Price Guide · District 11 CCR
Dunearn House price guide 2026: land cost math, expected PSF and what it buys
By Winfred Quek, Associate Marketing Consultant · CEA R073319H · Crestbrick Pte Ltd (L31010886H) · Published 3 July 2026
All PSF and quantum figures are analyst estimates pending official launch · Sources: URA GLS records, cos.sg, CBRE, SRI, stackedhomes.com, era.com.sg
When a developer wins a GLS tender, you can trace the logic all the way from the land bid to a reasonable estimate of the launch price. You will not get the exact number, but you can bracket it. That is what this guide does for Dunearn House. It starts with the public land cost, works through the construction and margin components that analysts apply, arrives at a defensible range, and then shows you what that range means in dollar terms for each unit type. Treat every figure as a projection until the developer releases the official price list.
The land cost: what the GLS bid tells you
The GLS tender for the Dunearn Road site closed on 26 June 2025 and attracted nine bids, the highest CCR GLS participation since May 2018. Phoenix Dunearn Pte Ltd won at S$491,454,208, equating to S$1,410.01 psf ppr (S$15,177.24 per sqm GFA). CDL was second; the winning bid was only 3.7% above the second-place offer. The tight cluster among the top five bidders, documented by COS.sg, confirms this was not a single developer overpaying to win. Multiple institutional players underwrote similar values for the site.
The raw land cost translates to approximately S$1.29M per residential unit before a single dollar of construction, financing or marketing cost. COS.sg notes that at an analyst-projected launch of S$2,900 psf, land accounts for approximately 48.6% of the launch price. That ratio matters: it means the developer’s ability to price lower than S$2,900 psf is genuinely limited. Lower pricing estimates are economically unviable at this land cost, which is why the pre-GLS figures of S$2,500–S$2,800 psf have been superseded by post-award analysis.
| Cost component | Amount | Notes |
|---|---|---|
| Total land bid | S$491,454,208 | URA GLS record, awarded 3 July 2025 |
| Land cost per sqm GFA | S$15,177 | S$1,410.01 psf ppr |
| Land cost per unit (approx) | S$1.29M | 380 units; pre-construction |
| Construction cost (RLB benchmark) | S$3,590–S$6,210 per sqm CFA | CCR residential, 2025 range |
| Estimated breakeven PSF | ~S$2,558 | Analyst estimate (COS.sg, decouplingexpertise.sg) |
| Analyst launch PSF consensus | S$2,900–S$3,100 | CBRE: S$2,900–S$3,000; SRI: S$2,910–S$3,100 |
| Land as % of S$2,900 psf launch | ~48.6% | COS.sg analysis |
All analyst estimates. Official launch price not yet released.
From breakeven to launch PSF: the developer margin
Developers in Singapore typically target a gross margin of 15–20% above breakeven on CCR projects. Applying a 13.4% margin to the estimated S$2,558 psf breakeven lands at S$2,900 psf; a 21% margin lands at S$3,096 psf. That arithmetic brackets the S$2,900–S$3,100 range that CBRE and SRI have independently published. COS.sg adds a useful frame: land at S$1,410 psf ppr provides scope for the developer to position the project as premium without carrying the burden of being the highest land-cost CCR site ever launched. That flexibility is real, but it does not mean a bargain launch is coming. The math does not allow it.
For context on how Singapore’s progressive payment scheme affects your actual cash outflow from booking day to VP, see the progressive payment scheme guide for new launches. And for a grounding on current mortgage rates, which affect your holding cost from day one, see bank mortgage rates in Singapore 2026.
What the adjacent Plot 2 means as a price anchor
The second GLS site on Dunearn Road (Plot 2) was awarded on 4 May 2026 to the Winrich Investment and Metrobilt Construction joint venture at S$533M, equating to S$1,625 psf ppr. That is a 15.2% premium above Dunearn House’s land cost. The expected yield is approximately 330 units and the projected launch is 2H 2027. Analysts project Plot 2 will launch at approximately S$3,200–S$3,300 psf.
This matters for Dunearn House buyers in two ways. First, it sets a forward price benchmark. If the same masterplan tailwinds that justify Dunearn House at S$2,900–S$3,100 psf also justify Plot 2 at S$3,200–S$3,300 psf, the first-mover entry discount is S$100–S$400 psf. On a 3-bedroom unit (870 sqft), that translates to approximately S$87,000–S$348,000 saved at the same underlying precinct thesis. MyChoiceHomez quantifies this as S$180,000–S$300,000 on a 3-bedroom comparison. Second, it confirms the precinct has ongoing institutional conviction: a second JV paid even more for adjacent land only 10 months after Phoenix Dunearn won.
| Site | Land cost PSF PPR | Award date | Units (approx) | Analyst launch PSF est. |
|---|---|---|---|---|
| Dunearn House (Plot 1) | S$1,410 | 3 Jul 2025 | 380 | S$2,900–S$3,100 (not yet released) |
| Plot 2 (Winrich/Metrobilt) | S$1,625 | 4 May 2026 | ~330 | S$3,200–S$3,300 (est., launch 2H 2027) |
Sources: stackedhomes.com, era.com.sg, cos.sg. All PSF figures are analyst projections pending official launches.
