Dunearn Road GLS Parcel 2— Overview

1. Project Factsheet

Factsheet Overview: The technical specifications presented below detail the planning attributes, cadastral parameters, financial thresholds, and regulatory constraints governing Dunearn Road GLS Parcel 2. Data has been compiled from official Urban Redevelopment Authority (URA) land allocation registry entries, Singapore Land Authority (SLA) cadastral filings, and state tender disclosures.

Factsheet Parameter	Project Details / Technical Specification
Project Name	Dunearn Road GLS Parcel 2 (Turf City Stables Commune Sub-Zone)
Developer Joint Venture	Winrich Investment Pte Ltd & Metrobilt Construction Pte Ltd (Wing Tai Holdings & Metro Holdings JV)
Property Address	Dunearn Road / Turf Club Road, Singapore (District 10)
District & Planning Area	District 10 (Bukit Timah / Turf City) | Core Central Region (CCR)
Tenure	99-Year Leasehold (Commenced May 2026)
Site Land Area	Approx. 19,041.6 sq m / ~204,962 sq ft (~1.90 Hectares)
Zoning & Permitted Usage	Residential with Commercial at 1st Storey (Max. 1,400 sq m GFA for Commercial/Retail)
Gross Plot Ratio	1.6 (Low-Rise Envelope Control)
Maximum Allowable Building Height	Low-Rise Envelope Control (5 to 10 Storeys Maximum)
Maximum Allowable Gross Floor Area (GFA)	Approx. 30,467 sq m / ~327,944 sq ft
Estimated Unit Yield	330 to 335 Residential Apartments + Ground Floor Commercial/Retail Podium
Car Park Provision	Car-Lite Precinct Standard (~80% Residential Provision + EV Charging Hub)
GLS Awarded Land Price	S$532,999,999 (~S$533.0 Million) | Tender Awarded May 2026
GLS Awarded Land Rate	S$1,624 psf ppr (Across 327,944 sq ft Total GFA)
Estimated Developer Breakeven	S$2,450 – S$2,580 psf
Projected Launch Price Range	S$2,880 – S$3,150 psf Average (Median ~S$2,980 psf)
Projected Public Launch Window	2H 2027
Primary School Proximity	Methodist Girls' School (Primary) (1–2km), Raffles Girls' Primary School (1–2km), Nanyang Primary School (1–2km)
Nearest Transit Nodes	Sixth Avenue MRT Station (DT7 - Downtown Line, ~700m), Future Turf City MRT Station (CR14 - Cross Island Line Stage 2)

2. Wing Tai & Metro’s S$1,624 PSF PPR Strategic Win

GLS Tender Background: In May 2026, the Urban Redevelopment Authority (URA) awarded the tender for Dunearn Road Parcel 2 to a joint venture between Wing Tai Holdings and Metro Holdings at a top bid of S$533.0 million. Spanning 204,962 sq ft of land with an allowable plot ratio of 1.6, the awarded purchase price translates to a land rate of S$1,624 psf ppr across the 327,944 square feet of permissible GFA.

Land Rate Escalation & First-Mover Pricing Logic: The S$1,624 psf ppr awarded rate represents a 15.2% land cost premium when benchmarked against Dunearn Road Parcel 1, which was awarded in July 2025 to a consortium comprising CSC Land Group, Frasers Property, and Sekisui House for S$1,410 psf ppr. This valuation delta is driven by two key structural differences:

• Mixed-Use Commercial Mandate: Unlike Parcel 1 (which is strictly residential), Parcel 2 incorporates a mandatory commercial element on the ground floor (up to 1,400 sq m GFA). Commercial space in prime Bukit Timah commands higher capital valuations and generates recurring rental income from high-margin tenants such as gourmet grocers, cafes, and enrichment centers.
• Direct Arterial Frontage & Stables Commune Anchor: Parcel 2 occupies a high-visibility corner plot along Dunearn Road and Turf Club Road, functioning as the gateway commercial anchor for the entire Stables Commune heritage precinct.

