Having attracted eight competitive bids from prominent developers, the Government Land Sales (GLS) tender for a prime Bukit Timah Road site in the Newton estate has concluded with HH Investment (Hao Yuan Investment) securing the plot at S$566.29 million, equivalent to S$1,820 per square foot of potential revenue (psf ppr)—a record valuation for recent GLS residential tenders in the central region and substantially exceeding the second-highest bid of approximately S$1,481 psf ppr submitted by China Overseas Land & Investment.
The winning bid underscores robust developer confidence in Singapore’s luxury residential sector, despite prevailing macroeconomic uncertainties. HH Investment’s backing from the Liao family and Huang Hsiang Construction of Taiwan demonstrates strong international capital participation in Singapore’s premium property market.
The site’s designation as a “plum” plot reflects its strategic location within the Newton area, combined with the scarcity of new GLS releases in the Bukit Timah estate, where no comparable offerings have materialized for nearly two decades.
The competitive bidding environment directly correlates with anticipated strong demand for premium residential units in the Core Central Region (CCR).
The development is projected to yield approximately 340 private residential units upon completion.
Market observers anticipate that future launch prices will command premium positioning, with developers likely incorporating luxury features and high-specification finishes given the substantial land acquisition costs.
The elevated land valuation establishes new pricing benchmarks for future GLS tenders within the CCR, potentially influencing transaction prices across surrounding neighborhoods.
The intense competition among eight bidders signals sustained appetite for central region residential plots, reinforcing the GLS mechanism‘s effectiveness as the primary avenue for developers seeking prime urban locations.
Industry analysts expect the project outcome to serve as a significant indicator for the broader luxury residential market trajectory, particularly regarding buyer appetite and development feasibility within constrained urban environments.
Government policy emphasizes housing supply expansion through GLS programming, with the second half of 2025 projected to deliver 4,725 new private homes, including executive condominiums. This market activity contrasts with areas like Sengkang, where resale-ready ECs are gaining significant traction as they pass their minimum occupation periods and become available to the broader market.
The Bukit Timah tender results demonstrate that high-value residential developments remain attractive investment vehicles despite market headwinds.
The successful completion of this acquisition, combined with its anticipated premium positioning in the market, will likely shape developer strategies and capital allocation decisions for comparable CCR opportunities in the near term.
