Dunearn House New Launch Condo Review – Dunearn Road GLS, Turf City

Introduction

Welcome. For new readers uninitiated to our work, we are a research first real estate investment consultancy. We specialise in helping investment minded property owners research and procure investment property.

This research article is a documentation of our research work, triggered by several common requests from multiple clients to look into the investment feasibility of Dunearn House.

The key questions that needs to be answered when evaluating Dunearn House as an investment

1. Location – What are the upside and downside buying into the Bukit Timah area, taking the upcoming Turf City district transformation into consideration
2. Buyer Flows – What are the type of buyer flows to be expected for Dunearn House and how strong and sustainable are these flows.
3. Current Resale Demand – What does existing historical resale transactions tell us about buyer’s demand in the Bukit Timah area?
4. Competition – Who are the competing developments in the Bukit Timah area. Can Dunearn House outcompete them?
5. Entry Price – What would the entry price band look like. At what price should we walk away?

As we structure the research article to ensure holistic coverage, we will address each of these key questions in relevant sections.

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Basic Project Information

At high level, Dunearn House is a noteworthy development to dive deeper into as it fits into the larger context of what could be lacking in terms of private condo inventory in the Bukit Timah area.

If you were to observe, there are 2 on-going evolutions in modern buyer demand and new launch condo development, specifically in CCR areas.

1. First, modern buyers that attain affluence at a younger age have less appreciation for freehold condos and greater affinity for new, investment centric developments that resemble growth stocks, akin to the shift in investment preference from gold to cryptocurrency and tech stocks.
2. Second, there is a lack of a 99-year leasehold condo in premium CCR districts like Bukit Timah, Holland Village and River Valley, which are often dominated by highly priced, small to mid sized freehold condos that resemble legacy assets.

Dunearn House, a 380-unit mid-sized 99-year condo, can potentially fill this void, providing a proposition that is appealing to the new era modern buyers that values these new launch centric attributes. This investment setup is similar to Skye at Holland addressing the void in Holland Village, and River Modern and River Green addressing the void in River Valley. Having said that, basic project information follows to get you up to speed.

Attribute	Detail
Development Name	Dunearn House
GLS Land Plot	Dunearn Road GLS
Developer	CSC Land Group (Singapore) Pte. Ltd., Sekisui House, Ltd. and Frasers Property Phoenix II Pte. Ltd.
Location	Dunearn Road
District	D10
Neighbourhood	Bukit Timah
No. of Units	380
No. of Blocks	TBC
Tenure	99-year leasehold
Nearest MRT	Sixth Avenue MRT — 500m, 7mins walk
Nearest School(s)	Methodist Girls’ School (Primary), Nanyang Girls’ High School, NJC, HCJC, Raffles Girls Primary
Expected TOP	2030
Site Area	13,491.9 m²

Dunearn House Estimated Launch Date

The development is estimated to be launched in H2 2026. We will be updating this document to reflect the latest information released by the developer.

Location Analysis

Given our research is crafted to address the needs of investors that are open to invest broadly across most locations as long as return on investment is justified, we will assume that the reader has no prior context of Bukit Timah as a location. We will use this section to provide a firm understanding of all the important factors to note for Bukit Timah as a location.

We will start from a micro perspective, establishing bearing as to where exactly Dunearn House is located, and start taking a broader view of its immediate neighbourhood before ending with a macro perspective of how surrounding estates impact Dunearn House.

Micro Perspective – Where exactly is Dunearn House located

Dunearn House is to be developed on the GLS land plot known as Dunearn Road GLS, located 500m away from Sixth Avenue MRT, a 7-minute walk.

Right next to it there is another plot of GLS land currently undergoing tender at the point of writing. It is earmarked as a residential development with commercial shops at the first level. At full completion, it will yield 330 residential units, slightly less than Dunearn House which will yield 380 units.

The final bid price of the adjacent plot will have some bearing on the investment upside of Dunearn House. For Dunearn House’s investors, it is ideal that the land plot is secured at a higher price than Dunearn House’s land bid price at $1,410 psf ppr. This would mean that the new development built on the adjacent land plot will serve as a price catalyst to prop up its benchmark price. On the other hand, if the land was secured at a lower price, it could imply a risk where the developer can price the development at a lower price than Dunearn House.

Key amenities with impact on investment upside – Reputable Primary Schools

Dunearn House is projected to be located within 1km radius of Raffles Girls’ Primary School and Nanyang Primary School. Take this with a pinch of salt, as final confirmation will only be received nearing the project launch date. Aside from that, it is within a 2km radius of Methodist Girls’ Primary School and Singapore Chinese Girls’ School.

This provides added strength to Dunearn House’s location, as parents with kids already enrolled in these schools and not required to be located within 1km radius will still consider Dunearn House as an option.

Primary School within 1km of Dunearn House

Primary School	Approx. Distance from Dunearn House	Oversubscription / Popularity*
Raffles Girls’ Primary School	Within 1 km	Very popular; consistently oversubscribed in P1 registration
Nanyang Primary School	Within 1 km	Very popular; consistently oversubscribed
Methodist Girls’ School (Primary)	Within 2 km	Popular; high demand in most phases
Singapore Chinese Girls’ School (Primary)	Within 2–3 km	Popular; high demand, especially in closer bands

Key amenities with impact on investment upside – Proximity to MRT

Dunearn House is located within walking distance of Sixth Avenue MRT at 500m, a 7-minute walk. It is also located 0.98km, approximately 10 minutes from the Turf City MRT, which is scheduled to open in 2032.

Distance from MRT – Dunearn House

MRT Station	Line	Distance from Dunearn House	Walking Time
Sixth Avenue MRT	Downtown Line (DT7)	0.50 km	7 minutes
Turf City MRT	Cross Island Line (CR14)	0.98 km	10 minutes

Immediate Bukit Timah Neighbourhood – Sixth Avenue, Fifth Avenue, Third Avenue, Namly Crescent

Adopting a slightly broader perspective, Dunearn House is located in the Bukit Timah district, surrounded by the sub-districts of Sixth Avenue, Fifth Avenue, Third Avenue and Namly Crescent.

Referring to the residential property type composition table below, it is key to note that the sub-districts surrounding Dunearn House are mainly high value freehold private condos and landed houses. There is an absence of HDB flats in the area. It is important to highlight this as it has bearing on the type of future buyer flows to expect for Dunearn House. We will dive deeper into this within the future buyer analysis section.