Benchmarking Prime District 10 State Tender Awards: To contextualize the land valuation basis, the table below compares recent state tender awards across District 10 and adjacent Core Central Region (CCR) sub-zones:

• Dunearn Road GLS Parcel 2 (Subject Site): S$1,624 psf ppr | Plot Ratio 1.6 | CCR (Turf City) | Awarded May 2026
• Dunearn Road GLS Parcel 1: S$1,410 psf ppr | Plot Ratio 1.6 | CCR (Turf City) | Awarded July 2025
• Holland Plain GLS Parcel 1: S$1,491 psf ppr | Plot Ratio 1.8 | CCR (Old Holland Rd) | Awarded 2024
• Holland Link GLS: S$1,432 psf ppr | Plot Ratio 1.4 | CCR | Awarded 2024
• Pine Grove Parcel A GLS: S$1,318 psf ppr | Plot Ratio 2.1 | RCR Boundary | Awarded 2022

Analytical Deduction: At S$1,624 psf ppr, Wing Tai and Metro secured the site at a competitive entry basis for mixed-use District 10 freehold/leasehold land. By comparison, private en-bloc acquisitions in Bukit Timah (such as Watten Estate Condominium at S$1,723 psf ppr) traded at higher land rates without the benefit of integrated ground-floor retail zoning. The S$1,624 psf ppr land floor enables the consortium to price residential units at sub-S$3,000 psf averages upon launch.

3. Land Basis, Breakeven & Price Arbitrage

Itemized Financial Decomposition: Establishing developer breakeven for a low-rise, mixed-use residential project in District 10 requires evaluating the complete development cost matrix. The financial model incorporates land acquisition fees, low-density structural civil engineering, basement car park excavation, commercial retail fit-out expenses, financing interest, and marketing commissions.

Cost Pillar	Estimated Cost Basis (S$ per sq ft GFA/PPR)	Share of Total Cost Structure
GLS Land Acquisition Rate	S$1,624	64.3%
Low-Rise Construction & Commercial Fit-Out	S$560 – S$620	23.4%
Financing Interest, Legal, & Professional Fees	S$160 – S$180	6.7%
Marketing, Sales Commissions, & Admin Overheads	S$130 – S$150	5.6%
Total Estimated Developer Breakeven Floor	S$2,474 – S$2,574	100.0%

Breakeven Modeling Insights: The itemized financial model establishes that developer breakeven anchors between S$2,450 and S$2,580 psf. The cost structure accounts for higher finishing specifications expected of a Wing Tai District 10 signature development alongside specialized structural engineering for the ground-floor commercial podium.

Projected Launch Price Bands & Profit Margin Scenarios: Assuming target net profit margins between 12% and 18% for prime District 10 suburban-luxury projects, average selling prices across residential unit typologies are modeled as follows:

• Conservative Launch Scenario (11% Profit Margin): S$2,780 to S$2,860 psf average launch price.
• Base Case Scenario (15% Profit Margin): S$2,880 to S$3,050 psf average launch price (Median ~S$2,980 psf).
• Bullish Launch Scenario (18%+ Profit Margin): S$3,080 to S$3,250 psf average launch price.

Valuation Arbitrage Analysis: When benchmarked against active new launches and recent completions across District 10 and District 11, Dunearn Road Parcel 2 offers a distinct value proposition:

• Watten House (Freehold - Shelford Enclave): Transacted Average S$3,250 – S$3,550 psf
• Perfect Ten (Freehold - Bukit Timah D10): Transacted Average S$3,000 – S$3,350 psf
• Dunearn Road Parcel 1 (Projected 99-Yr Launch): Projected Average S$2,650 – S$2,850 psf
• Dunearn Road Parcel 2 (Projected Mixed-Use Launch): Projected Average S$2,880 – S$3,150 psf

Analytical Deduction: Launching a brand-new, mixed-use residential development between S$2,880 and S$3,150 psf creates an appealing entry price tier. Buyers can acquire modern construction with immediate ground-floor retail convenience at a S$300 to S$500 psf discount relative to nearby freehold launches like Watten House, while positioning themselves to capture early capital gains as the broader Turf City masterplan unfolds over the next decade.

4. Low-Density 1.6 Plot Ratio & Mixed-Use Lifestyle Podium

Low-Rise Urban Integration: Operating under a Gross Plot Ratio of 1.6 and height restrictions ranging between 5 and 10 storeys, Dunearn Road Parcel 2 avoids high-density vertical congestion in favor of a sprawling, resort-style masterplan. Spanning 1.90 hectares (~204,962 sq ft), the development integrates low-rise residential blocks with green courtyards and heritage pedestrian trails.

