UOL Group, CapitaLand Development and Singapore Land paid $1,537 psf ppr for the New Upper Changi Road site on 1 September 2026, after Allgreen paid $1,330 psf ppr at Bedok Rise. On that land cost, a 1,000 sqft three-bedroom comes to $2.97 million at Bedok Rise and $3.43 million at New Upper Changi Road. A 1,033 sqft three-bedder at Treasure at Tampines sold for $2,020,000 in April 2026. The people buying at both ends are selling HDB flats for $1 million and more, so once the launch prices are out, sellers from Simei to Pasir Ris will price against them.
Sources: URA, HDB resale data via data.gov.sg, LTA, The Straits Times, PropertyGuru listings
On 1 September 2026, UOL Group, CapitaLand Development and Singapore Land bid $1.43 billion for the New Upper Changi Road site opposite Bedok Town Centre. That works out to $1,537 per square foot per plot ratio (psf ppr), the highest land rate paid for a residential government land sale site outside the central region, The Straits Times reported the same evening. Ten months earlier, Allgreen Properties had paid $1,330 psf ppr for the Bedok Rise plot beside Tanah Merah MRT.
A 1,033 sqft three-bedroom at Treasure at Tampines sold for $2,020,000 in April 2026. One stop further at Belysa in Pasir Ris, the four-bedroom high is $1,935,000 from August 2025, and nobody is listing one. We think the resale condos between Simei and Pasir Ris get pulled up behind the launches, and the households paying for both are largely the same ones.
What did the two Bedok land bids buy?
Bedok Rise is the smaller plot. It sits along New Upper Changi Road with direct access to Tanah Merah MRT, covers about 20,300 sqm and can hold about 380 homes on a fresh 99-year lease. The URA tender closed on 27 November 2025 with ten bids, and Allgreen's Bellis Residential Pte Ltd won at $464.8 million, or $1,330 psf ppr, with Hoi Hup Realty $2 million behind at $462.8 million.
Tanah Merah is being rebuilt as an interchange between the East-West Line and the Thomson-East Coast Line. The Land Transport Authority said in July 2025 that the station modification works would finish by end-2025. TEL trains reach Tanah Merah only once the Changi Airport branch is converted, which LTA has placed in the mid-2030s. So if you buy at Bedok Rise in 2027, you are buying the East-West Line station that exists today, and the interchange arrives in the 2030s.
New Upper Changi Road is the big one. The 30,769 sqm site is bounded by New Upper Changi Road and Bedok South Road, on the old Temasek Primary and Temasek Secondary school grounds. It has a maximum gross floor area of 86,154 sqm and room for about 1,010 homes.
URA launched the tender on 15 May 2026 and closed it on 1 September with four bids. The UOL, CapitaLand Development and Singapore Land consortium bid $1,425,388,000, or $1,537 psf ppr. City Developments and Hong Realty came second at $1.252 billion ($1,350 psf ppr), GuocoLand with Hong Leong Holdings and Mitsui Fudosan third at $1.24 billion ($1,340 psf ppr), and Sim Lian fourth at $1.215 billion ($1,310 psf ppr). The winning bid was 13.8% above the next one.
In their joint statement, the developers called the site "less than a five-minute walk from Bedok MRT station and Bedok Mall" and said the project would run from two- to four-bedroom units, "keeping total price quantum realistic". Huttons Asia's Mark Yip told EdgeProp in May that it is the first GLS plot within walking distance of Bedok's integrated transport hub in 16 years. The future Bedok South station on the Thomson-East Coast Line is due to open in the second half of 2026 and had not opened when we wrote this.