Breakdown of Residential Property Type Composition within Immediate Neighbourhood of Dunearn House

Sub‑district / Cluster	Private Condo / Apartment	Landed Houses	HDB Flats
Sixth Avenue area	Yes	Yes	No
Fifth / Fourth / Third Ave	Yes	Yes	No
Namly (incl. Namly Cres etc.)	No	Yes	No
Vanda (Ave / Cres / Rd)	No	Yes	No
Wilby Road	No	Yes	No
Duchess / Watten area	Yes	Yes	No
Garlick / Old Holland area	Yes	Yes	No
Turf City / Dunearn House	Yes	No	No

Macro View – Queenstown, Bukit Merah, Clementi Neighbouring Districts Surrounding Dunearn House

Now, we take a macro view, zooming out to look into the broader neighbouring districts surrounding Bukit Timah.

Specifically for a development like Dunearn House that is located in a centralised aspirational residential location like Bukit Timah, buyer demand flows often go beyond its immediate neighbourhood and could come from private condo and HDB upgraders from less centralised RCR and OCR districts. The same is applicable to centralised residential locations like River Valley, Holland Village and Queenstown.

Gain Clarity – Side by Side Project Comparison

There are two projects that caught your attention launching in sequence and you are unsure which to commit to. This is where objective fact based evaluation of both project brings clarity to your decision making process.

• Side-by-side pros and cons analysis of 2–3 projects you’re currently considering
• A second opinion on which project offers the best balance of profit potential and downside protection
• A refined shortlist of projects that best suit your investment objective

Drop us a text for a non obligatory Q&A

Future Buyer Demand Analysis

The future buyer demand breakdown visualisation below articulates our thoughts around the 3 main flows of buyer demand that Dunearn House could capture. In the subsections that follow, we will elaborate further on the characteristics of each buyer flow.

Sidenote – when it comes to understanding resale buyer demand, it is important to adopt a part psychology, part science approach to fully appreciate what future exit buyers are looking at.

Buyer Flow #1 – Affluent Parents from Surrounding Private Condo Funding Child to Purchase A Unit Near Home

From experience working with numerous clients on securing units at River Valley new launches and Holland Village new launches like Zyon Grand, River Green, Skye at Holland and Emerald of Katong, we observe a strong concentration of buyers being young working adults getting their first home while receiving financial support from their parents living in the area.

This buyer flow is repeatedly observed in “old wealth” centric areas like Tanjong Katong, Holland Village, River Valley and now Bukit Timah. Directionally, if you have friends with parents living amongst the freehold condo or landed property in the area, you will notice the tendency for their parents to encourage them to purchase their first marital home within newer but more affordable developments in the same area.

Historically, we see a lot of such common tendencies in developments like Reserve Residences and Skye at Holland, and believe we will continue to see it in the resale market for Dunearn House.

Near Term – Buyer Demand Flow Projection – Affluent Parents from Surrounding Private Condo Funding Child to Purchase A Unit Near Home

Distance from Dunearn House	Projects (Examples)	Total Units	Profile	Demand Driver for Dunearn House
0–500 m (immediate vicinity)	Fourth Avenue Residences (126 m), Fifth Avenue Condominium (159 m), Sixth Avenue Centre (221 m), Sixth Avenue Ville (237 m), Second Avenue Junction (307 m), Royalgreen (339 m)	825 units	Sixth Ave MRT core; freehold/long‑lease; high owner‑occupier rate	Very strong: parents want children within walking distance; brand‑new supply scarce here
500–1,000 m (short walk)	The Sixth Avenue Residences (604 m), Casabella (861 m), The Tessarina (867 m), Duchess Residences (915 m), Dynasty Lodge (929 m), Corona Ville (944 m), Duchess Crest (985 m)	2,194 units	Sixth Ave / Duchess / Namly belt; mostly freehold; mature owner base (many 20+ years tenure)	Strong: established wealth; empty‑nester parents funding children to stay in same precinct
1,000–1,500 m (10–15 min walk)	Coronation Grove (1,068 m), The Cascadia (1,104 m), The Nexus (1,186 m), Astrid Meadows (1,242 m), Duchess Royale (1,268 m), Maple Woods (1,321 m), Floridian (1,320 m), The Tresor (1,355 m), Duchess Manor (1,391 m), Watten Hill (1,409 m), The Arcadia (1,430 m), Hillcrest Arcadia (1,432 m), One Duchess (1,440 m)	3,525 units	Bukit Timah / Watten / Duchess outer belt; freehold dominant; high‑income landed neighbours	Moderate–strong: slightly further but same school district / lifestyle cluster; parents funding for “family compound” proximity
Total addressable pool	27 projects tracked	6,544 units	Established, high‑net‑worth owners; many bought in 1980s–2010s and are largely debt‑light	Core demand thesis: generational wealth transfer into new Bukit Timah supply near parents’ homes

Near Term – Buyer Demand Flow Projection – Affluent Parents from Surrounding Landed Property Funding Child to Purchase A Unit Near Home

Key Landed Areas / Streets	Estimated Units*	Profile	Demand Driver for Dunearn House
Sixth Avenue landed cluster, Ming Teck Park, nearby terrace/semi-D estates	~200–250 landed houses	Mix of freehold terrace, semi‑D and select GCBs; long‑tenure owners; high‑net‑worth families	Very strong: ultra‑wealthy parents downsizing or funding children for proximity; children’s starter homes before inheriting landed
Namly estate (Namly Ave, Namly Crescent, Namly Place), Garlick Ave, Coronation Road cluster, Fifth/Fourth Avenue landed pockets	~400–500 landed houses	Predominantly freehold bungalows, semi‑D and terrace; established family estates; many multi‑generational owners	Strong: inter‑generational wealth; parents want children nearby for childcare support and family clustering; condo seen as “interim” before landed inheritance
Vanda Road/Crescent, Wilby Road (GCB area), Duchess area landed, Watten landed belt, Astrid Park, Holland/Bukit Timah Road GCB cluster	~600–800 landed houses	High concentration of freehold GCBs, bungalows and large semi‑Ds; ultra‑high‑net‑worth families; Singapore’s wealthiest residential belt	Moderate–strong: slightly further but same prime school catchment (Nanyang, HCI, MGS, RGS all within 2 km); parents funding children to stay within “family compound” radius
Sixth Ave / Namly / Vanda / Wilby / Duchess / Watten landed corridor	~1,200–1,550 landed houses	Established ultra‑high‑net‑worth owners; many purchased freehold in 1970s–2000s; substantial unrealized capital gains	Core demand thesis: landed families funding children’s first homes in new Bukit Timah condo supply before eventual landed inheritance

Buyer Flow #2 – Private Condo and HDB Upgraders from Neighbouring Districts

The interesting point to note is that the neighbouring districts surrounding Bukit Timah are Clementi, Queenstown, Bukit Merah and Toa Payoh.

