Zion Road (Parcel A)
AwardedResidential with commercial at 1st storey, including long-stay serviced apartments. URA sale site, built as Zyon Galleria.
S$1,106,888,000
S$12,937.43 psm GFA, about S$1,202 psf ppr (derived). Awarded 16 April 2024 to CDL-MFA Vega Property Pte. Ltd., parent: City Developments Limited and CDL-MFA Altair Property Pte. Ltd., parent: City Developments Limited
| Location | Allowable development | Site area | Maximum permissible GFA | Successful tenderer | Tendered price (S$ psm of GFA) |
|---|---|---|---|---|---|
| Zion Road (Parcel A) | Residential with commercial at 1st storey, including long-stay serviced apartments | 15,277.9 m² | 85,557 m² | CDL-MFA Vega Property Pte. Ltd., parent: City Developments Limited and CDL-MFA Altair Property Pte. Ltd., parent: City Developments Limited | S$1,106,888,000(S$12,937.43) |
As listed at the close of 4 April 2024 (ura-pr24-12), with the outcome the award of 16 April 2024 gave each.
| Rank | Tenderer | Tendered price | S$ psm GFA | S$ psf ppr (derived) | Outcome |
|---|---|---|---|---|---|
| 1 | CDL-MFA Vega Property Pte. Ltd., parent: City Developments Limited and CDL-MFA Altair Property Pte. Ltd., parent: City Developments Limited | S$1,106,888,000 | S$12,937.43 | S$1,202 | Awarded |
Press releases, latest first
Each card is one release on its own date, with its text folded beneath. The latest is first and open.
16 April 2024
AwardedTender award for URA sale sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B)
Awarded to
CDL-MFA Vega Property Pte. Ltd., parent: City Developments Limited and CDL-MFA Altair Property Pte. Ltd., parent: City Developments Limited, S$1,106,888,000 (S$12,937.43 psm GFA, about S$1,202 psf ppr).
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The Urban Redevelopment Authority (URA) has awarded the tender for the site at Zion Road (Parcel A) to CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd., and the tender for the site at Upper Thomson Road (Parcel B) to GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd.
The tenders for these sites were launched on 4 December 2023 and closed on 4 April 2024. The sites were offered for sale on 99-year lease terms.
Details of the awarded sites and the successful tenderers are provided below:
Table caption
| LOCATION | ALLOWABLE DEVELOPMENT | SITE AREA | MAXIMUM PERMISSIBLE GROSS FLOOR AREA (GFA) | SUCCESSFUL TENDERER | TENDERED PRICE ($PSM of GFA) |
|---|---|---|---|---|---|
| Zion Road (Parcel A) | Residential with Commercial at 1st Storey | 15,277.9 m² | 85,557 m² * | CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd. | $1,106,888,000.00 ($12,937.43) |
| Upper Thomson Road (Parcel B) | Residential | 32,023.7 m² | 80,060 m² | GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. | $779,555,000.00 ($9,737.13) |
*A minimum 20,000 m² of GFA is to be set aside for Long-Stay Serviced Apartments (SA2) use
4 April 2024
Tender closedTender closing for URA sale sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B)
1 bid disclosed
Highest S$1,106,888,000 (S$12,937.43 psm GFA) from CDL-MFA Vega Property Pte. Ltd., parent: City Developments Limited and CDL-MFA Altair Property Pte. Ltd., parent: City Developments Limited
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The Urban Redevelopment Authority (URA) closed the tender for the two sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B) today.
The public tender for the two sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B) was launched on 04 December 2023.
Please see Annex A and B for details of the sites and tender bids received.
This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.
4 December 2023
Launched for tender, Confirmed ListURA releases sale sites at Zion Road and Upper Thomson Road with a new rental housing typology, as part of continuous efforts to cater to diverse housing needs
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To cater to the rising private housing rental demand, two sites — Zion Road Parcel A and Upper Thomson Road Parcel A — are launched to pilot long-stay Serviced Apartments with a 3-month minimum stay requirement1.
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The Government has released more than 9,000 residential units on the Confirmed List in the whole of 2023 (including long-stay Serviced Apartments), which is the highest in a decade. Increase in release for private housing supply (including long-stay Serviced Apartments) for upcoming GLS programmes will address both purchase and rental demand, while promoting market stability.
The Urban Redevelopment Authority (URA) has released four residential sites at Upper Thomson Road (Parcels A & B) and Zion Road (Parcels A & B) for sale today under the second half 2023 (2H2023) Government Land Sales (GLS) Programme. The sites at Upper Thomson Road (Parcels A & B) and Zion Road (Parcel A) are launched for sale under the Confirmed List, and can potentially yield a total of 2,750 units (including long-stay Serviced Apartments), while Zion Road (Parcel B) is available for application under the Reserve List with a potential yield of 610 residential units. Together, these four sites can potentially yield 3,360 residential units (including long-stay Serviced Apartments).