| Bedok Rise | New Upper Changi Road | |
|---|---|---|
| Nearest station | Tanah Merah MRT (EW4), direct access | Bedok MRT (EW5), under a five-minute walk per the developers |
| Site area | About 20,300 sqm | 30,769 sqm |
| Homes | About 380 | About 1,010 |
| Tender closed | 27 November 2025, 10 bids | 1 September 2026, 4 bids |
| Top bid | $464.8 million, $1,330 psf ppr (Allgreen) | $1,425.4 million, $1,537 psf ppr (UOL, CapitaLand Development, Singapore Land) |
| Second bid | $462.8 million, $1,324 psf ppr (Hoi Hup) | $1,252 million, $1,350 psf ppr (CDL, Hong Realty) |
| Launch expected | First quarter of 2027 | Around 2028 |
Source: URA tender results; The Straits Times
The previous high for a residential GLS site outside the central region was the $1,388 psf ppr SingHaiyi paid for the Bayshore Road plot in March 2025, the site that became Vela Bay. The New Upper Changi Road bid is 10.7% above that and 15.6% above Bedok Rise. The Straits Times also counted 3,185 new private homes coming out of four Bedok-area land sales between 2025 and 2028, which analysts told the paper may take time to absorb.
Source: The Straits Times
What will a three-bedroom cost at Bedok Rise and New Upper Changi Road?
Neither developer has released pricing. Bedok Rise is expected in the first quarter of 2027 and New Upper Changi Road around 2028.
On our land cost formula, $1,330 psf ppr works out to $2,966 psf and $1,537 psf ppr to $3,428 psf. Published analyst estimates run lower, at least $2,500 psf for Bedok Rise and $2,300 to $2,700 psf across the views we have seen. Our own estimate sits between the two. We show all three rather than pick one.
| Land cost | Our formula | Published analyst estimates | Our 3BR estimate, about 1,000 sqft | Our 4BR estimate, about 1,100 sqft | |
|---|---|---|---|---|---|
| Bedok Rise | $1,330 psf ppr | $2,966 psf | At least $2,500 psf; $2,300 to $2,700 psf | $2.5m to $2.8m | $2.9m to $3.3m |
| New Upper Changi Road | $1,537 psf ppr | $3,428 psf | None published yet | $2.6m to $3.0m | $3.0m to $3.8m |
In total price, which is what you pay, a 1,000 sqft three-bedroom at Bedok Rise on the formula comes to about $2.97 million, and at New Upper Changi Road about $3.43 million. A 1,100 sqft four-bedroom comes to $3.26 million and $3.77 million.
Even at the published $2,500 psf, the three-bedroom is $2.5 million and the four-bedroom $2.75 million. The developers said they would keep the total price realistic. That means smaller layouts, which keep the headline price closer to $2.5 million (1,000 sqft at $2,500 psf) than to the $3.43 million the formula gives.
Where do Treasure at Tampines and Belysa sit today?
Every price in this section is a completed resale lodged with URA. Treasure at Tampines is a 2,203-unit condo completed in 2023, an eight to ten minute walk from Simei MRT (EW3). Belysa is a 315-unit former executive condominium completed in 2014, about 850m from Pasir Ris MRT (EW1).
| Condo | Layout | Latest and highest sales (URA) | Asking on PropertyGuru, 5 September 2026 |
|---|---|---|---|
| Treasure at Tampines | 1,033 sqft 3BR | $2,020,000 (#07-xx, April 2026); $2,000,008 (#05-xx, February 2026) | $2,088,888 (Block 5) |
| Treasure at Tampines | 1,087 sqft 3BR | $1,998,000 (#10-xx, December 2025); $1,930,000 (#03-xx, April 2026) | $2,200,000, three listings (Block 37) |
| Treasure at Tampines | 1,012 sqft 3BR | $1,980,000 (#06-xx, August 2026) | $2,088,000 (Block 39) |
| Belysa | 1,421 sqft 4BR | $1,935,000 (#09-xx, August 2025) | None listed |
| Belysa | 1,335 sqft 4BR | $1,900,000 (#12-xx, July 2026); $1,925,000 (#17-xx, December 2025) | None listed |
| Belysa | 1,216 sqft 3BR | $1,738,888 (#16-xx, April 2026) | $1,700,000 (Block 57) |
Source: URA transaction records; PropertyGuru listings, 5 September 2026
Treasure recorded 38 three-bedroom resales in the 12 months to 1 September 2026. The 1,033 sqft layout crossed $2 million twice. The 1,087 sqft layout reached $1,998,000 in December 2025, and its most recent sale was $1,930,000 in April, so that layout is close to $2 million but has not crossed it.
