While most eyes have been on Thomson Reserve's own showflat timeline, the same developer partnership behind the project has been busy elsewhere. UOL Group and CapitaLand Development have submitted the top bid for a second major Government Land Sales (GLS) site in 2026 — this time at New Upper Changi Road in Bedok, at a price that raised eyebrows across the industry.
Here's what happened, and why it matters if you're evaluating Thomson Reserve.
UOL Group and CapitaLand Development topped the tender for the New Upper Changi Road GLS site with a bid of approximately S$1.4 billion, translating to S$1,537 per square foot per plot ratio (psf ppr).
The site sits at the intersection of New Upper Changi Road and Bedok South Road — formerly home to Temasek Primary School and Temasek Secondary School, both of which have since relocated. It is zoned for residential use on a 99-year leasehold tenure, with a potential yield of about 1,010 private residential units across roughly 30,769 sqm.
Crucially, this is the first GLS site within walking distance of Bedok MRT Station and the Bedok Integrated Transport Hub to be launched in 16 years — a rare opportunity in a mature, highly sought-after estate with no comparable new supply for over a decade.
To put S$1,537 psf ppr in context, here's how it stacks up against recent nearby GLS land rates:
| Site | Awarded | Land Rate (psf ppr) |
|---|---|---|
| Bedok Rise (10 bids) | Dec 2025 | S$1,330 |
| Bayshore Road (SingHaiyi–Garnet) | Mar 2025 | S$1,388 (site) / S$1,388 (Vela Bay launch) |
| Bayshore Drive (Frasers-led consortium) | Jul 2026 | S$1,323 |
| New Upper Changi Road (UOL–CapitaLand) | 2026 (top bid) | S$1,537 |
At S$1,537 psf ppr, UOL and CapitaLand's bid is meaningfully higher than every comparable Bedok-area GLS site sold over the past 18 months — roughly 15.6% above the Bedok Rise land rate, despite that site drawing ten competing bids just months earlier. That is a significant premium to pay, and it doesn't happen by accident.
UOL Group and CapitaLand Development are two of the three developers behind Thomson Reserve, alongside Singapore Land Group. Seeing the same partnership commit to a second major nine-figure land purchase in the same year — at a premium price, in a different part of the island entirely — is a meaningful signal, for a few reasons.
Developers scale back land acquisition when they're uncertain about near-term demand. Topping a competitive tender by a wide margin, twice in one year, reflects the opposite — a consortium actively deploying capital because they believe in the underlying strength of Singapore's residential market through this cycle.
As covered in our Thomson Reserve Developer Profile, UOL and CapitaLand are both SGX-listed, audited, and answerable to public shareholders. A developer actively winning tenders elsewhere — and paying a premium to do so — is not a developer in financial distress. It's the opposite signal: balance sheet strength sufficient to pursue new opportunities while Thomson Reserve is still mid-construction.
This isn't a District 20 bet specifically — it's Bedok, a completely different part of the island, in the mature East. When the same consortium is willing to pay a premium in two different districts within the same year, it suggests their confidence is in the Singapore residential growth story more broadly, not just one location. That's a reassuring signal for anyone holding or buying into their other projects, Thomson Reserve included.
To be balanced: a strong land bid elsewhere doesn't directly move Thomson Reserve's pricing, timeline, or unit availability. The two projects are unrelated in terms of construction, launch schedule, and buyer pool — New Upper Changi Road is a different site, different district, different launch years away. This is a developer-confidence signal, not a Thomson Reserve project update.
Want to understand how developer strength factors into your Thomson Reserve purchase decision? Talk to Jet Lee — 18 years of experience, zero commission payable by buyer.
WhatsApp Jet Lee @ +65 8764 9315UOL Group and CapitaLand Development submitted the top bid of approximately S$1.4 billion, or S$1,537 psf ppr, for the New Upper Changi Road GLS site.
The site was formerly occupied by Temasek Primary School and Temasek Secondary School, located at the intersection of New Upper Changi Road and Bedok South Road in the Bedok planning area.
The site has a potential yield of about 1,010 private residential units on a 99-year leasehold tenure, covering approximately 30,769 sqm.
Yes, indirectly. UOL Group and CapitaLand Development are two of the three developers behind Thomson Reserve (alongside Singapore Land Group). The Upper Changi bid represents a separate, second major residential land commitment by the same UOL–CapitaLand partnership in 2026, reflecting their continued confidence in Singapore's residential market.