From our previous research article on “Characteristics of New Launch Condos That Deliver the Highest Capital Appreciation in the Shortest Time“, we studied the performance of 32 new launch condos and concluded that the top performers that make over $450k in profit over 5 years often come from mature RCR districts like Queenstown (Stirling Residences), Bukit Merah (Artra) and Clementi (Clavon).

We anticipate the second flow of future resale buyer demand to come from private condo and high value HDB upgraders that have made healthy capital gains from these neighbouring districts, looking upwards to upgrade towards the Bukit Timah area.

Near Term – Buyer Demand Flow Projection – HDB Upgraders from Adjacent HDB Estates

District	No. of BTO Units (Recent Launches 2024–2026)	Million‑Dollar HDB Activity*	Avg Private Condo Valuation*
Clementi	753 units (Clementi Emerald, Jul 2025 Prime BTO)	Growing; multiple $1.3M–$1.45M deals since 2024	~$1,600–$2,000 PSF (newer launches higher)
Dover	3,000 total (first project: 1,330 units)	Emerging; Ghim Moh / Dover / Holland 4‑room flats transacting around or above $1M	~S$1,400–S$1,700 PSF (Dover Parkview resale range; newer nearby projects higher)
Queenstown	867 units (May 2022 BTO); additional ~2,000 units launched 2021–2024	Very high; among top estates for $1M+ flats, several above $1.5M	~$2,400–$3,000 PSF (Prime CCR/Fringe pricing)
Bukit Merah	1,669 units (Bukit Merah Ridge, May 2022); 880 units (Berlayar estate debut, Oct 2025)	Highest; leads Singapore for total $1M+ deals, record $1.588M	~$2,200–$2,800 PSF (city‑fringe, near city centre)
Toa Payoh	720 units (Toa Payoh Plus/Prime BTO, Jul 2025); 385 units (May 2022); 1,348 units (Mount Pleasant debut, Oct 2025)	Very high; top estate for $1M+ deals including Bidadari records	~$1,900–$2,400 PSF (mature central HDB/condo mix)

Buyer Flow #3 – Future HDB Upgraders from Emerging Turf City Housing Estate

The last buyer flow comes from future BTO upgraders from the emerging Turf City Housing Estate. We are highlighting this with the lesser intent of emphasising its strength, but more as a heads up to catch this as a bluff, if you were ever to be pitched with upgrader demand from Turf City as an appeal.

From our view, this is a long term development that will only materialise in 2047 onwards, given that these BTOs are scheduled to TOP in 2032 and carry a 10-year minimum occupancy period as they are prime district HDB. This is not a flow that we will want to count on, essentially whenever prime or plus upgrader flows are being considered, the long MOP period is often a huge discount factor.

Disregard – Buyer Demand Flow Projection – Emerging Turf City Housing Estate

Timeline Phase	Turf City HDB Development	Estimated HDB Units
2028–2032 (Early phase)	First Bukit Timah HDB BTO launches (Prime/Plus model likely)	~2,000–3,000 units in first wave
2033–2040 (Mid phase)	Second and third waves of Turf City HDB; estate matures with amenities, Turf City MRT operational (2032)	~6,000–10,000 cumulative HDB units
2040+ (Mature phase)	Full Turf City build‑out nearing completion	15,000–20,000 total homes (mix HDB + private); estimated ~10,000–12,000 HDB units

Current Resale Demand Analysis

In this section, we look into the historical performance of a similar proxy condo type to Dunearn House. Breaking down the historical performances of these “proxy” developments highlights important lessons on the challenges and opportunities currently taking place on the ground.

There are 3 key proxy developments that we have identified. They are all mid-sized Bukit Timah new launches that have recently TOP’d and have been accumulating resale transaction data for 2–4 years. Fourth Avenue Residences is the immediate development that most Dunearn House analysis will reference, given its proximity. The other two developments, Forett@Bukit Timah and The Linq@Beauty World are both located one MRT stop away, around the Beauty World area.

Key Lesson #1 – Not Entering At Overvalued Entry Price is Key In Bukit Timah

We sincerely hope that this is one key takeaway that you will keep top of mind when balloting for a unit in Dunearn House. Entry price is key for a development like this where there are few fundamental flaws to contest with.

Fourth Avenue Residences is a good counter-example that depicts how an above-average entry price, both in psf and purchase quantum can negatively impact resale profit and resale velocity. For every bedroom type, Fourth Avenue Residences profited significantly less than The Linq and Forett at Bukit Timah.

Using 3-bedroom units as an example, Fourth Avenue Residences owners made an average of $346k over a 4.4-year hold, while Forett owners made $486k over a 4.1-year hold and The Linq owners made $459k over a similar 4.1-year hold. This is primarily due to the higher entry price for Fourth Avenue Residences, which was secured at a higher average of $2,345 psf despite launching 2 years earlier in 2022, while Forett 3-bedroom units were secured at a lower average entry price of $1,928 psf and The Linq at $2,143 psf.

The higher entry price creates a downstream affordability issue, as initial owners for Fourth Avenue Residences are required to sell their unit at a higher $2,684 psf to achieve the desired target of $350k-plus profit. This results in both compromised resale profit and resale velocity.

Key Lesson #2 – Generally Healthy Resale Profits in Bukit Timah

Having said that, even with Fourth Avenue Residences’ high entry price challenges, all the proxy resale condos in Bukit Timah generally delivered healthy profits. The holding timeframe is also not too hefty, with an average hold of 4.1 to 4.5 years to achieve decent profits across all unit types. This validates the high resale demand for properties in the Bukit Timah area.

Resale Profitability Breakdown – Fourth Avenue Residences

Bedrooms	Avg Area (sqft)	Avg Annualised (%)	Avg Profit (S$)	Avg Holding period in Years	Avg Purchase Price (S$ psf)	Avg Purchase Quantum	Avg Sale Price (S$ psf)	Avg Sale Quantum
1	487	1.5%	$74,889	4.12	$2,321	$1,129,574	$2,479	$1,204,463
2	713	2.4%	$171,611	4.37	$2,358	$1,684,075	$2,591	$1,855,686
3	1032	3.2%	$346,087	4.48	$2,345	$2,423,359	$2,684	$2,769,446
4	1475	2.0%	$308,000	4.67	$2,408	$3,551,800	$2,617	$3,859,800

Resale Profitability Breakdown – Forett at Bukit Timah

Bedrooms	Avg Area (sqft)	Avg Annualised (%)	Avg Profit (S$)	Avg Holding period in Years	Avg Purchase Price (S$ psf)	Avg Purchase Quantum	Avg Sale Price (S$ psf)	Avg Sale Quantum
1	498	2.3%	$108,611	4.12	$2,027	$1,009,123	$2,234	$1,117,734
2	716	4.2%	$253,542	4.11	$1,972	$1,409,034	$2,328	$1,662,576
3	1001	5.7%	$486,306	4.17	$1,928	$1,929,983	$2,416	$2,416,289
4	1475	5.9%	$663,000	3.99	$1,779	$2,613,721	$2,236	$3,276,721