The Stables Commune Commercial Podium: The mandatory commercial allocation on the ground floor (up to 1,400 sq m GFA) is designed to function as the civic heart of the Stables Commune sub-zone. Architectural features include:

• Curated Lifestyle Promenade: Pedestrianized storefronts along Dunearn Road designed for gourmet cafes, artisanal bakeries, organic grocers, and boutique wellness services.
• Separated Residential Access: Complete physical separation between public retail circulation and private residential lobbies, featuring dedicated underground parking access and digital lift security systems.
• Heritage Architecture Integration: Design guidelines require the building facade to harmonize with the timber, brick, and pitched-roof aesthetic of the adjacent conserved horse stables of the former Singapore Turf Club.

Biophilic Design & Acoustic Mitigation: To ensure serene interior environments along Dunearn Road, the building facade integrates advanced acoustic engineering features:

• Double-Glazed Acoustic Curtain Walls: High-performance, double-glazed laminated glass panels engineered to absorb ambient street noise along the Bukit Timah arterial road corridor.
• Vertical Greenery Setbacks: Deep 15-meter landscaped buffers featuring mature tree canopies, bioswales, and water features that shield ground-floor residences from vehicle traffic.

5. Unit Mix, Spatial Efficiency & Layout

Unit Yield & Demographic Targeting: Yielding between 330 and 335 residential apartments across low-rise blocks, Dunearn Road Parcel 2 prioritizes functional, family-oriented space planning tailored for owner-occupiers, Bukit Timah landed right-sizers, and parents seeking elite school eligibility. The projected unit distribution model is summarized below:

• 1-Bedroom + Study (approx. 520 – 580 sq ft): ~15% of inventory, optimized for young professionals, single executives, and yield-focused investors.
• 2-Bedroom Premium / 2-Bedroom + Study (approx. 680 – 820 sq ft): ~35% of inventory, functioning as the core product tier for small families and parent-investors seeking school proximity.
• 3-Bedroom Family Suites / 3-Bed + Study (approx. 980 – 1,180 sq ft): ~35% of inventory, featuring wet/dry kitchen setups, utility/helper rooms, and regular bedroom footprints accommodating queen-sized beds.
• 4-Bedroom / 5-Bedroom Penthouses (approx. 1,350 – 1,750 sq ft): ~15% of inventory, situated on upper floors with private lift access, catering to multi-generational households and landed downsizers.

Zero Dead-Space Spatial Efficiency: Modern architectural floor plans eliminate redundant hallways and oversized air-con ledges. Dumbbell layouts in 2-bedroom units maximize internal liveable area, while 3-bedroom and 4-bedroom configurations feature squarish room footprints that optimize natural daylight and cross-ventilation.

Private Lift Lobby Configurations: Select 3-bedroom and 4-bedroom units feature direct private lift access opening into dedicated entrance foyers. This layout detail enhances personal privacy, eliminates corridor noise, and delivers an elevated living experience typical of prime District 10 boutique residences.

6. District 10 Market

Turf City First-Mover Capital Arbitrage: The transformation of the 140-hectare former Turf City site represents one of the largest state-led urban redevelopments in District 10. Planned to yield between 15,000 and 20,000 future housing units over a 20-to-30-year buildout, early releases like Dunearn Road Parcel 1 and Parcel 2 provide buyers with a "first-mover" land cost advantage before full infrastructure maturation occurs.

Comparative Valuation Grid Across Bukit Timah & Dunearn Enclaves: To evaluate relative market value, the table below benchmarks the projected launch profile of Dunearn Road Parcel 2 against active primary and secondary developments within a 1.5km radius:

Development Name	Location / District	Tenure	Transacted / Projected PSF Range	Completion / Building Profile
Dunearn Road GLS Parcel 2	Dunearn Road (D10)	99-Year Leasehold	S$2,880 – S$3,150 psf (Proj.)	New Launch (Low-Rise Mixed-Use)
Dunearn Road GLS Parcel 1	Dunearn Road (D10)	99-Year Leasehold	S$2,650 – S$2,850 psf (Proj.)	New Launch (Low-Rise Residential)
Watten House	Shelford Road (D11)	Freehold	S$3,250 – S$3,550 psf	Under Construction (5-Storey Low-Rise)
Perfect Ten	Bukit Timah Rd (D10)	Freehold	S$3,000 – S$3,350 psf	Recent Completion (24-Storey Towers)
8@BT	Bukit Timah Link (D21)	99-Year Leasehold	S$2,550 – S$2,750 psf	Under Construction (20-Storey Tower)

