Dunearn Road GLS Parcel 2— Overview

1. Turf City Urban Master Plan & District 11 Precinct

The 176-Hectare Greenfield Transformation: The release of Dunearn Road GLS Parcel 2 represents the second strategic land parcel launched within the newly master-planned Turf City residential enclave. Spanning 176 hectares of highly prized land in District 11, the former Singapore Turf Club site is undergoing a multi-decade urban transformation into a sustainable, low-carbon, car-lite residential precinct. Overseen by the Urban Redevelopment Authority (URA), the redevelopment balances heritage conservation—preserving iconic grandstands and equestrian paths—with high-density green living.

District 11 Micro-Location Geography: Situated along the southern perimeter of the Turf City subzone, Parcel 2 occupies a prominent dual-frontage position along Dunearn Road and Bukit Timah Road. To the north lies the interior green core of Turf City, featuring future municipal parks, sports hubs, and civic plazas. To the south and east, the site directly fronts established landed housing zones and low-density private condominiums along Watten Estate and Hillcrest Road. This geographic orientation provides upper-floor units with unencumbered views across low-density private landed enclaves while shielding residents from urban congestion.

Acoustic Mitigation & Spatial Buffering Strategy: Facing a major arterial road like Dunearn Road requires meticulous urban design. The URA building guidelines for Parcel 2 mandate an integrated 10-meter to 15-meter green landscape buffer along the southern property boundary. This physical setback, combined with acoustic ceiling treatments, double-glazed acoustic glass, and building orientation angled away from direct vehicular sightlines, insulates interior residential units while allowing efficient vehicular egress onto Dunearn Road for eastbound transit toward Orchard Road and the CBD.

2. Land Tender

The April 2026 URA Land Tender Award: The public tender for Dunearn Road GLS Parcel 2 closed with strong participation from institutional developers, culminating in the winning bid of S$532,999,999 by a joint venture comprising Wing Tai Holdings and Metro Holdings. Measured against the site's maximum permissible Gross Floor Area (GFA) of 30,475 square meters (~328,031 sq ft), the acquisition price translates to an effective land rate of S$1,625 per square foot per plot ratio (psf ppr).

Comparative Land Cost Benchmarking Across Core Central Region (CCR) GLS Sites: Evaluating the S$1,625 psf ppr land rate against recent Government Land Sales tenders across prime CCR and Rest of Central Region (RCR) sectors demonstrates strong capital conviction in the Bukit Timah location:

• Dunearn Road Parcel 1 (Dunearn House site): Awarded at S$1,410 psf ppr in June 2025. Parcel 2 commands a 15.2% premium, reflecting superior site attributes and integrated commercial requirements.
• Newton Road / Monk's Hill GLS site: Awarded at S$1,820 psf ppr in mid-2025, driven by its high-density Plot Ratio 2.8 profile.
• Pine Grove GLS Parcel B site: Awarded at S$1,223 psf ppr, situated in RCR District 21.
• Zion Road GLS Parcel A site: Awarded at S$1,618 psf ppr in 2024, reflecting prime District 10 riverfront valuation.

Land Rate Escalation Mechanics: The 15.2% land rate surge between Parcel 1 and Parcel 2 within a 10-month window highlights the rapid re-rating of the Turf City subzone. Bidders factored in the reduced development risk following the successful market reception of Parcel 1, alongside the added commercial revenue streams generated by Parcel 2's mandatory 1st-storey retail space. At S$1,625 psf ppr, the baseline land cost confirms that future new launch supply along the Bukit Timah corridor will comfortably cross the S$3,000 psf retail pricing threshold.

3. Wing Tai Holdings & Metro Holdings Synergy

Wing Tai Holdings Limited: Wing Tai brings decades of high-end luxury residential development experience across Singapore's prime districts. Renowned for architectural masterpieces such as Le Nouvel Ardmore, Nouvel 18, Draycott Eight, and The Garden Residences, Wing Tai specializes in refined spatial layouts, premium material palettes, and institutional-grade project management. Their expertise in managing complex mixed-use sites guarantees high execution standards for Dunearn Road Parcel 2.