Resale Profitability Breakdown – The Linq

Bedrooms	Avg Area (sqft)	Avg Annualised (%)	Avg Profit (S$)	Avg Holding period in Years	Avg Purchase Price (S$ psf)	Avg Purchase Quantum	Avg Sale Price (S$ psf)	Avg Sale Quantum
1	431	6.6%	$243,000	3.47	$2,325	$1,002,075	$2,890	$1,245,374
2	610	6.8%	$368,778	3.94	$2,167	$1,321,103	$2,774	$1,689,858
3	820	5.7%	$459,286	4.19	$2,143	$1,755,950	$2,699	$2,215,457

Key Lesson #3 – Slower Resale Velocity in the Bukit Timah Area

On a lesser note, we observed that resale transactions are generally fewer and slower in the Bukit Timah area. This is potentially attributed to the more demanding resale purchase quantum that appeals only to a selected higher income segment of the upgrader market.

A point to note, therefore, is that the resale timeframe for a unit in Dunearn House would need to be managed towards a slightly longer 6 to 7-year window, as compared to higher velocity areas like Queenstown – which we validated when analysing the investment opportunity for Penrith, a 2025 new launch.

What Is the Right Unit Type to Buy in Dunearn House?

The answer to this question varies significantly depending on your budget, holding period, financing profile, and whether you are buying for investment, own-stay, or both. Dunearn House’s unit mix spans compact 2-bedroom layouts from 527 sqft through to 4-bedroom premium units at 1,378 sqft. The investment case differs materially across that range, particularly in a belt where owner-occupier demand dynamics shape resale vibe and exit liquidity.

We cover the unit-type entry price analysis in detail as part of our one-on-one advisory. Drop us a message if you would like a guided breakdown of which unit type and entry price band makes the most sense for your specific situation.

Will Dunearn House 99 Year Leasehold Status Be A Concern For Resale Demand In A Freehold Domainated Area Like Bukit Timah ?

Freehold Has Historically Outperformed in This Belt

Freehold projects in the Bukit Timah and Sixth Avenue catchment have, on the whole, performed well. Tessarina at 4.7% annualised, Villa Azura at 4.7%, Sixth Avenue Ville at 4.2%, and The Sixth Avenue Residences at 4.2% represent a genuine track record of sustained capital appreciation across long holding periods.

The more precise question for a Dunearn House buyer is not what older freehold has delivered over 20 years. It is whether Dunearn House, at its indicative launch PSF, can generate meaningful returns against the projects it will actually compete with in resale.

Table 1: Annualised Capital Gain – Key Comparables, Bukit Timah / Sixth Avenue

Project	Tenure	TOP	PSF Range (Resale)	Annualised Capital Gain
Royalgreen	FH	2021	$2,594–$2,980	0.7% p.a.
Duchess Residences	FH	2011	$1,653–$2,399	1.8% p.a.
Fifth Avenue Condo	FH	1998	$1,973–$2,303	3.5% p.a.
Sixth Avenue Ville	FH	1999	$1,999–$2,268	4.2% p.a.
The Sixth Avenue Residences	FH	2009	$1,612–$2,360	4.2% p.a.
Villa Azura	FH	1999	$1,671–$1,702	4.7% p.a.
Tessarina	FH	2003	$1,634–$2,550	4.7% p.a.
Mayfair Gardens	99yr LH	2024	$1,812–$2,330	1.8% p.a.
Fourth Avenue Residences	99yr LH	2023	$2,128–$2,851	1.6% p.a.
Mayfair Modern	99yr LH	2024	$1,954–$2,490	2.4% p.a.
Duchess Crest	99yr LH	1998	$1,586–$2,020	3.8% p.a.
Dunearn House	99yr LH	Est. 2030	$3,300–$3,400 (indicative launch)	–

Source: Data analysis of transaction records, Bukit Timah / Sixth Avenue catchment, July 2026.

Dunearn House Is Setting a New Price Benchmark

All projects in this table predate June 2023 and were transacted under pre-GFA harmonisation measurement rules, which included non-liveable spaces in strata area. Dunearn House is measured only on usable floor space. The table below applies a 7% normalisation adjustment to pre-harmonisation resale PSF figures to produce a like-for-like comparison.

Table 2: GFA-Normalised PSF Comparison – Dunearn House vs Bukit Timah / Sixth Avenue Comparables

Project	Tenure	TOP	Reported Resale PSF	GFA-Adjusted PSF	Gap vs Dunearn House
Dunearn House	99yr LH	Est. 2030	$3,300–$3,400 (launch)	$3,350	–
Royalgreen	FH	2021	$2,594–$2,980	$2,982	+12.3%
Fourth Avenue Residences	99yr LH	2023	$2,128–$2,851	$2,664	+25.7%
Mayfair Modern	99yr LH	2024	$1,954–$2,490	$2,378	+40.9%
Tessarina	FH	2003	$1,634–$2,550	$2,238	+49.7%
Mayfair Gardens	99yr LH	2024	$1,812–$2,330	$2,216	+51.2%
The Sixth Avenue Residences	FH	2009	$1,612–$2,360	$2,125	+57.6%
Duchess Crest	99yr LH	1998	$1,586–$2,020	$1,929	+73.7%

Pre-harmonisation resale PSF adjusted upward by 7% for like-for-like comparison with Dunearn House’s post-harmonisation launch PSF.

Dunearn House is the first new private residential project in the Turf City precinct in over three decades, and it is priced accordingly. The investment question is therefore precise: can Dunearn House sustain a resale PSF, at the point of exit, that generates a meaningful return above its $3,300–$3,400 launch price?

That is the thesis that needs to hold, and buyers should enter with that framing intact rather than anchoring against the resale PSF of projects that predate both GFA harmonisation and the Turf City development mandate.

The Neighbouring Plot Confirms the Price Direction Is Upward, Not Downward

A common concern when a new precinct opens for development is whether subsequent land releases will undercut earlier buyers through lower-priced competing launches.

In Dunearn House’s case, that scenario has already been ruled out by a confirmed transaction. The adjacent Dunearn Road Plot 2 was secured by Wing Tai and Metro Holdings in May 2026 at $1,625 psf ppr, 15.2% above Dunearn House’s own land cost of $1,410 psf ppr.

A developer who acquires land at that price cannot launch below Dunearn House’s pricing and remain commercially viable. The next new launch in this precinct will, by structural necessity, set a higher benchmark than the one Dunearn House establishes.

