SINGAPORE —The Urban Redevelopment Authority (URA) has officially awarded the tender for a prime residential development site at New Upper Changi Road, Singapore, to a 50:50 joint venture consortium comprising United Venture Development (Daisy) Pte. Ltd. and CL Sapphire Pte. Ltd. United Venture Development (Daisy) is an indirect subsidiary of UOL Group Limited, jointly held with Singapore Land Group Limited, while CL Sapphire is a direct subsidiary of CapitaLand Group Pte. Ltd. The consortium secured the 99-year leasehold property at a total winning tender price of S$1.43 billion following a competitive public bidding process.
Spanning a land area of 30,769 square metres with a gross plot ratio of 2.8, the site is designated exclusively for residential development. Under the formal payment structure outlined by the tendering authority, the joint venture has paid an initial 5% tender deposit, with the full 25% land cost obligation payable within 28 days of the award notice. The remaining balance of the contract value is scheduled for completion within 90 days, financed through a mix of commercial bank borrowings and proportionate shareholder loans.
The successful acquisition enables the participating real estate developers to strategically replenish their land banks within Singapore's Outside Central Region. Given the scale of the 30,769-square-metre plot, the project provides substantial runway for medium-term housing inventory, catering to steady end-user demand and upgrading activity in the surrounding suburban enclave.
This major land tender highlights resilient capital commitment and ongoing enterprise appetite for well-located suburban residential sites despite high financing costs. By pooling balance sheet strength, major listed developers continue to mitigate capital outlay risks while securing high-yield land parcels to support their multi-year residential development pipelines.