Analytical Deduction: The comparative grid illustrates clear market positioning. While Dunearn Road Parcel 1 provides purely residential inventory at S$2,650 to S$2,850 psf, Parcel 2 commands a minor premium (S$2,880 to S$3,150 psf) justifiable by its ground-floor commercial amenity podium and corner street frontage. Crucially, Parcel 2 remains significantly more affordable than surrounding freehold launches like Watten House (S$3,250–S$3,550 psf), capturing value-conscious family buyers seeking prime District 10 addresses.

7. Bukit Timah Elite School Belt Synergy

The Bukit Timah School Belt Advantage: In Singapore's primary residential property market, location within the official Ministry of Education (MOE) Home-School Distance radius of top-tier primary schools serves as a major driver of capital liquidity, price resilience, and resale demand. Properties situated near elite schools consistently command valuation premiums over similar properties outside the boundary.

Primary School Distance Proximity Analysis: Spatial analysis using OneMap government cadastral distance tools indicates that Dunearn Road Parcel 2 sits within close spatial proximity to several premier primary schools along the Bukit Timah educational corridor:

• Methodist Girls' School (Primary): Located within the 1km to 2km Home-School Distance radius, granting secondary registration preference during Phase 2C MOE registration exercises.
• Raffles Girls' Primary School: Located within the 1km to 2km radius via Dunearn Road and Hillcrest Road.
• Nanyang Primary School: Situated within the 1km to 2km radius off King's Road.
• Pei Hwa Presbyterian Primary School: Accessible within a short drive/bus ride along Bukit Timah Road.

Secondary & Tertiary Educational Synergy: Beyond primary education, the site sits directly along Singapore's premier secondary and tertiary educational corridor:

• Nanyang Girls' High School
• National Junior College (NJC)
• Hwa Chong Institution (HCI)
• Anglo-Chinese School (Independent)
• SIM Global Education & Ngee Ann Polytechnic

Resale Market Liquidity Effect: The continuous influx of young families seeking housing along the Bukit Timah educational belt creates an active, self-sustaining resale market. Owners purchasing 2-bedroom and 3-bedroom units enjoy strong exit liquidity, as future waves of parents consistently search for homes near top schools.

8. Cross Island Line (CRL) & Active Mobility Networks

Dual-Line Mass Rapid Transit (MRT) Accessibility: The transit accessibility profile of Dunearn Road Parcel 2 benefits from access to two major MRT lines:

• Downtown Line (Sixth Avenue MRT Station - DT7): Located approximately 700 meters east via sheltered pedestrian walkways along Dunearn Road. DTL provides direct single-train connection to Botanic Gardens Interchange (CC19/DT9 - 2 stops), Newton Interchange (NS21/DT11 - 4 stops), Bugis Interchange (EW12/DT14 - 7 stops), and Central Boulevard / Downtown (DT16 - 9 stops).
• Cross Island Line (Future Turf City MRT Station - CR14): Located within the central core of the Turf City masterplan. Stage 2 of the CRL (targeted opening ~2032) will connect Turf City directly to Clementi, King Albert Park, Jurong Lake District, and Bright Hill, dramatically expanding east-west and cross-island connectivity.

Car-Lite Precinct & Active Mobility Infrastructure: In line with URA's car-lite urban framework for Turf City, the development features extensive active mobility infrastructure:

• Pedestrian & Cycling Trail Network: Direct connections to the Rail Corridor green trunk line, allowing residents to walk or cycle motor-free toward Woodlands, Buona Vista, or Tanjong Pagar.
• Pedestrian Side Gates: Sheltered walkways linking residential blocks directly to bus stops along Dunearn Road and the Stables Commune commercial plaza.

Vehicular Arterial Connectivity: For private vehicle owners, Dunearn Road connects directly to Bukit Timah Road, Farrer Road, and the Pan Island Expressway (PIE) via Eng Neo Avenue. Drive times to major economic hubs include:

• Orchard Road Shopping Belt: 10 to 12 minutes drive via Bukit Timah Road / Stevens Road.
• One-North Tech Hub: 10 to 12 minutes drive via Farrer Road and Holland Road.
• Central Business District (Raffles Place / Marina Bay): 16 to 18 minutes drive via PIE or Bukit Timah Road.

