Politics · Singapore Bureau
UOL and CapitaLand bid S$1.4 billion for New Upper Changi site
A joint venture between UOL Group and CapitaLand has submitted a S$1.4 billion offer for a residential plot in New Upper Changi, setting a new benchmark for pure residential land in the Outside Central Region.
LSN Singapore ·
The partnership's bid translates to S$1,537 per square foot on a per plot ratio, establishing a fresh high-water mark for residential land transactions outside Singapore's core central business district. The collective offer reflects strong developer confidence in the New Upper Changi precinct and its residential appeal.
The site's location in the expanding eastern corridor positions it strategically for residential development, with proximity to transport links and evolving neighborhood amenities. Such benchmark prices typically signal market expectations for future property values and rental yields in the area.
The bid demonstrates continued appetite among major Singapore-listed developers for prime residential sites, despite broader market uncertainties. Both UOL and CapitaLand have longstanding track records in Singapore's residential sector and maintain significant land banks for future development.
The outcome of the tender process will provide further clarity on market sentiment regarding residential land valuations in emerging residential nodes beyond the city center. Regulatory authorities will assess all submissions according to established evaluation criteria before announcing the successful bidder.