The next price for that layout looks like $2 million and up, while today you can still buy one under $2 million. The asking prices have already moved: three 1,087 sqft units in Block 37 are listed at $2.2 million, and they have been listed for between 27 and 139 days.
Source: PropertyGuru, 5 September 2026
Belysa is a thinner market at the top. The four-bedroom high is $1,935,000 for a 1,421 sqft unit in August 2025. The three sales since were all 1,335 sqft units between $1.8 million and $1.925 million, and none of the 19 active listings is a four-bedroom.
These two are not a ranking. Treasure has Simei within a walk and 2,203 units of price record behind it, and Belysa has the land and the 2014 layouts. Each is its own condo at its own point on the line, and both price against a benchmark that is about to move to Tanah Merah and Bedok.
Resale three-bedders today against the new Bedok launches
Sold ranges are completed resales lodged with URA in the 12 months to 1 September 2026. New-launch ranges are our estimate for a 1,000 sqft unit. Neither developer has released a price list.
From Treasure at Tampines’ highest three-bedroom resale ($2.02 million) to the bottom of the Bedok Rise estimate: $480,000. To the bottom of the New Upper Changi Road estimate: $580,000.
On the land cost alone, a 1,000 sqft three-bedroom comes to $2.97 million at Bedok Rise and $3.43 million at New Upper Changi Road.
Resale four-bedders today against the new Bedok launches
Belysa’s range is completed resales lodged with URA since August 2025. Treasure at Tampines has no four-bedroom sale in the window above, so its row is the top asking prices. New-launch ranges are our estimate for a 1,100 sqft unit.
From Belysa’s highest four-bedroom resale ($1,935,000) to the bottom of the Bedok Rise estimate: $965,000. To the bottom of the New Upper Changi Road estimate: $1,065,000.
On the land cost alone, a 1,100 sqft four-bedroom comes to $3.26 million at Bedok Rise and $3.77 million at New Upper Changi Road.
Who is paying for all of this?
The buyers at both ends of this stretch are, for the most part, people selling HDB flats. In August 2026 a 1,216 sqft five-room at Bedok South Horizon, Block 153B Bedok South Road, sold for $1,450,000, per HDB resale data. It was the block's second high in three months: the previous one, $1,400,000, was set in May 2026.
Bedok South Horizon launched as a BTO project in November 2016 with five-room flats from about $503,000 and four-room flats from about $407,000, before grants. The August seller's gain is roughly $900,000 before costs, after allowing for a 16th to 18th storey unit costing more than the from-price. In Pasir Ris, a 1,130 sqft five-room at Pasir Ris One, Block 530D Pasir Ris Drive 1, sold for $1,150,000 in August 2026, against a previous block high of $982,800 in June 2024. The Straits Times counted 52 HDB resale flats sold for $1 million or more in Bedok so far in 2026, against 39 in all of 2025.
Across Singapore, about 13,480 flats reach their five-year minimum occupation period in 2026, per HDB estimates reported by AsiaOne, close to double the 2025 count. And since 28 July 2026, a private owner can buy a resale flat without the 15-month wait-out, so a condo owner can move back to a flat as easily as a flat seller moves up.
A four-room in the same block sold for $1,000,000 in July 2026. Roughly, this is what that seller took home.