This matters for resale. Dunearn House buyers are not facing the typical risk of a cheaper competing project arriving next door and suppressing their resale value. They are facing the opposite: a higher-priced neighbour entering the market within two to three years of Dunearn House’s own TOP, which lifts the pricing reference point against which Dunearn House resale units will be benchmarked at exit.

The Leasehold Objection in This Belt Has a Dimension That Data Does Not Capture

Bukit Timah’s incumbent buyer profile is old-wealth. The reference frame for property ownership in this community is freehold GCBs, freehold legacy condos, and the social identity attached to permanent land titles.

For this cohort, a 99-year leasehold in the CCR is not purely a financial consideration. It carries social weight that shapes purchasing decisions within families and peer groups. That resistance is real and forms part of the demand constraint any future Dunearn House resale seller will navigate.

New Affluence Buyers Apply a Different Framework

On the flip side of the arguement, the generation now moving through the affluent upgrader cycle applies a different perspective. Buyers optimising for school proximity, MRT access, and entry quantum treat tenure as one variable among several rather than a non-negotiable freehold filter. For this cohort, total outlay and total return govern the decision.

Dunearn House’s new launch proposition is structurally suited to this buyer. Units are compact relative to their pre-harmonisation freehold counterparts in the same catchment, which translates to a comparable or lower total quantum despite a higher PSF.

A freehold resale unit at lower PSF, once renovation costs of $150,000–$200,000 are factored in, closes the effective price gap considerably. Dunearn House is delivered move-in ready, which removes that outlay entirely. For buyers who price on total acquisition cost rather than headline PSF, the differential between a leasehold new launch and a freehold resale in this belt is materially smaller than Table 2 implies.

The freehold versus leasehold question in Bukit Timah is therefore not resolving uniformly in either direction. Old-wealth buyers will continue to anchor on tenure. New affluence buyers will anchor on quantum, functionality, and location fundamentals. Dunearn House is priced for the latter, and its resale success will depend on how quickly that buyer profile grows as the dominant force in this precinct.

Land Bid Price Analysis

Land bid price analysis reveals two important pieces of information. First, the number of bidders for a piece of land reflects institutional interest in a particular location. Typically, developers conduct extensive due diligence before placing a bid, making this a useful indicator of the upside potential for a location.

This pattern can be observed in the high number of bids for Penrith, for Skye at Holland and for Vela Bay, and contrasted against the low number of single bids made for media circle land plots and dairy farm land plots like Narra Residences.

In Dunearn House’s case, the number of bids sits on the high, positive side. There are a total of 9 bids submitted, This again validates our initial analysis that there is significant upside potential to this location.

Final Land Bid Price and No of Bidders For Dunearn Road GLS

Ranking	Name of Tenderer	Tendered Sale Price ($)	Tendered Sale Price in $PSM of GFA	Tender bid price (psf ppr)
1	CSC Land Group (Singapore) Pte. Ltd., Sekisui House, Ltd., and Frasers Property Phoenix II Pte. Ltd.	491,454,208.00	15,177.24	1,410
2	CDL Divine Pte. Ltd.	474,028,000.00	14,639.08	1,360
3	Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd	463,150,000.00	14,303.14	1,330
4	United Venture Development (2022) Pte. Ltd.	453,399,899.00	14,002.04	1,300
5	Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd.	446,142,828.00	13,777.92	1,280
6	Coli (Singapore) Pte. Ltd.	436,100,000.00	13,467.77	1,250
7	SL Capital (9) Pte Ltd	404,888,000.00	12,503.88	1,160
8	Kingsford Huray Development Pte Ltd	384,100,000.00	11,861.89	1,100
9	Wee Hur Development Pte Ltd	330,839,000.00	10,217.07	950

Land Bid Price Comparison vs Other CCR and RCR Land Plots

On the downside, the Dunearn Road GLS land site does not come cheap. At the final land bid price of $1,410 psf ppr, it falls within the higher end when compared against other recently tendered CCR and RCR land plots.

As we emphasised earlier in the resale demand analysis section, the Dunearn House investment thesis is shaping out to be an entry price and valuation game, and less of a location or development attribute analysis game. Coincidentally, we see the same setup in 2026 new launch Thomson Reserve and Vela Bay.

Land Bid Price Comparison CCR and RCR land plots

GLS Site	Region	Location	Tender Status	Final Land Bid Price (psf ppr)
Vela Bay (Bayshore Road site)	OCR	Next to Bayshore MRT (Thomson-East Coast Line), East Coast waterfront precinct	Closed Mar 2025	S$1,388 psf ppr
Skye at Holland (Holland Drive site)	CCR	Adjacent to Holland Village MRT (Circle Line), near Holland Village commercial hub	Closed May 2024	S$1,285 psf ppr
Dorset Road site	RCR	Next to Farrer Park MRT (North-East Line), within 1 km of city fringe schools	Closed Oct 2025	S$1,338 psf ppr
River Modern (River Valley Green Parcel B)	CCR	Next to Great World MRT (Thomson-East Coast Line), direct Singapore River frontage	Closed Feb 2025	S$1,420 psf ppr
Dunearn Road site (Dunearn House)	CCR	0.5 km to Sixth Avenue MRT (Downtown Line), ~1 km to future Turf City MRT (Cross Island Line)	Closed Jun 2025	S$1,410 psf ppr

Launch Price Estimates – Dunearn House

With the land bid price established, we will work on estimating the projected launch price for Dunearn House. Working towards a breakeven price of $2,558 psf and projecting for a margin range between 5% to 20%, we are expecting the launch price to fall between $2,686 psf and $3,070 psf.

Estimated Launch Price

Component	Value
Final Land Bid Price (S$psf ppr)	1,410
Land (S$m)	491.5
Construction (S$m)	190
Land Financing (S$m)	77
Professional / Legal / Taxes (S$m)	82
Marketing / Others (S$m)	51
Est. Total Cost (S$m)	891.4
Est. Breakeven (S$psf ppr)	2,558

Margin	Estimated Launch Price (S$ psf)
5% Margin	2,686
10% Margin	2,814
15% Margin	2,942
20% Margin	3,070

Estimated Launch Price Comparison Against Other 2026 New Launches

To put things into perspective, Dunearn House is priced at comparable levels to River Modern and Vela Bay.

Dunearn House Estimated Launch Price Comparison vs Comparable 2026 New Launch

Project	Region	Final Land Bid (S$ psf ppr)	Est. Breakeven (S$ psf ppr)	Launch Price Range (S$ psf)
Dunearn House	CCR	1,410	2,558	2,686 – 3,070
Vela Bay	OCR	1,388	2,550	2,700 – 2,800
River Modern	CCR	1,420	2,570	2,877 – 3,266

Developer’s Starting From Price

The development is expected to launch within the $3,300–$3,400 psf band. At the midpoint of $3,350 psf, this positions Dunearn House above the breakeven estimates modelled earlier in this article and reflects a developer margin consistent with comparable CCR launches in 2025 and 2026.