What different budgets buy at S$2,900–S$3,100 psf
The following table shows indicative quantum ranges at the analyst PSF bracket. These are projections only. Unit floor areas are from the verified fact sheet (propertynet.sg). Do not quote these to a seller or lender as confirmed figures.
| Unit type | Size (sqft) | At S$2,900 psf | At S$3,000 psf | At S$3,100 psf |
|---|---|---|---|---|
| 2-Bedroom | ~530 | ~S$1.54M | ~S$1.59M | ~S$1.64M |
| 2-Bedroom + Study | ~680 | ~S$1.97M | ~S$2.04M | ~S$2.11M |
| 3-Bedroom | ~870 | ~S$2.52M | ~S$2.61M | ~S$2.70M |
| 3-Bedroom + Study | ~1,010 | ~S$2.93M | ~S$3.03M | ~S$3.13M |
| 4-Bedroom | ~1,180 | ~S$3.42M | ~S$3.54M | ~S$3.66M |
| 4-Bedroom + Study | ~1,380 | ~S$4.00M | ~S$4.14M | ~S$4.28M |
Indicative only. Unit sizes from propertynet.sg. Actual pricing TBC at the 10 July 2026 showflat preview. Figures exclude stamp duty, legal fees and any GST considerations.
What the same budget buys elsewhere in D11 and nearby
At an estimated S$2,900–S$3,100 psf, Dunearn House sits above current D11 resale options and below freehold benchmarks in the neighbourhood. The brief context from available public data:
- Dunearn 386 (freehold, TOP 2023): approximately S$2,551 psf resale. A 3-bedroom there at S$2,551 psf saves you roughly S$450,000–S$1.3M versus a new launch at S$3,000 psf, depending on unit size. You get freehold tenure. You give up a fresh lease start, CRL positioning and the first-mover discount versus Plot 2.
- Fourth Avenue Residences (99LH): approximately S$2,522 psf resale today, having entered at approximately S$2,345 psf at launch (2019). That S$177 psf appreciation over roughly 6 years is modest at approximately 3.2% per annum. DecouplingExpertise.sg uses this as a cautionary tale for entry-price-sensitive CCR launches.
- Watten House (freehold): approximately S$3,212–S$3,337 psf. This is the freehold benchmark ceiling for D11. Dunearn House’s 99LH at S$2,900–S$3,100 represents a roughly S$200–S$400 psf discount to freehold. Whether that gap adequately compensates for the tenure difference is the central valuation question buyers should bring to their own analysis. The full framework for that comparison is at freehold vs leasehold in Singapore.
- The Reserve Residences (99LH, 732 units, TOP 2028): approximately S$2,347–S$2,853 psf launch range. DecouplingExpertise.sg flags this as the pricing ceiling that future Dunearn House resale buyers must beat. A resale buyer in 2032 choosing between The Reserve Residences and Dunearn House will need clear upside from the CRL and masterplan to justify the Dunearn House premium.
The entry price risk: the Fourth Avenue lesson
DecouplingExpertise.sg makes the most pointed observation about Dunearn House pricing: entry price is the single most critical variable, and not just for the first buyer. A high entry price creates a downstream affordability problem for the next resale buyer. At S$2,900 psf entry, the first owner needs a resale buyer willing to pay above S$2,900 psf plus a margin. At S$3,100 psf entry, that bar is even higher. The math requires a resale buyer to find the same (or better) reasons to buy in 2030 or 2032 at an even higher absolute quantum. The Turf City masterplan and CRL provide those reasons, but they are long-duration catalysts, not six-month catalysts.
For buyers entering with a mortgage, model your total holding cost carefully. At a standard LTV of 75% on a S$2.61M 3-bedroom unit, the loan is approximately S$1.96M. At a bank floating rate of approximately 1.5% today, monthly interest is approximately S$2,450. Rates are not guaranteed to stay at this level. The TDSR limit is 55% of gross monthly income, and lenders typically apply a stress test rate of 4% for new launches. If you are stretching to the TDSR ceiling at current rates, the carrying cost at a normalised or elevated rate environment is a genuine risk. See the TDSR stress test explained for the full calculation methodology.
Frequently asked questions
What did the Dunearn House GLS site cost?
Phoenix Dunearn Pte Ltd won the tender at S$491,454,208, equating to S$1,410.01 psf ppr. Nine bids were received; the winning bid was only 3.7% above CDL’s second-place offer. URA awarded the site on 3 July 2025. The tender GLS closure date was 26 June 2025.
What is the estimated breakeven for Dunearn House?
Analyst estimates put the breakeven at approximately S$2,558 psf. This is derived from the land cost plus construction costs using RLB benchmarks for CCR residential projects (S$3,590–S$6,210 per sqm CFA), plus developer financing and margin. At an analyst-projected launch of S$2,900 psf, land alone is approximately 48.6% of the launch price.
What is the analyst consensus for the Dunearn House launch PSF?
Post-GLS analyst consensus is S$2,900–S$3,100 psf. CBRE projects S$2,900–S$3,000 psf; SRI projects S$2,910–S$3,100 psf. Earlier estimates of S$2,500–S$2,800 psf are pre-GLS-award analysis and have been superseded. All figures are projections pending official developer pricing.
How does the adjacent Plot 2 affect Dunearn House pricing expectations?
Plot 2 was awarded at S$1,625 psf ppr (15.2% above Dunearn House), with analysts projecting a S$3,200–S$3,300 psf launch in 2H 2027. That forward benchmark confirms the micro-market pricing direction and makes Dunearn House the lower-cost entry point for the same masterplan tailwind.
Run your actual Dunearn House numbers
Analyst PSF ranges are a starting point, not a decision. A Property Portfolio Analysis models your specific unit, TDSR position, ABSD exposure and holding period so you can make the decision with complete numbers, not projections.
Book a free analysis callWinfred Quek is Associate Marketing Consultant at Crestbrick Pte Ltd, advising Singapore upgraders, investors and families. CEA R073319H. The information on this page is general and does not constitute financial, investment or mortgage advice. All figures, especially pre-launch pricing, are analyst estimates for general information only. Verify all project details, dates and pricing directly with the developer, and all transaction data with URA, before making any purchasing decision.