New Long-stay Serviced Apartments While homeownership aspirations among Singaporeans remain strong, there is a segment of the population that opts to rent. This includes some younger Singaporeans who may choose to rent as a start. Singaporeans who are awaiting the completion of their new or renovated homes, as well as those who come to study or work in Singapore may also seek rental housing. While Serviced Apartments partially cater to this demand, potential tenants who need to rent Serviced Apartments for longer durations would have to compete with those seeking shorter stays, including tourists and business travellers. We have thus consulted the industry extensively on options to cater to such longer-term housing needs.
To expand the range of housing options available and ensure Serviced Apartments can be more targeted in meeting demand for longer stays, the Government will be releasing sites for a new category of long-stay Serviced Apartments with a 3-month minimum stay requirement. Similar to existing Serviced Apartments with a 7-day minimum stay requirement, these long-stay Serviced Apartments cannot be strata subdivided for sale.
The two Confirmed List sites at Upper Thomson Road (Parcel A) and Zion Road (Parcel A) will have a potential combined yield of around 535 long-stay Serviced Apartments, and around 1,275 conventional residential units. Both sites are located near to existing MRT stations and will provide residents with easy access to the city centre, employment nodes, and various amenities. The injection of rental housing supply from the release of such sites will complement conventional rental housing in the market to cater to different needs and help ensure a healthy rental supply.
New neighbourhood in Springleaf Precinct A new neighbourhood will soon be introduced to the Springleaf Precinct with the launch of Upper Thomson Road (Parcels A & B) for sale. Current and future residents can look forward to more amenities in the area, as well as improved pedestrian accessibility to the new Springleaf MRT station.
As the sites are close to the Central Catchment Nature Reserve, a biodiversity-sensitive development approach was taken for these sites. The conserved building of the former Seletar Institute is also situated at the location. Bearing in mind the ecological context as well as the heritage of the area, agencies have conducted extensive environmental and consultancy studies to guide development plans. The findings from the studies as well as plans for the precinct were exhibited as part of the Long-Term Plan Review. Engagements and consultations were conducted with nature and heritage groups, as well as the local community, which aided in drawing up plans for the new neighbourhood. The findings and feedback guided plans to ensure that impact on the surrounding biodiversity is minimised and ecological connectivity is safeguarded in the area. Refer to Annex 1 for details of the land parcels and this link for more information on the biodiversity-sensitive development approach for the precinct.
The successful tenderers for Upper Thomson Road (Parcels A & B) will be required to incorporate biodiversity-sensitive urban design strategies in their proposed developments. They are also strongly encouraged to propose innovative proposals that meet or exceed typical planning and urban design requirements. In addition, the successful tenderer for Upper Thomson Road (Parcel B) will be required to sensitively integrate the conserved building of the former Seletar Institute with the proposed development to preserve the heritage and identity of the area.
Sites are part of increased GLS supply in 2023 In total, the Government has released more than 9,000 Confirmed List units in the whole of 2023 (including long-stay Serviced Apartments), which is the highest in a decade. This is also around 50% higher than the supply in 2022, and around 2.5 times the supply in 2021. More private housing supply, including long-stay Serviced Apartments, will be released in upcoming GLS programmes to cater to purchase and rental demand.
Other Details The tenders for Upper Thomson Road (Parcel B) and Zion Road (Parcel A) sites will close at 12 noon on 4 April 2024 while that for Upper Thomson Road (Parcel A) will close on 19 June 2024.
Upper Thomson Road (Parcels A & B) and Zion Road (Parcel A)
More information on planning guidelines for long-stay Serviced Apartments is available via the circular issued by URA dated 4 December 2023 – “Guidelines for Serviced Apartments II (SA2)”.
1These will be known officially as the Serviced Apartments II (SA2) typology.
2Of these, two are zoned Residential and the other two are zoned Residential with Commercial at 1st Storey (see Annex 1).
Site facts
- Selling authority
- URA
- Allowable development
- Residential with commercial at 1st storey, including long-stay serviced apartments
- Tenure
- 99 years
- Programme list
- Confirmed List, tender closed[ura-pr24-12/pr24-12a.pdf]
- Site area
- 15,277.9 sqm[ura-pr24-12/pr24-12a.pdf]
- Maximum GFA
- 85,557 sqm
- Minimum 20,000 sqm long-stay serviced apartments (SA2)
- Minimum 600 sqm childcare centre
- Estimated housing units
- 1,170[ura-pr24-12/pr24-12a.pdf]
- Height control
- Low-rise 4 storeys; high-rise zone 1 at 36 storeys; high-rise zone 2 at 240m SHD[ura-pr24-12/pr24-12a.pdf]
- Tender conditions
- Conventional residential units: 735 units
- Long-stay serviced apartments (SA2): minimum units: 435 units
- Long-stay serviced apartments (SA2): maximum units: 500 units
- Table estimate of 1,170 units: Inclusive of 435 SA2 units; the SA2 count is a range and the total is not fixed
- Long-stay serviced apartments (SA2): minimum tenancy: 3 months
- Long-stay serviced apartments (SA2): strata subdivision for sale: Prohibited
- Facts as stated on
- 4 April 20242 versions on record: 4 December 2023, 4 April 2024. Each is kept; the one in force on the reading date is shown.