The starting prices listed in the matrix represent the most competitively priced units within each type – typically lower floors on less sought-after stacks. Buyers targeting specific facings, higher floors, or corner units should plan for quantum at the upper end of the indicated range.

How the Price Matrix Reads Across Unit Types

Dunearn House Indicative Price Matrix – Launch Quantum by Unit Type

Unit Type	Bedrooms	Size (sqft)	Starting Price	Quantum at $3,300 psf	Quantum at $3,400 psf
B1/B1a	2BR compact	527	–	$1,739,100	$1,791,800
P1/a/BP2	2BR	614	–	$2,026,200	$2,087,600
BS1	2BR + Study	657	$1,971,000	$2,168,100	$2,233,800
BS2	2BR + Study	667	$2,001,000	$2,201,100	$2,267,800
BS3	2BR + Study	678	$2,034,000	$2,237,400	$2,305,200
C1	3BR	872	$2,616,000	$2,877,600	$2,964,800
C2	3BR	936	$2,808,000	$3,088,800	$3,182,400
CS1	3BR + Study	947	$2,841,000	$3,125,100	$3,219,800
CS2	3BR + Study	969	$2,907,000	$3,197,700	$3,294,600
CP1	3BR Premium	1,001	$3,003,000	$3,303,300	$3,403,400
D1/D2	4BR	1,184	$3,552,000	$3,907,200	$4,025,600
DP2	4BR Premium	1,313	$3,939,000	$4,332,900	$4,464,200
DPS1	4BR Premium + Study	1,378	$4,134,000	$4,547,400	$4,685,200

Price matrix is indicative only and subject to change at official launch. $3,300–$3,400 psf columns represent the expected launch PSF range based on our analysis at point of writing. Starting price reflects entry-level stack and floor pricing per unit type. We will update this section to reflect official pricing upon launch.

The Entry Quantum by Bedroom Type – What You Are Actually Committing To

At the expected launch PSF range, the entry quantum by bedroom type is as follows. Two-bedroom compact units at 527 sqft enter from approximately $1.74M. Two-bedroom and two-bedroom with study configurations spanning 614–678 sqft enter from approximately $2.0M to $2.3M.

Three-bedroom units across standard and study configurations spanning 872–969 sqft enter from approximately $2.6M to $3.3M. The three-bedroom premium at 1,001 sqft crosses the $3.0M threshold at starting price, ranging to $3.4M at the upper PSF band. Four-bedroom units begin at $3.55M at starting price, with the premium and premium-plus-study configurations ranging from $3.9M to $4.7M across the launch PSF band.

Competitor Analysis and Supply Side Considerations

We will use this section to plot out the competitive landscape that Dunearn House faces in Bukit Timah. To set the context, different new launches face different competitive challenges — for OCR new launches like Pinery Residences and Tengah Grand Residences, both faced threats from equally new but more affordable EC launches. What we like about CCR new launches is that competition tends to be a lot less intensive, with a lot of opportunities and void in new era buyer demand to be exploited.

In Bukit Timah, the bulk of the competition that Dunearn House faces are smaller scaled, older freehold condos. While these are respectable quality assets, they are built in the older pre-GFA harmonisation era, whereby units are built with larger floor plates and less efficient layouts, leading to a higher overall purchase quantum. The newer era CCR developments are built specifically to exploit this weakness — they are built with smaller floorplates, optimised for layout efficiency, and sized towards an affordable quantum.

Hence, the Pareto 80/20 principle is applicable for Dunearn House. Only 20% of the competition in Bukit Timah is truly threatening to Dunearn House. The other freehold condos occupy a different positioning, targeting a different segment of buyers.

Proportion of Freehold vs Leasehold in Bukit Timah Area

Tenure Type	Share
Freehold/999-year	43 (67.2%)
Leasehold (99-year+)	21 (32.8%)

Proportion of Older vs Young Condo Development

Age Group	Share
Old (TOP before 2020)	51 (79.7%)
Young (TOP 2020+)	13 (20.3%)

Proportion of Small vs Mid Sized Development

Development Size	Share
Small (<300 units)	51 (79.7%)
Mid–Large (300+ units)	13 (20.3%)

Closest Competitor to Dunearn House – Reserve Residences

The closest competitor that will take centre stage amongst resale buyer consideration is Reserve Residences. The mega 732-unit integrated development, directly connected to Beauty World MRT, that will TOP in 2028. This is the blockbuster development that resale buyers will benchmark against in Bukit Timah, and in our view, the key benchmark that Dunearn House will be pitting against in the resale market.

Given that Reserve Residences will TOP first in 2028 and Dunearn House will TOP in 2030, it is important to shape your entry price in Dunearn House such that your future selling price ideally falls below and stays close to the projected resale selling price of Reserve Residences. To save you the due diligence, we have tabled the projected sale price and sale quantum below for each Reserve Residences bedroom type.

Reserve Residences Projected Selling Price as Entry Price Ceiling

Bedrooms	Average Size (sqft)	Average Price ($psf)	Average Purchase Quantum ($)	Projected Target Profit	Project Target Sale Quantum	Projected Target Sale Psf (Pre Harmonized)	Projected Target Sale Psf (Rebased 10% higher for Post Harmonised psf)
1	457	2,585	1,180,030	200,000	1,380,030	3,021	3,323
2	670	2,519	1,690,446	250,000	1,940,446	2,895	3,184
3	1135	2,438	2,770,252	350,000	3,120,252	2,748	3,023
4	1604	2,450	3,935,826	400,000	4,335,826	2,703	2,974
5	2322	2,744	6,368,638	500,000	6,868,638	2,959	3,255

How Does the Second Dunearn Road GLS Affect Your Investment in Dunearn House?

The award of the adjacent Dunearn Road GLS site to Wing Tai and Metro Holdings in May 2026 is the single most material development for Dunearn House buyers since the project’s own land award in July 2025. It carries two distinct implications that cut in opposite directions – one positive for pricing trajectory, one that requires careful consideration for exit planning.

Table: Dunearn Road GLS Sites – Side by Side

	Dunearn House (Plot 1)	Plot 2 (Wing Tai / Metro)
GLS Award Date	3 Jul 2025	4 May 2026
Land Cost (psf ppr)	$1,410	$1,625
Premium Over Plot 1	–	+15.2%
Estimated Units	380	~330 + retail podium
Estimated Launch	2H 2026	Est. 2H 2027
Estimated TOP	~2030	~2032

Source: URA GLS data, EdgeProp, ERA. Plot 2 launch and TOP are indicative estimates at point of writing.

