road.

Tenants in Bedok Mall include FairPrice Finest, Guardian, Watsons, Best Denki, Gain City, Owndays, Pet Lovers' Centre, Popular Bookstore, Singtel, Uniqlo, Canton Paradise, Jollibee, McDonald's, Starbucks, Subway and Swensen's. The wide variety of shops in Bedok Mall ensures that the daily needs of nearby residents are met.

The site is also within a 2km radius of numerous popular schools, which will enhance the attractiveness of the future condominium to parents with school-going children. These schools include Red Swastika School, St. Stephen’s School, Anglican High School, St. Patrick’s School, Victoria School, Temasek Junior College (secondary and junior college sectors) and Victoria Junior College. Temasek Junior College is currently located at a temporary site along Tampines Avenue 9 but will move back to its permanent location along Bedok South Road in 2027.

Bedok Residences is the only condominium within a 500m radius of the site. However, if the distance is expanded to 1km, Sky Eden @ Bedok is another 99-year leasehold condominium that falls within the radius. 

There are no upcoming condominium launches within a 1km radius of the New Upper Changi Road GLS site. However, Vela Bay, a 99-year leasehold condominium in the Bedok Planning Area, achieved a stellar take-up rate of 72% during its launch in April. Vela Bay’s close proximity to Bayshore MRT Station could have given a boost to its sales performance.

Buyers keen to live in Bedok might want to note that a GLS site at Bedok Rise was awarded in December 2025. Among the 10 bidders, Allgreen Properties submitted the highest bid of $464.8 million or $1,330 psf ppr. The top bid for the New Upper Changi Road GLS site is 15.6% higher, indicating a strong uptick in residential land prices in Bedok. The Bedok Rise GLS site is located adjacent to Tanah Merah MRT Station, which is one stop from Bedok MRT Station.

A landed home enclave also lies adjacent to the site. The main streets running through the landed estate include Dido Street, Aida Street, Fidelio Street, Tosca Street and Carmen Street.  Right-sizers who wish to continue living in the same neighbourhood might find the upcoming condominium attractive.

Transport and connectivity

Public transport connectivity is currently anchored by Bedok MRT Station and Bedok Integrated Transport Hub. Residents will be able to reach the CBD in about 30 minutes, as Bedok MRT Station is only nine stops from Raffles Place MRT Station along the East-West Line. In addition, Changi Airport is only three stops away via the same MRT line.

As the site is located a five-minute walk from two transport nodes, its strong public transport connectivity could be very attractive to buyers. The Pan Island Expressway and East Coast Parkway are also a short drive away, providing drivers with easy access to the rest of the island.

Price and Market Trends            

Since 2016, the median prices for new and resale 99-year leasehold condominiums in Bedok Planning Area have been on the rise. The median price for new leasehold condominiums in Bedok rose from $1,407 psf in 2016 to $2,863 psf for the first eight months of this year. Meanwhile, the median resale price for such condominiums increased from $890 psf in 2016 to $1,473 psf for January to August this year.

The price surge for leasehold condominiums in Bedok indicates a steady and continuous demand for such properties, which could explain the numerous bids submitted for the Bedok Rise GLS site and the New Upper Changi Road GLS site.

Chart 1: Median prices for new and resale 99-year leasehold condominiums in Bedok Planning Area

Notably, there was a spike in the median price for new 99-year leasehold condominiums in Bedok this year, due to the stellar sales performance of Vela Bay. Based on caveats lodged at the time of writing, 383 units were sold at a median price of $2,863 psf this year.

In the first eight months of this year, 391 new condominium units from four projects in Bedok Planning Area were sold, with Vela Bay accounting for 98% of the sales. As Straits at Joo Chiat and K Suites are small developments with fewer than 20 units, all units from both projects have been sold.

Table 2: New Sales for 99-year leasehold condominiums in Bedok Planning Area (January to July 2026) 

Potential Buyer Profiles

The stellar sales performance of Vela Bay and strong price growth for new 99-year leasehold condominiums in Bedok Planning Area indicate robust demand for such condominiums, which could have motivated developers to submit bids for the New Upper Changi Road site.

Given the plot ratio of 2.8, the future condominium could potentially rise between 24 and 36 storeys. It is also expected to be a mega development with over 1,000 units, allowing the developer to deliver a landmark project in the neighbourhood. The convenience and connectivity offered by the new condominium's proximity to Bedok Mall and Bedok MRT Station are expected to be its main selling points.

Potential buyers could include HDB upgraders from Bedok who wish to remain within a familiar neighbourhood. Nearly 2,300 HDB flats in Bedok will fulfil their Minimum Occupation Period (MOP) between 2022 and 2026. 

During the first seven months of 2026, 755 HDB flats in Bedok were sold, with 44 fetching at least $1 million. This is an increase from the 39 million-dollar Bedok flats transacted last year. The high prices received by these sellers will help fund their upgrading plans.

Table 3: Median HDB Transaction Prices in Bedok

The median resale price for landed homes in Bedok Planning Area has grown by 93.2% since 2016, higher than the 85.1% increase for their counterparts in the Outside Central Region (OCR). Furthermore, the median resale price for landed homes in Bedok has outpaced OCR landed homes since 2016.

The robust price growth for landed homes in Bedok should allow right-sizers to unlock their housing equity and fund a move to a nearby condominium. Some might also use the proceeds to bolster their retirement funds.

The upcoming condominium could also appeal to buyers who grew up in the area and want to live near their parents. They might sell their HDB flat or ageing condominium unit to fund their upgrade to a new condominium unit.

Chart 2: Median resale prices for landed homes in Bedok Planning Area and OCR

Conclusion

In August, the Ministry of Trade and Industry (MTI) increased their GDP growth forecast to between 4.5% and 5.5%, up from the earlier estimate of 2% to 4%. MTI explained that this upward revision is due to a more optimistic outlook for the second half of the year, largely driven by capital expenditures related to AI. Furthermore, the impact of the ongoing Middle East conflict on the economy has been less severe than initially anticipated. 

In the first half of 2026, Singapore’s GDP grew by 6.1% year-on-year (y-o-y), surpassing the 5% y-o-y growth seen in 2025. The strong economic outlook and sales momentum for Vela Bay could have boosted developers' confidence, resulting in four bids for the New Upper Changi Road site. 

Today’s buyers value homes that are near public transport nodes and conveniences that cater to their daily needs. Developers could have been drawn to the site's close proximity to a wide array of amenities, including Bedok MRT Station, Bedok Mall, Bedok Interchange Hawker Centre and several popular schools. 

The lack of new condominiums within walking distance of the site could have also appealed to developers. The nearest upcoming residential development will be built on the Bedok Rise GLS site that was awarded in December 2025. However, this upcoming condominium is not expected to pose direct competition, as it is one MRT stop away.