Bedok Land Just Set an OCR Record at $1,537 psf — What It Means If You're Buying There

2 September 2026Blog District 16 OCR

The New Upper Changi Road site, outlined in orange beside Bedok MRT station

The site, outlined in orange, sits between New Upper Changi Road and Bedok South Road, a few minutes’ walk from Bedok MRT. Map: URA Space.

On 1 September the tender closed for a government land sale site on New Upper Changi Road, in the middle of Bedok. Four developers bid. A joint venture of UOL Group, CapitaLand Development and Singapore Land Group won it at $1,425,388,000 — $1,537 per square foot per plot ratio.

Two things about that number are worth your attention, and only one of them made the headline.

It is a record twice over

At $1.43 billion, this is the largest sum ever paid for a purely residential government land sale site in Singapore, ahead of the $1.284 billion paid for the Dunman Road plot in 2022 — the site that became Grand Dunman. PropNex’s head of research, Wong Siew Ying, made that point when the results were published.

More telling for a Bedok owner is the rate. $1,537 psf ppr is the highest land rate ever paid for a purely residential plot in the Outside Central Region, past the $1,388 psf ppr that SingHaiyi and Haiyi paid for the Bayshore Road site in March 2025 — now Vela Bay.

And the gap to second place is the part I’d underline.

	Tenderer	Bid	psf per plot ratio
1	UOL Group, Singapore Land Group and CapitaLand Development	$1,425,388,000	$1,537
2	City Developments and Hong Realty	$1,252,000,000	$1,350
3	GuocoLand, Hong Leong Holdings and TID	$1,242,664,619	$1,340
4	Sim Lian Group	$1,215,000,000	$1,310

All four bids for the site. Source: URA.

The next three bids sit within $40 of each other. The winning one is 13.8% above the closest of them.

A developer does not overpay by 13.8% for a site they think is ordinary.

What the market is saying

I am not going to put a price on a project that has not been designed, let alone launched. What I can do is set out what the people who do this for a living have said, and let you weigh it.

On the price a buyer might eventually pay, analysts working back from the land rate put the eventual selling price at $2,900 to $3,000 psf, as reported by 99.co on the day the tender closed. No developer figure exists yet.

On what the bid itself means, Huttons Asia chief executive Mark Yip called it a benchmark price for a pure residential parcel in the suburbs. PropNex’s head of research, Wong Siew Ying, noted it as the largest sum ever paid for a purely residential government land sale site. Knight Frank’s Leonard Tay put the four bids in context: analysts polled beforehand had expected the top offer between $1,250 and $1,450 psf ppr, and three of the four landed there — one did not.

And the buyers themselves said this, in a joint statement after the result: the site “has exceptional locational attributes within a mature residential neighbourhood”, opposite Bedok Town Centre and less than a five-minute walk from Bedok MRT, and the project “will appeal to a broad base of buyers, including HDB upgraders and residents from the surrounding landed housing estates”.

For your own weighing, here is what has actually been changing hands around the site this year — median prices, not asking prices:

Project	Sold in 2026	Median psf	Tenure	Completed	Units
Vela Bay	383	$2,863	99 years from 2025	not yet	515
Sky Eden@Bedok	12	$2,404	99 years from 2022	2025	158
Sceneca Residence	5	$2,312	99 years from 2021	2026	268
Grandeur Park Residences	19	$2,030	99 years from 2016	2020	720
Flamingo Valley	18	$1,848	freehold	2014	393
Bedok Residences	9	$1,824	99 years from 2011	2015	583
The Glades	23	$1,731	99 years from 2013	2016	726
Urban Vista	22	$1,623	99 years from 2012	2016	582
Casa Merah	18	$1,542	99 years from 2006	2009	556
East Meadows	12	$1,230	99 years from 1998	2002	482

Only projects with at least five transactions in 2026 are included. Source: CBRE Research and Realis, data as at 31 August 2026.

Read the top line before the rest. Vela Bay, still under construction, has moved 383 units this year at a median of $2,863 psf — more than any completed project in the area, and within reach of what analysts expect the new site to ask.

Why they wanted it

Bedok has close to 275,000 residents — the second largest planning area in Singapore — and the site is within walking distance of the Bedok integrated transport hub, so the MRT station and the bus interchange are the same walk. Bedok Mall and Heartbeat @ Bedok are nearby.

The plot measures 331,198 sq ft on a 99-year lease and can hold about 1,010 homes. UOL and CapitaLand have said the project will run from two- to four-bedroom formats, with the aim of “keeping total price quantum realistic” — which reads as an intention to sell to upgraders rather than to price for investors.

That matters because of something Karamjit Singh of Delasa pointed out: the last major condominium launch in Bedok proper was fifteen years ago. In a town of paid-off HDB flats and landed homes, that is a long time for demand to build with nowhere local to go — and close to 2,300 Bedok flats reached their minimum occupation period between 2022 and 2026, which is the pool a developer is really bidding for.

What I’d take from it if I lived in Bedok

If you already own here, a record land price two minutes from Bedok MRT is a repricing of the ground under your feet. It does not lift your valuation this month, but it does tell you what a large developer, with far better data than either of us, believes this location will be worth when the project completes.

If you are thinking of upgrading, note what the waiting costs. Should the analysts’ $2,900 to $3,000 prove close, the new project would price above everything completed in the area and above most of what is selling in it. The homes on the market in District 16 today were priced against a cheaper piece of land — that is a fact about them, whatever the new project ends up asking.

And if you are considering the new project itself, understand what you would be buying: a 99-year lease, a launch some years out, and a price that has to justify a record land cost. That can still be the right purchase. It is not automatically one, and nobody — including me — can tell you the price today.

Two honest caveats. The site has not been awarded yet — the tender result is a bid, and the authorities still have to accept it. And a record land price guarantees a high launch price far more reliably than it guarantees a high resale price.

Where to look now

Everything available in District 16, updated daily
The whole Outside Central Region, the segment this record belongs to
Vela Bay — the previous OCR record-holder, and the nearest comparable now selling
Bagnall Haus — District 16, Upper East Coast Road

Common questions

Which developer won the New Upper Changi Road site?

A joint venture of UOL Group, CapitaLand Development and Singapore Land Group, with a bid of $1,425,388,000 — $1,537 per square foot per plot ratio. It was the highest of four bids, 13.8% above the second-placed bid from City Developments and Hong Realty.

Why is $1,537 psf ppr significant?

It is the highest land rate ever paid for a purely residential government land sale plot in the Outside Central Region, beating the $1,388 psf ppr paid for the Bayshore Road site in March 2025. The total of $1.43 billion is also the largest sum paid for a purely residential GLS site in Singapore.

How many units will be built, and when?

The 331,198 sq ft site can hold about 1,010 homes on a 99-year lease, in two- to four-bedroom formats according to the developers. No launch date has been announced; a site of this size typically launches a year or more after award.

What might the new project cost per square foot?

The developer has published no price. Analysts working back from the winning land rate put the eventual selling price at $2,900 to $3,000 psf, as reported by 99.co on 1 September 2026. For comparison, Vela Bay — on land bought at $1,388 psf ppr — has sold 383 units in 2026 at a median of $2,863 psf, according to CBRE Research and Realis.

Who can I speak to about buying in District 16?

Robert Peng, on +65 9751 5995 or robert@propertystory.sg. Licensed real estate salesperson with PropNex Realty Pte Ltd, CEA registration R006562I.

Tender figures, analyst comments and the developers’ statement as reported by EdgeProp Singapore, 99.co and The Straits Times, 1 September 2026. Every figure and quotation here is theirs.