The Adjacent Plot Was Secured at $1,625 psf ppr – 15.2% Above Dunearn House

Wing Tai and Metro Holdings acquired Dunearn Road Plot 2 at $1,625 psf ppr, a 15.2% premium above the $1,410 psf ppr Dunearn House’s developers paid less than a year earlier. That differential is significant for one structural reason: a developer who acquires land at $1,625 psf ppr cannot launch below Dunearn House’s pricing and remain commercially viable.

The next new launch in this precinct will, by necessity, enter the market at a higher PSF than Dunearn House. That confirms the pricing direction for the precinct is upward, and it gives Dunearn House’s own resale market a higher benchmark to be measured against when buyers eventually come to sell.

This is the same dynamic that has played out in other first-mover transformation precincts across Singapore. The first project sets the price. The second project, built on more expensive land, validates and lifts it. Dunearn House buyers who entered at $3,300–$3,400 psf will have Plot 2’s launch pricing as a forward reference point for their own resale quantum – and that reference point will be higher.

Plot 2 Launches Approximately One Year After Dunearn House TOPs – Compressing the Early Exit Window

The timing of Plot 2’s entry into the market is where buyers need to think carefully. Dunearn House is expected to TOP around 2030. Plot 2, having been awarded in May 2026 and expected to launch in 2H 2027, is projected to TOP around 2032 – broadly coinciding with the Cross Island Line Turf City MRT opening.

A Dunearn House buyer targeting a four-year exit, selling around 2030 or 2031, will be doing so at a point when Plot 2 is either in active launch or pre-launch marketing phase, presenting prospective buyers with the option of a newer project at a higher but comparable quantum.

That is a meaningful resale constraint. Buyers considering Dunearn House resale at TOP will be competing not just against existing resale stock in the broader Bukit Timah catchment, but against an actively marketed new launch next door. New launches carry the draw of deferred payment, developer warranty, and fresh lease tenure – factors that tilt buyer preference away from resale in a side-by-side comparison, particularly when the quantum differential is not substantial.

How to Position Your Exit Around the Plot 2 Launch Cycle

The practical implication of Plot 2’s timeline is that the four-year exit window from Dunearn House is the most constrained, for reasons that compound each other. The MRT has not yet opened. The Green Corridor completion remains uncertain. And a fresher competing project is in active marketing. Holding through Plot 2’s own TOP, targeting an exit in the 2033 to 2036 window, places a Dunearn House seller in a materially better position.

By that point, Plot 2 has completed and entered its own resale cycle, the Turf City MRT is operational, and Dunearn House’s first-mover positioning can be presented to buyers as an established address within a precinct that has begun to deliver on its transformation promises rather than one that is still under construction around it.

Plot 2’s arrival is not a reason to avoid Dunearn House. It is a reason to be precise about holding period. Buyers who plan for an eight to ten year exit are working with the transformation timeline rather than against it. Buyers targeting a shorter window should factor the Plot 2 competitive dynamic explicitly into their exit assumptions.

How Does Dunearn House’s Price Compare to OCR and RCR New Launches in 2026?

The Price Gap Between CCR and OCR in 2019 Made D10 Entry Difficult to Justify

When Fourth Avenue Residences launched in 2019 at approximately $2,400 psf, the OCR market was absorbing Treasure at Tampines at $1,280 psf. The gap between CCR and OCR new launches at that point was close to 88%.

For an investor weighing the two, the OCR offering was categorically better value – lower quantum, stronger rental yield, and a buyer pool large enough to sustain resale demand. Entering a CCR new launch at a premium that wide left little room for meaningful capital appreciation relative to what a well-priced OCR project could deliver. Fourth Avenue Residences’ subsequent resale performance, at 1.6% annualised, reflects exactly that constraint.

Table 1: CCR vs OCR Price Gap – 2019

Project	Region	District	Launch PSF	Gap
Fourth Avenue Residences	CCR	D10	$2,400	–
Treasure at Tampines	OCR	D18	$1,280	88% below CCR

Source: EdgeProp, PropertyGuru. Fourth Avenue Residences average launch PSF 2019. Treasure at Tampines average launch PSF March 2019.

The Same Gap in 2026 Tells a Materially Different Story

The structural relationship between CCR and OCR pricing has shifted considerably. Two OCR new launches in 2026 provide a verified reference point. Pinery Residences, an integrated mixed-use development in Tampines West with direct MRT connectivity, launched in March 2026 at an average of $2,546 psf. Vela Bay, the first private residential project in the new Bayshore precinct with doorstep MRT access and sea-facing positioning, launched in April 2026 at an average of $2,886 psf. Against Dunearn House’s indicative launch PSF of $3,300–$3,400, the gap to OCR has compressed to between 16% and 32%.

Table 2: CCR vs OCR Price Gap – 2026 Verified Launch Data

Project	Region	District	Launch PSF	Gap vs Dunearn House
Dunearn House	CCR	D10	$3,300–$3,400 (indicative)	–
Vela Bay	OCR	D16	$2,886 (actual avg, Apr 2026)	16.1%
Pinery Residences	OCR	D18	$2,546 (actual avg, Mar 2026)	31.6%

Dunearn House PSF is indicative at point of writing. Vela Bay and Pinery Residences PSF are confirmed average launch prices per developer announcements.

What the Compressed Gap Means for the Investment Case

A buyer entering Dunearn House at $3,350 psf is paying a premium over Vela Bay of approximately $464 psf. That is the cost of a CCR address, confirmed school belt access, an existing MRT station, and a second MRT line arriving in 2032. Whether that premium is recoverable at exit depends on how the resale market prices those attributes, but the gap itself is no longer in the territory where it structurally prevents profitability.

The Vela Bay comparison is particularly instructive. At $2,886 psf, Vela Bay is an OCR project priced at a level that would have been considered RCR territory not long ago. OCR pricing has moved up significantly across the board, and that upward movement has done much of the work in compressing the CCR-OCR differential. Dunearn House is not cheaper than it was – it is entering at a price point where the broader market has risen to meet it.

The entry price discipline point from earlier sections remains relevant. A 16–32% premium over verified OCR comparables is manageable but not wide. There is no substantial buffer for mispricing at the unit or stack level. Buyers should enter with a clear view of which specific units represent the most defensible quantum within Dunearn House’s price matrix, rather than treating the project-level PSF as uniformly investable across all unit types.

District Transformation Plan and Future GLS Development

We remain neutral towards this upcoming transformation. Unlike the transformation going on in Tengah, which substantially increased the fundamental value of the location through the relocation of ACS Primary and the building of non-prime and non-plus BTOs. We do not see substantial upside being added to the already strong Bukit Timah location.

