Commentary on the Closing of GLS Site at Upper Thomson Road (Parcel A)

SINGAPORE, 27 October 2025 - "The solid turnout of five bidders signals stronger developer confidence, buoyed by the robust sales performance of recent new launches and a lower interest rate environment. 

This marks a clear turnaround in developers’ sentiment from the cautious tone seen last year, when the nearby Upper Thomson Road (Parcel B) site drew only one bid from a GuocoLand–Hong Leong Holdings joint venture in April 2024. This shift signals growing developer confidence on the back of improving market momentum,” said Marcus Chu, Chief Executive Officer (CEO), ERA Singapore. 

“At $613.9 million ($1,062 psf ppr), the top bid put in by Wee Hur Property and GSC Holdings is just 2% more than the second-highest by Frasers Property and SB (Westpoint) Investment at $601.5 million ($1,040 psf ppr). This tight margin signals strong confidence in the site’s potential as a pioneering high-rise development at Upper Thomson.”

“The impressive 92% take-up rate (870 units) for Springleaf Residence at launch helped bolster confidence in the Upper Thomson precinct, which was previously an untested market for non-landed developments. This demonstrates that developers favour sites with proven buyer demand, especially those with well-received projects nearby.”

Based on the land cost, the site could be launched at an average price of at least $2,300 psf.

“Being one of only two pioneering high-rise sites in Upper Thomson, the site offers developers the chance to capitalise on pent-up demand from landed right-sizers living nearby.”

“If awarded, the site is expected to enter the market around 2027 as fresh supply, both in the Outside Central Region (OCR) and Upper Thomson Road area. With Springleaf Residence likely to be fully sold by that time, the new site is well-positioned to capture unmet demand from buyers who were unable to secure a unit previously.”

“Future residents will be near green spaces, like Springleaf Nature Park and the Central Catchment Nature Reserve, and various shophouse eateries. The blend of lifestyle conveniences and proximity to nature has proven to be highly appealing to buyers, as seen from the strong take-up at Springleaf Residence.  

The site’s strategic location near Springleaf MRT station places it along the Thomson-East Coast Line (TEL), giving residents convenient access to the Woodlands Regional Centre just two stops away. By end-2026, the Johor Bahru–Singapore Rapid Transit System (RTS) at Woodlands North will also be easily accessible, just three stops up via the TEL.”

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: Lisha.Rodney@era.com.sg

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