Metro Holdings Limited: Metro Holdings, an established property investment and development group listed on the Singapore Exchange (SGX), provides robust corporate balance sheet support and extensive commercial retail management experience. With major retail and commercial portfolios across Singapore, China, and the United Kingdom, Metro's involvement ensures that the 1st-storey retail podium at Parcel 2 will be curated with high-value tenant mixes, enhancing long-term rental income and resident convenience.

Corporate Synergies & Green Financing Execution: The Wing Tai-Metro joint venture leverages pooled capital reserves to execute the S$533 million land purchase without incurring excessive leverage. The consortium is structured to secure green loan financing facilities tied to the Building and Construction Authority's (BCA) Green Mark Platinum (Super Low Energy) standard. Key initiatives include solar photovoltaic panels, smart energy management systems, rainwater harvesting, and high-efficiency HVAC infrastructure, reducing overall common-area maintenance fees for future unit owners.

4. Parcel 2 vs. Parcel 1 Benchmark Escalation

Precinct Benchmark Shift: The price movement between Parcel 1 (S$1,410 psf ppr) and Parcel 2 (S$1,625 psf ppr) provides a classic real estate case study in precinct valuation escalation. In greenfield master plans, early-stage developers bear pioneering risk, securing lower land costs. As the precinct matures and infrastructure plans solidify, subsequent land parcels command higher land rates, raising market pricing across the entire neighborhood.

Valuation Arbitrage Analysis Table:

Turf City Parcel Matrix	Dunearn Road Parcel 1	Dunearn Road Parcel 2	Variance / Escalation (%)
Tender Closing Date	June 2025	April 2026	+10 Months Time Differential
Winning Land Rate	S$1,410 psf ppr	S$1,625 psf ppr	+15.2% Land Rate Growth
Total Land Premium	S$448.8 Million	S$533.0 Million	+18.7% Total Capital Commitment
Projected Developer Break-Even	S$2,050 – S$2,150 psf	S$2,280 – S$2,380 psf	+10.9% Cost Baseline Increase
Target Retail Launch PSF	S$2,850 – S$3,100 psf	S$3,200 – S$3,600 psf	+12.3% Projected Retail Expansion

Capital Appreciation Impact on Early Buyers: Early investors who secured units in Parcel 1 enjoy immediate built-in paper gains as Parcel 2 enters the market at a higher price floor. Furthermore, Parcel 2's retail podium provides essential daily conveniences (supermarkets, cafes, wellness centers) that directly benefit residents of Parcel 1, enhancing overall livability and resale liquidity across both developments.

5. Mixed-Use Integration & 1st-Storey Commercial Retail Podium

Urban Planning Rationale for Mixed-Use Zoning: To prevent Turf City from becoming a purely bedroom community, the URA stipulated a mandatory 1st-storey commercial component for Parcel 2. Allocating between 800 and 1,200 square meters of GFA to retail and dining creates an active street frontage along Dunearn Road, serving as a social node for the surrounding residential footprint.

Curated Tenant Mix & Asset Management Strategy: Under the operational guidance of Metro Holdings, the commercial podium will avoid fragmented strata-titled ownership. Centralized single-ownership control allows the developer to curate high-quality tenants, including:

• Gourmet Supermarket / Organic Grocer: Anchoring daily essential shopping for residents.
• Artisanal Cafes & Lifestyle Dining: Providing casual meeting spots for families and remote professionals.
• Enrichment & Wellness Centers: Complementing the educational profile of the Bukit Timah precinct.

Pedestrian Permeability & Security Architecture: Architectural plans separate retail visitor traffic from private residential access. Dedicated residential drop-off lobbies, keycard-controlled lift cores, and elevated private facilities decks ensure complete security and acoustic isolation for homeowners while maintaining open pedestrian access to ground-floor retail storefronts.

6. Sixth Avenue DTL & Turf City CRL Interchange

Direct Downtown Line Connectivity (Sixth Avenue MRT - DT7): Dunearn Road Parcel 2 is located approximately 500 meters west of Sixth Avenue MRT station, reachable via a 4- to 5-minute sheltered walk along Dunearn Road. The Downtown Line provides direct connections to major employment and commercial hubs:

• Botanic Gardens Interchange (DT9 / CC19): 2 stops (4 minutes) — Access to the Circle Line.
• Newton Interchange (DT11 / NS21): 4 stops (8 minutes) — Access to the North-South Line and Orchard Road shopping belt.
• Bugis Interchange (DT14 / EW12): 7 stops (14 minutes) — Direct connection to the Ophir-Rochor commercial precinct.
• Bayfront / Downtown (DT16 / DT17): 9 stops (18 minutes) — Direct door-to-door transit into the Marina Bay Financial Centre (MBFC).

