Wee Hur Holdings has secured the Upper Thomson Road Government Land Sales (GLS) site with a successful bid of S$613.9 million, translating to S$1,061.56 per square foot per plot ratio (psf ppr). This marks the company’s acquisition of a 2.44-hectare residential development opportunity in the Springleaf precinct.
The bidding process was competitive, attracting five bidders. Wee Hur’s bid slightly exceeded analyst forecasts, which ranged from S$900 to S$1,050 psf ppr, thereby establishing a new market benchmark in the suburban residential segment. Developers display cautious optimism despite the current oversupply situation in residential markets.
Wee Hur’s winning bid surpasses analyst forecasts, establishing a new market benchmark for suburban residential development.
The tender represented a significant turnaround from the previous December 2023 offering, which received zero bids due to its mandatory serviced-apartment requirement. The revised tender structure, featuring flexible mixed-use provisions and optional serviced-apartment components, markedly improved developer engagement and confidence. The October 2025 closing date demonstrated renewed market interest in GLS opportunities within the region.
The second-highest bid from Frasers and Soilbuild reached S$601.5 million, or S$1,040.06 psf ppr. This was only 2 percent below the winning submission, indicating a closely contested competitive positioning among major developers.
The site encompasses a 99-year leasehold tenure with residential zoning and ground-floor commercial provisions. The 2.2 gross plot ratio permits a maximum gross floor area of 53,729 square meters.
This allows for the development of approximately 595 residential dwellings alongside mandatory commercial and childcare requirements. Planning regulations specify minimum areas of 1,000 square meters for childcare facilities and 1,500 square meters for commercial activities, including supermarkets, shops, and restaurants. Rising construction material costs may impact the project’s development timeline and overall profitability margins.
Market fundamentals support the transaction, including the strong performance of adjacent Springleaf Residence and comparable transactions throughout the Upper Thomson corridor.
Nearby Lentor Hills estate parcels previously transacted at S$920 to S$1,204 psf ppr, while the recent Lentor Gardens plot achieved S$920 psf ppr.
The valuation of the Upper Thomson site aligns closely with the Zion Road site awarded in April 2024 at S$1,202 psf ppr, reflecting consistent pricing in the contemporary development landscape.
The neighbourhood continues experiencing active development from major industry players such as GuocoLand and Hong Leong Group. This ongoing activity contributes to sustained confidence in regional growth dynamics.
Wee Hur’s successful acquisition underscores the expanding developer appetite for suburban GLS opportunities that feature mixed-use potential and residential-focused programming.
This positions the Upper Thomson development within the broader market trajectory for integrated suburban residential communities.