The market when bids closed
When bids closed on 4 April 2024, URA's latest quarterly figures were for 4Q2023, published 26 January 2024, 69 days earlier. The next release, 1Q2024, came on 26 April 2024. The table carries on through four releases after it.
| Private residential | 2Q2023Jul 2023 | 3Q2023Oct 2023 | On the day4Q2023Jan 2024 | 1Q2024Apr 2024 | 2Q2024Jul 2024 | 3Q2024Oct 2024 | 4Q2024Jan 2025 | Trend | Change4Q2023 to 4Q2024 |
|---|---|---|---|---|---|---|---|---|---|
| Prices | |||||||||
| Private home price index | 194.4 | 196.0 | 201.5 | 204.3 | 206.1 | 204.7 | 209.4 | +3.9% | |
| Non-landed, core central region | 146.5 | 142.5 | 148.1 | 153.1 | 152.6 | 150.9 | 154.8 | +4.5% | |
| Private rental index | 163.2 | 164.5 | 161.0 | 157.9 | 156.6 | 157.9 | 157.9 | −1.9% | |
| Sales | |||||||||
| New homes sold by developers | 2,127 | 1,946 | 1,092 | 1,164 | 725 | 1,160 | 3,420 | +213.2% | |
| Resales | 2,976 | 2,900 | 2,831 | 2,689 | 3,802 | 3,860 | 3,702 | +30.8% | |
| Sub-sales | 285 | 355 | 411 | 377 | 388 | 352 | 311 | −24.3% | |
| Units launched | 2,374 | 2,805 | 1,060 | 1,304 | 634 | 1,284 | 3,425 | +223.1% | |
| Supply | |||||||||
| Unsold, uncompleted, with planning approval | 17,484 | 16,747 | 16,929 | 19,936 | 19,940 | 19,405 | +14.6% | ||
| Pipeline with planning approval | 44,157 | 36,949 | 34,251 | 38,167 | 37,768 | 35,475 | 35,305 | +3.1% | |
| Vacancy rate | 6.3% | 8.4% | 8.1% | 6.8% | 6.1% | held | 6.6% | −1.5 pts | |
Each figure is the quarter's own value as URA printed it in that quarter's release, not as later revised. Select a figure to see the annex and page it comes from.
Held back: URA prints the number in more than one place and the table's labels do not settle which one it is, so the archive stores it but does not show it.
Sources
- Press releasePublished 4 December 2023
URA releases sale sites at Zion Road and Upper Thomson Road with a new rental housing typology, as part of continuous efforts to cater to diverse housing needs
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
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- Retrieved at
- 2026-09-18 14:52:13 UTC
- Prevo reference
- ura-pr23-48
- AnnexPublished 4 December 2023
Annex 1 to URA releases sale sites at Zion Road and Upper Thomson Road with a new rental housing typology, as part of continuous efforts to cater to diverse housing needsVersion v2
Version v2 of the annex as linked from the release page; the authoritative version. Earlier versions were not supplied and are not in the capture, so supersedes_doc_key is null.
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
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- Retrieved at
- 2026-09-18 14:52:13 UTC
- Source version
- v2
- Prevo reference
- ura-pr23-48/pr23-48a_v2.pdf
- Press releasePublished 4 April 2024
Tender closing for URA sale sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B)
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
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- Size
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- 2026-09-18 15:39:36 UTC
- Prevo reference
- ura-pr24-12
- AnnexPublished 4 April 2024
Annex A to Tender closing for URA sale sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B)
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
- 597a88a046fa202902bd07fb09be5717b50fbc650a6c6991d2cecfd4ad4fdf74
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- 2026-09-18 15:39:36 UTC
- Prevo reference
- ura-pr24-12/pr24-12a.pdf
- AnnexPublished 4 April 2024
Annex B to Tender closing for URA sale sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B)
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
- cfb098e6f17959cbcb158e344bcbbea7dfb2eefb3c07c7f834ec78f1015026bd
- Size
- 9,828 bytes
- Format
- application/pdf
- Retrieved at
- 2026-09-18 15:39:36 UTC
- Prevo reference
- ura-pr24-12/pr24-12b.pdf
- Press releasePublished 16 April 2024
Tender award for URA sale sites at Zion Road (Parcel A) and Upper Thomson Road (Parcel B)
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
- 0431d6de63ed131cd18c5ab06b245dbebdec3cea98b1ef61d95a54d3fbf70347
- Size
- 462,414 bytes
- Format
- text/html
- Retrieved at
- 2026-09-18 15:39:36 UTC
- Prevo reference
- ura-pr24-15