What is to be looked forward to is the tender of future private residential GLS land plots in the area, which have the potential to prop up the valuation of Dunearn House.

What Does the Turf City Transformation Actually Mean for Your Exit Timeline?

The Turf City transformation is a legitimate long-term urban development story. Our position is that it is also one that requires careful disaggregation – not every element of the masterplan carries the same weight of commitment, and a buyer’s holding period should be calibrated against what is actually confirmed rather than what is projected on a slide.

What Is Confirmed and What Is Still Uncertain

The Turf City transformation narrative is often presented as a single unified story. In practice, it is a collection of infrastructure and amenity commitments sitting at very different levels of certainty. The table below separates what has been formally committed from what remains indicative.

Table 1: Turf City Transformation – Confirmed vs Uncertain

Milestone	Expected Year	Status	Basis
Dunearn House sales launch	2H 2026	Confirmed	Developer-stated
Bukit Timah Canal drainage works completion	2026	Confirmed	Parliamentary Q&A
Green Corridor Phase 1 completion	2027	Uncertain – timeline revised from 2022, then 2025	NParks
Dunearn Road Plot 2 (Wing Tai/Metro) launch	Est. 2H 2027	Indicative	ERA, PropNex
Turf City MRT, CR14, Cross Island Line Phase 2	2032	Confirmed – under active construction	LTA official
King Albert Park DTL/CRL interchange, CR15	2032	Confirmed – same CRL Phase 2 milestone	LTA official
First HDB flats in Bukit Timah	Early 2030s	Indicative	URA commentary
Remaining residential GLS plots released	2030s onwards	Indicative	URA DMP2025
Turf City estate substantially complete	2040s	Long-range indicative	Multiple

The Cross Island Line Turf City Station – Infrastructure With a Construction Contract Behind It

The single most consequential confirmed element of the Turf City transformation is the Cross Island Line’s Turf City station, designated CR14. The Land Transport Authority awarded a civil contract of S$530 million for this station in May 2024. Construction commenced in Q3 2024, with a formal groundbreaking in July 2025. The 2032 target completion date for Cross Island Line Phase 2 carries the same institutional commitment as every other LTA delivery milestone in Singapore’s rail development history.

For Dunearn House, this matters for two reasons. First, Sixth Avenue MRT on the Downtown Line already provides day-one connectivity. The Turf City MRT adds a second line within walking distance of approximately seven minutes, a meaningful infrastructure upgrade that has historically repriced catchment values at comparable stations across the network. Second, the King Albert Park station at CR15, one stop from Turf City on the Cross Island Line, will become a Downtown Line and Cross Island Line interchange at the same 2032 milestone. That node upgrade extends the connectivity premium of the entire belt, not just the immediate Turf City site.

We hold a cautiously positive view on the MRT component of the transformation story. It is the one element where the commitment is concrete, the construction is underway, and the timeline is anchored to a government infrastructure programme with a track record of delivery.

Why Your Holding Period Determines Whether the Transformation Thesis Works for You

The Turf City transformation thesis is not uniformly applicable across all holding periods. Its validity as an investment argument depends almost entirely on when a buyer intends to exit.

Table 2: Holding Period Framework – What Turf City Looks Like at Exit

Exit Window	Est. Year	Turf City MRT	Green Corridor	Plot 2 Status	Investment Implication
4-year exit	~2030	2 years from opening	Outcome uncertain	Actively marketing	MRT uplift not yet priced in. Resale competes against a freshly launched higher-priced neighbour. Weakest exit window for the transformation thesis.
8–10 year exit	~2034–2036	Open and operational	Likely complete	In resale cycle	First window where confirmed infrastructure is visible and priced in by the market. Most defensible exit window.
15-year exit	~2045	Fully operational	Complete	Multiple subsequent GLS launches in market	Full thesis plays out. Lease decay begins to narrow the eligible financing buyer pool at this horizon.

A four-year exit from Dunearn House – roughly at TOP in 2030 – places a seller in the market at a point where the Turf City MRT is still two years from opening, the transformation precinct remains largely a construction site, and the Wing Tai Plot 2 project will be in active launch or pre-launch marketing. Selling into that environment means competing against a newer, higher-priced neighbour while the transformation story has not yet delivered its most tangible catalyst.

An eight to ten year exit, targeting the 2034 to 2036 window, is where the investment thesis becomes most supportable. The MRT is open, the estate has one full cycle of maturation behind it, and Dunearn House’s position as the first-mover in the precinct can be presented to resale buyers against a backdrop of confirmed infrastructure rather than a promised one.

A fifteen-year hold captures the fullest expression of the transformation but introduces a different constraint. At that horizon, the remaining lease tenure begins to affect the pool of eligible buyers through CPF usage restrictions and financing limitations that apply to older 99-year leasehold properties. That is not a disqualifying factor, but it is one that should be part of the holding period calculus for buyers entering today.

Our view is that the transformation thesis for Dunearn House is real, anchored by a confirmed MRT completion in 2032, and best matched to a holding period of eight to ten years. Buyers targeting a shorter exit should calibrate their expectations accordingly, and buyers planning a longer hold should factor lease tenure considerations into their long-term resale assumptions.

Dunearn House Entry Price Analysis

Given that the bulk of the investment puzzle for Dunearn House falls into the valuation and entry price analysis game and that entry price analysis varies greatly in accordance with personal budget and unit type. We reckon there is a need to take this on in a mini info series, conducted over WhatsApp.

Within the series we will cover the following topics:

1. Establish price ceiling using 2026 new launches as proxy
2. Establish price support using Bukit Timah resale development as proxy
3. Establish key entry price guide for target unit type
4. Highlight key risk and upside to be noted

Drop us a text if you would like to reserve a slot for the info series.

Strength and Weakness Summary — Dunearn House Investment Case

Strength

• Aspirational centralised residential CCR location, capturing the flow of affluent upgraders from within Bukit Timah and from neighbouring HDB districts
• Distinct competitive position amongst older and smaller scaled freehold condo developments in the area that are less optimised for affordability and layout efficiency
• Limited future mid-sized modern 99-year new launch stock in the area
• Proximity to multiple highly sought-after primary schools
• Proximity to MRT stations addresses the concern of rentability, where rental income pays the monthly mortgage while awaiting capital gain
• Rides on the tailwind of the Turf City transformation narrative

Weakness

• Strong competition from Reserve Residences located next to Beauty World MRT
• Affordability challenge — given the prime location, the land was secured at the higher end of the price spectrum, which could lead to a consequentially high launch price

Looking to purchase a unit in the new launch as a second property ?

Check out the following article for more insights on how to avoid ABSD

• Decoupling Property Singapore – The Complete Guide
• How to buy a second property in Singapore without ABSD ?

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