On 1 September 2026, a consortium of UOL Group, Singapore Land Group (SingLand) and CapitaLand Development beat three rival bids to win the New Upper Changi Road Government Land Sales site - a 331,198 sq ft, 1,010-unit parcel opposite Bedok Town Centre, under five minutes’ walk from Bedok MRT and Bedok Mall. Their bid, $1.4 billion or $1,537 psf per plot ratio (psf ppr), is the highest price paid for a pure-residential GLS site since June 2022, 15.6% above the $1,330 psf ppr paid for the neighbouring Bedok Rise site just nine months earlier, and cleared the next-highest of four bids by 13.8% - a gap wide enough to suggest a developer planning to price the eventual launch with real conviction. It’s the same trio that turned an $885 psf ppr Tampines Avenue 11 bid into Parktown Residence, the mega-launch that reset OCR pricing in February 2025.
What history says happens next
A land price isn’t the launch price - developers add construction, financing and margin on top. Here’s how far launch prices ran above land cost on every comparable GLS site in the last three years:
| GLS Site | Land Award | Land PSF PPR | Launch PSF | Multiple |
|---|---|---|---|---|
| Tampines Ave 11 → Parktown Residence | Dec 2023 | $885 | $2,135–2,361 | 2.4–2.7× |
| Tampines St 94 → Pinery Residences | Oct 2024 | $1,004 | $2,340–2,548 | 2.3–2.5× |
| Bayshore Rd → Vela Bay | Mar 2025 | $1,388 | $2,862–2,886 | 2.06–2.08× |
| Hougang Central | Dec 2025 | $1,179 | $2,500–2,600 (est.) | 2.12–2.21× |
| Bedok Rise | Dec 2025 | $1,330 | $2,600–2,700 (est.) | 1.95–2.03× |
| New Upper Changi Road | Sep 2026 | $1,537 | $3,000–3,300 (our est.) | ~2.0–2.15× |
Launch PSF ranges span each project’s entry price to its full-selling-period median (or, where not yet launched, the analyst-projected range).
Applying a 1.95–2.21× multiple to New Upper Changi Road’s $1,537 psf ppr land cost points to a launch price of $3,000–3,300 psf, with $3,100–3,200 psf the more likely range. Nothing here is official, and rates, cooling measures or competing launches could still move the number.
What this means if you’re buying
The most actionable way to buy before the reset is the new-sale inventory that’s already launched and still selling below where New Upper Changi Road is headed. Pinery Residences and Vela Bay are both still transacting today, both in the same District 16 corridor, and both meaningfully below where the next launch is likely headed.
Buy in at today’s price
Pinery Residences, still transacting at $2,426 psf, sits roughly 28–32% below our $3,100–3,200 psf estimate. Vela Bay, at $2,721 psf, sits roughly 14–18% below it. Both are new units in developments still open for sale - a way to buy before the reset that you can act on today.
Wait for New Upper Changi Road itself
You get a brand-new 1,010-unit development in Bedok’s strongest micro-location - but budget for $3,000–3,300 psf, and for roughly 12–18 months before booking even opens. TOP isn’t expected until around 2032.
Our take
This consortium has already shown it can price at the top of its own guide and still sell through launch weekend, and the same jump just repeated at Bayshore. We’d treat $3,000–3,300 psf as the working range for New Upper Changi Road - which means the most actionable move today isn’t waiting for it, it’s the still-selling inventory priced below it. We’d watch two things over the next year: whether the official award confirms the same developers and price, and where Bedok Rise launches, since that’s the last data point before Upper Changi’s own sales gallery opens, likely late 2027 or the first half of 2028.