9. Turf City Township & Stables Commune Urban Framework

The Turf City Master Plan Vision: Under the Urban Redevelopment Authority (URA) Master Plan, the 140-hectare former Turf City site is being transformed into a car-lite, heritage-focused residential township. Designed to blend urban living with green spaces, the township is organized into five distinct neighborhood character zones.

The Stables Commune Heritage Character Zone: Dunearn Road Parcel 2 sits inside the Stables Commune sub-zone, which emphasizes low-density living integrated with adaptive reuse of former racecourse structures. Key urban planning features include:

• Heritage Preservation: Adaptive reuse of conserved clubhouse buildings, grandstands, and horse stables into community hubs, artisan markets, and sports facilities.
• Central Park & Oval Ring Layout: A major central green park following the footprint of the historic racecourse track, providing expansive open space for outdoor recreation.
• Water-Sensitive Urban Design (WSUD): Bioswales, rain gardens, and naturalized drainage corridors along Sungei Pandan Canal that manage stormwater runoff while creating biodiverse habitats.

Phased Land Supply & Value Preservation: By releasing GLS sites in a controlled, phased sequence (starting with Dunearn Road Parcel 1 and Parcel 2), URA prevents housing supply overflooding. Early buyers secure a entry price floor before future higher-density plots near the central Turf City MRT station are launched at elevated land rates.

10. Target Buyer Demographics

Core Target Buyer Segments: Demand for Dunearn Road Parcel 2 is expected to originate primarily from three key buyer demographics:

• Bukit Timah Landed Right-Sizers: Wealthy homeowners downsizing from nearby landed housing estates (Watten Estate, Maryland Drive, Brizay Park) seeking single-level luxury living with ground-floor commercial convenience in their familiar neighborhood.
• Parents Buying for School Proximity: High-net-worth parents purchasing 2-bedroom and 3-bedroom units to secure priority enrollment at nearby elite primary and secondary schools.
• First-Mover Capital Investors: Domestic investors acquiring mixed-use assets in early-stage township masterplans to capture long-term capital growth and steady rental income.

Rental Yield Performance & Projections: Given its proximity to international schools, tertiary campuses, and corporate hubs in One-North and the CBD, projected rental performance is summarized below:

Unit Typology	Square Footage Range	Projected Monthly Rent (S$)	Estimated Gross Rental Yield (at S$2,980 PSF)
1-Bedroom + Study	~520 – 580 sq ft	S$3,800 – S$4,300	3.1% – 3.5%
2-Bedroom Premium	~680 – 820 sq ft	S$5,200 – S$6,200	3.0% – 3.4%
3-Bedroom Family Suite	~980 – 1,180 sq ft	S$7,200 – S$8,800	2.9% – 3.3%
4-Bedroom / Penthouse	~1,350 – 1,750 sq ft	S$10,000 – S$12,500	2.8% – 3.2%

Holding Horizon & Exit Strategy: Buyers should align their capital strategy around a 5-to-8-year holding period post-TOP. Exiting within this window allows owners to capitalize on the completion of initial Turf City precinct infrastructure, the opening of the Cross Island Line at Turf City MRT (~2032), and resale demand from local upgraders.

11. Risk Analysis

Risk Identification & Evaluation: Prior to committing capital, prospective buyers should evaluate key market risks and downside factors associated with the site.

Risk Vector	Impact Level	Analytical Mitigation & Market Reality
Long-Term Township Supply Absorption	Moderate	Turf City will add 15,000–20,000 units over 20+ years. First-mover plots like Parcel 2 benefit from lower land costs ($1,624 psf ppr) relative to future land sales.
Leasehold Tenure in Freehold Sub-Zone	Moderate	Mitigated by the S$300–S$500 psf entry discount relative to neighboring freehold new launches (Watten House), delivering higher gross rental yields.
60% Foreign Buyer ABSD Headwind	Low	District 10 school-adjacent homes are heavily backed by domestic Singaporeans and PRs, minimizing reliance on foreign buyer capital.
Car-Lite Parking Provision Limits	Low-Moderate	Reduced parking provisions (~80%) are offset by direct access to Sixth Avenue MRT, future Turf City MRT, and active mobility trails.