Worked example: a Bedok South Horizon four-room, bought at BTO, sold at MOP
| BTO price, November 2016 | $407,000 |
| HDB loan at 90%, 2.6% over 25 years, keys in 2021 | $366,300 |
| Sold July 2026 | $1,000,000 |
| Less outstanding loan after five years | about $311,000 |
| Less agent fee and legal costs | about $25,000 |
| Less CPF refund (downpayment, five years of instalments, accrued interest) | about $152,000 |
| Cash in hand, CPF-serviced buyer | about $510,000, plus $152,000 back in CPF |
| Cash in hand, no CPF used (self-employed, instalments paid in cash) | about $665,000 |
That is a family with $500,000 to $650,000 in cash and, for the CPF-serviced case, another $150,000 back in the Ordinary Account.
They buy where the children's school and the grandparents are, and they need three bedrooms. In our experience they end up in resale, because a new launch two stations away means four years of rent, or moving in with the parents, first. The gap between a four-room flat and a three-bedroom condo in Tampines doubled between 2016 and 2026, and these proceeds are the reason people still upgrade.
Demand for these condos now arrives from two directions at once, upgraders into resale and investors into the launches, and prices get pushed up from both sides.
Will Treasure at Tampines and Belysa prices follow the Bedok launches?
Prices along this stretch start moving when the launches open for sale, years before anyone collects keys. A buyer who signs at Bedok Rise in early 2027 clears the four-year seller's stamp duty in 2031, about when the project completes. A New Upper Changi Road buyer in 2028 clears it in 2032. The first owners to sell a newly completed three-bedroom will want $300,000 to $400,000 above a $2.7 million entry, which puts that three-bedroom with a utility room near $3 million.
Sellers two and three stations east will price against that. A 1,087 sqft Treasure three-bedder sold for $1,930,000 in April 2026. Once a new unit at Tanah Merah costs $3 million, the next Treasure seller sees a $1 million gap for a condo completed in 2023, and asks for more. A Belysa four-bedroom owner sees the same gap against a $3.3 million to $3.8 million four-bedder at Bedok.
Once new units in Bedok and Tanah Merah sell at $2,500 to $3,000 psf, resale along the same stretch crosses $2,000 psf. Treasure is nearly there: its 1,012 sqft sale in August 2026 went at $1,957 psf.
Any three-bedroom of 1,000 to 1,100 sqft with a utility, store or study between Simei and Pasir Ris should cross $1.8 million, old or new. Treasure's 1,033 sqft layout is already there, at a $1.95 million median. Belysa's 1,109 sqft unit sold for $1,590,000 in April 2026, so it has about $200,000 to go.
Any four-bedroom of 1,200 sqft and up should cross $2.4 million. The top four-bedroom asks at Treasure already sit at $2.5 million to $2.75 million on PropertyGuru, and Belysa's high is $1,935,000.
That said, a lot of new supply is coming. Four land sales in the Bedok planning area since 2025 add 3,185 private homes between 2025 and 2028, and New Upper Changi Road alone is 1,010 of them. On its own, a big project does not hurt you: Treasure's 2,203 units are why it has 38 three-bedroom resales a year to check a price against, and a 1,010-unit project builds the same record.
It slows things down. Three launches selling to the same upgraders over 18 months means the second and third take longer to clear than the first, and resale prices move only after the launch prices are set.
Should you buy a resale three-bedder now, or wait for the Bedok price list?
If you need a three-bedroom between Simei and Pasir Ris, buy it now, and buy resale. Over the last 12 months a 1,033 sqft unit at Treasure at Tampines has sold for $1.80 million to $2.02 million. A Belysa three-bedder of 1,033 sqft and up has sold for $1.43 million to $1.74 million, depending on floor and layout.
Prices on this stretch get set from the top. The new launches at Tanah Merah and Bedok will put a three-bedroom at $2.5 million and up, and every resale condo below that number gets pulled up behind it. A condo like Belysa, where a three-bedroom still sells for $1.43 million to $1.74 million, is the lowest hanging fruit on the line. When the top of the range moves, the cheapest three-bedders move with it. So move towards resale.
