Newton GLS Site Draws 8 Bids, Top Offer by HH Investment at $566m | Strong Demand Signals CCR Market Confidence

The first Government Land Sale (GLS) site under the Urban Redevelopment Authority’s (URA) new Newton master plan has attracted strong developer interest, pulling in eight competitive bids when the tender closed on November 11.

HH Investment, a Singapore-incorporated firm believed to be linked to Taiwan’s Huang Hsiang Construction Group, topped the tender with a $566.29 million offer, translating to about $1,820 per square foot per plot ratio (psf ppr) for the 99-year leasehold site beside Newton MRT station.

The site can yield around 340 private homes, and analysts note that the price sets a new benchmark for residential plots in the Newton and Bukit Timah corridor.

The second-highest bid came from a partnership between Hoi Hup Realty and Sunway Developments, at $504.38 million ($1,621 psf ppr). Other bidders included major names like Wing Tai Holdings, CapitaLand Development with Mitsubishi Estate, China Overseas Land & Investment, Allgreen Properties, and CK Asset’s Japura Development, whose bid was the lowest at $1,311 psf ppr.

According to market watchers, the level of participation reflects developers’ confidence in Singapore’s luxury housing segment, particularly in the Core Central Region (CCR). Despite higher land and construction costs, prime sites close to MRT stations and established schools continue to attract strong interest due to limited new supply in these areas.

Part of Newton’s New Urban Village Vision

Located along Bukit Timah Road, this plot is the first to be released under URA’s plan to transform the Newton area into a “vibrant mixed-use urban village”, as outlined in the Draft Master Plan 2025.

The Newton precinct will eventually feature about 5,000 new private homes across three clusters — Newton Circus, Scotts Road, and Monk’s Hill. The site launched this round sits within the Newton Circus cluster, envisioned to include high-density mixed-use developments anchored by a central “village square” that encourages walkability, greenery, and community interaction.

Property analysts believe this initiative will rejuvenate the Newton district, long known for its mix of heritage shophouses, top schools like Anglo-Chinese School (Junior) and St. Joseph’s Institution Junior, and proximity to Orchard Road and Novena.

When completed, new projects in the area could command premium prices given their location, integrated amenities, and MRT connectivity. Similar CCR launches near MRT nodes — such as Pullman Residences Newton — have achieved average prices above $3,000 psf.

Market Outlook

The Newton site tender outcome underscores continued demand for well-located freehold and leasehold sites in prime areas, even amid cautious sentiment over higher interest rates.

For investors, the precinct’s upcoming transformation offers long-term capital appreciation potential, supported by the area’s enduring appeal among expatriates and affluent families.

Analysts expect the eventual launch price for the Newton GLS project to start from around $2,900 to $3,200 psf, depending on market conditions and design efficiency.

Source

Original article from The Straits Times, published Nov 11, 2025.