Cross Island Line Transformation (Turf City MRT - CR14, Opening 2032): Located approximately 900 meters north of Parcel 2 lies the future Turf City MRT station on Phase 2 of the Cross Island Line (CRL2). Operational by 2032, the CRL will provide rapid orbital transit across Singapore:

• Westbound Transit: Direct connection to King Albert Park (CRL / DTL interchange), Clementi (EW1 / CR15), and the Jurong Lake District (JLD).
• Eastbound Transit: Direct link to Bright Hill (TE7 / CR13), Ang Mo Kio (NS16 / CR11), and Pasir Ris.

Vehicular Arterials & Major Highways: Drivers enjoy immediate access to the Pan Island Expressway (PIE) via Eng Neo Avenue, providing a 12-minute commute to the CBD and a 10-minute drive to One-North and Singapore Science Park via Bukit Timah Road and Holland Road.

7. Primary Registration Mapping & School Clusters

Primary School Registration Priority Mechanics: Under Singapore's Ministry of Education (MOE) primary school admission framework, home-to-school distance is calculated using a straight-line measurement from the site boundary to the school's official access gate. Proximity within the 1-kilometer and 1-to-2-kilometer zones grants local citizens priority access during Phase 2C registration.

Primary School Proximity Breakdown for Dunearn Road Parcel 2:

Primary Educational Institution	Approx. Distance Radius	MOE Registration Priority Status
Raffles Girls' Primary School	~850m – 950m	Within 1km Priority Zone
Methodist Girls' School (Primary)	~1.1km – 1.3km	Within 1km – 2km Priority Zone
Nanyang Primary School	~1.4km – 1.6km	Within 1km – 2km Priority Zone
Henry Park Primary School	~2.2km	Outside Immediate Priority Zone

Secondary & Tertiary Educational Belt Alignment: Beyond primary institutions, Bukit Timah is recognized as Singapore's premier elite educational corridor. Parcel 2 sits within a 5- to 10-minute transit radius of top secondary schools, junior colleges, and international institutions:

• Hwa Chong Institution & High School Section: 2 MRT stops or 5 minutes' drive.
• Nanyang Girls' High School: Situated nearby along Linden Drive.
• National Junior College (NJC): Located adjacent to Watten Estate along Bukit Timah Road.
• Swiss Cottage Secondary & Anglo-Chinese School (Independent): Easily accessible via MRT and direct bus networks.

8. Residual Land Valuation & Margin Modeling

Institutional Financial Model Parameters: Modeling developer break-even costs for Dunearn Road Parcel 2 requires analyzing baseline land costs, construction expenses under strict BCA Green Mark Platinum guidelines, financing interest, professional fees, and marketing overheads.

Financial Cost Line Item	Cost Projection (PSF PPR / Total)	Proportional Share (%)
Land Acquisition Cost (GLS Tender)	S$1,625 psf ppr (S$533.0M total)	69.8%
Construction & Architectural Engineering Costs	S$440 – S$480 psf ppr (High-end finishes & green tech)	19.7%
Professional Fees (Architectural, Legal, QS)	S$55 – S$65 psf ppr	2.6%
Financing Charges & Loan Interest	S$75 – S$90 psf ppr	3.5%
Marketing, Commissions & Sales Overheads	S$50 – S$70 psf ppr	2.6%
Regulatory Fees & Land Prep Contingencies	S$35 – S$50 psf ppr	1.8%
Total Projected Developer Break-Even	S$2,280 – S$2,380 PSF PPR	100.0%

Target Retail Launch Price Modeling: Accounting for target developer profit margins of 18% to 22% for Core Central Region prime launches, prospective launch pricing scenarios are modeled as follows:

• Baseline Conservative Launch Entry: S$3,150 – S$3,250 psf (Achieving an ~18% profit margin; entry-level 1-Bedroom and 2-Bedroom layouts).
• Target Average Launch Range: S$3,300 – S$3,480 psf (Expected benchmark across standard 3-Bedroom and 4-Bedroom owner-occupier units).
• Premium Pool-Facing & Penthouse Units: S$3,550 – S$3,750 psf for choice high-floor units featuring unblocked views over Watten Estate.

