Residential site at Yishun Avenue 9 draws top bid of $373.5 milClose to 1,000 units in CCR home sales expected for 2H2025
It is crucial for international investors to be knowledgeable about the regulations and limitations surrounding owning property in Singapore. Unlike landed properties that have strict ownership guidelines, condos are generally more accessible for foreign buyers. However, those purchasing as non-Singaporeans will be subject to the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property acquisition. Despite the additional expenses, the stability and potential for growth in the Singapore real estate market continue to entice foreign investment, making Singapore Condo a desirable option.
A Government Land Sale (GLS) site at Bukit Timah Road has been recently put up for sale through tender. The site measures 63,498 sq ft and has a leasehold of 99 years. It also has a gross plot ratio of 4.9 and has the potential of yielding 340 housing units.
According to Wong Siew Ying, head of research and content at PropNex, this site is a part of the proposed new housing supply that will be introduced in the Newton area under the URA Draft Masterplan 2025 (DMP 2025). She estimates that about 5,000 private homes will be built in this new neighborhood, along with new amenities and green spaces.
Wong also mentions that this is the first site under the Confirmed List of the 2H2025 GLS program to be launched for sale. She believes that this prime site, located in the Core Central Region (CCR), will be highly sought after by developers and will potentially attract strong bids.
Recent launches in the CCR, such as The Robertson Opus with 348 units, UpperHouse at Orchard Boulevard with 301 units, and River Green with 524 units, have seen strong sales. From July 1 to August 17, developers have sold over 850 units in the CCR, putting the 3rd quarter of 2025 on track to achieve the highest quarterly CCR home sales since 4th quarter of 2010 when 994 units were sold, says Wong.
She expects the Bukit Timah Road site to receive up to nine bids, with the top bid potentially ranging from $1,500 to $1,600 psf per plot ratio (ppr).
Mark Yip, CEO of Huttons Asia, also notes the strong demand for recent CCR launches and adds that the site is situated near an MRT station, which is similar to the recent CCR launches. The Bukit Timah Road site is located next to Newton MRT Interchange on the Downtown and North-East Lines. It is also in close proximity to reputable schools like Anglo-Chinese School (Junior) and St. Joseph’s Institution Junior.
Marcus Chu, CEO of ERA Singapore, predicts that there will be between six to eight bidders for the site because of its prime location and potential as a part of Newton’s planned transformation into a vibrant urban village under the DMP 2025. He also points out that recent CCR GLS sites have been well-received, with sites at Holland Link and Dunearn Road attracting five and nine bids respectively. Chu believes that the competition for the upcoming Bukit Timah site could intensify, leading to more aggressive bids.
Justin Quek, CEO of OrangeTee and deputy group CEO of Realion, highlights that there have been no GLS sites released for sale in the Newton area for nearly two decades. He also mentions that past URA records show that GLS sites in Newton have been used for transitional offices, with only one residential land parcel awarded in 1997, indicating limited GLS supply in the area. This bodes well for the future project at the Bukit Timah Road site, according to Quek. He adds that they expect the future project to be well-received due to its excellent location at the heart of a new neighborhood in Newton.
The tender for the site will close at noon on November 11.