Clinching Upper Thomson site could cement GuocoLand, Hong Leong developer hold over the Springleaf area

GuocoLand had ‘master developer’ aspirations in Lentor Hills estate and now it is set to move to Springleaf, cementing the area as another cluster it can potentially transform.

The Upper Thomson Road land parcel is a stone's throw from the new Lentor Hills estate, where six plots have been sold so far and five projects launched. PHOTO: BT FILE

THE latest state tender closing in the Upper Thomson area showed developers sitting out land sales as caution prevails in the market.

The site drew just one bid – a joint venture between GuocoLand and Hong Leong Holdings, with an offer of around S$780 million or S$904.60 per square foot per plot ratio (psf ppr).

The sole offer came in just under expectations polled by The Business Times before the tender closed on Thursday (Apr 4). Consultants had expected the plot to fetch three to five bids, with the highest bid ranging between S$1,000 and S$1,100 psf ppr.

Developer Guocoland first mover in URA Springleaf transformation

This Upper Thomson site is part of URA announced transformation of the Springleaf region by URA in 2022. This is part of 3 new residential plots in the area and 2 huge plots planned for residential subjected to detailed planning. This creates the opportunity for developer Guocoland to cement its claims in Springleaf, helping to create the first mover 'master planner' in the new township the URA is planning.