9. Comparative PSF Benchmarking

District 11 Market Landscape Analysis: Evaluating Dunearn Road Parcel 2 against neighboring private residential developments in District 10 and 11 reveals clear pricing tiers based on age, tenure, and proximity to MRT infrastructure.

Comparative Project Metrics Table:

Project Name	Tenure / Plot Ratio	Total Units / Building Envelope	Transacted PSF Range (2024-2026)
Dunearn Road Parcel 2	99-Year / Plot Ratio 1.95	~335 Units (Mid-Rise Mixed-Use)	S$3,200 – S$3,600 psf (Projected Launch)
Dunearn Road Parcel 1	99-Year / Plot Ratio 1.90	~300 Units (Mid-Rise Residential)	S$2,850 – S$3,100 psf (Projected Launch)
Fourth Avenue Residences	99-Year / Plot Ratio 1.80	476 Units (10-Storey Mid-Rise)	S$2,450 – S$2,750 psf (Resale / Sub-Sale)
Royal Green (Anamalai Ave)	Freehold / Plot Ratio 1.40	285 Units (5-Storey Low-Rise)	S$2,700 – S$3,100 psf (Resale)
Mayfair Modern / Gardens	99-Year / Plot Ratio 1.40	387 Units (5-Storey Low-Rise)	S$2,200 – S$2,500 psf (Resale)
Maplewoods (Bukit Timah)	Freehold / Plot Ratio 2.10	697 Units (High-Rise Completed 1997)	S$1,950 – S$2,250 psf (Resale)

Valuation Synthesis & Tenure Differential: While older freehold developments like Maplewoods trade between S$1,950 and S$2,250 psf, modern buyers demonstrate a strong preference for brand-new architectural specifications, smart-home integration, energy efficiency, and direct MRT connectivity. Parcel 2's projected S$3,200 to S$3,600 psf range reflects the market premium for integrated commercial conveniences and long-term capital growth within the master-planned Turf City precinct.

10. Expat Tenant Demographics, Rental Return Projections & Risk Evaluation

High-Earning Tenant Profiles: Rental demand for units at Dunearn Road Parcel 2 will be driven by three core tenant pools:

• Expat Families Tied to International Schools: Families with children enrolled at the Swiss School, Hollandse School, Singapore Korean International School, or Chatsworth International School along the Bukit Timah corridor.
• Medical Specialists & Senior Healthcare Executives: Professionals affiliated with National University Hospital (NUH), Mount Elizabeth Novena, and Gleneagles Hospital.
• Tech Leaders & Financial Executives: Executives working in One-North, Science Park, or Marina Bay Financial Centre seeking direct MRT access along the Downtown Line.

Gross Rental Return Projections: Supported by strong rental demand in prime District 11, rental returns are estimated as follows:

• 1-Bedroom Units (510 sq ft): Projected rent: S$3,800 – S$4,400/month (~S$7.50 – S$8.60 psf pm). Projected Gross Yield: 3.4% – 3.6%.
• 2-Bedroom Units (720 sq ft): Projected rent: S$5,200 – S$6,000/month (~S$7.20 – S$8.30 psf pm). Projected Gross Yield: 3.3% – 3.5%.
• 3-Bedroom Units (1,050 sq ft): Projected rent: S$7,200 – S$8,500/month (~S$6.80 – S$8.00 psf pm). Projected Gross Yield: 3.2% – 3.4%.
• 4-Bedroom Units (1,450 sq ft): Projected rent: S$9,500 – S$11,500/month (~S$6.50 – S$7.90 psf pm). Projected Gross Yield: 3.1% – 3.3%.

Strategic Risk Matrix & Mitigating Factors:

• Supply Pipeline Risk: Future land sales within the 176-hectare Turf City precinct will introduce additional residential supply over the next decade. However, Parcel 2's early-phase timing and integrated commercial podium provide a lasting competitive advantage over purely residential land parcels.
• Traffic Congestion along Dunearn Road: Heavy peak-hour traffic along Bukit Timah Road is mitigated by the project's direct 500m proximity to Sixth Avenue MRT, enabling residents to bypass road congestion via rapid rail transit.