A freehold development in District 10 development - Park House at 21 Orchard Boulevard successfully sold for S$375.5 million on 13 June 2018 translating to a record collective sale price of S$2,910 per sq ft per plot ratio (psf ppr) on the maximum allowable gross floor area of 129,035 sq ft, excluding the 10 per  cent bonus for balconies. 

Park House is a rare freehold 60-unit development, comprising 56 apartments and four shop units. Each apartment unit owner stands to receive a gross payout of about $6.1 million and each shop unit owner, $8.1 million.

Park House enjoys a prominent yet exclusive location on Orchard Boulevard with good accessibility to the Orchard Road shopping belt and a short walking distance to Orchard Boulevard MRT when it is completed in 2021.

The public tender for Park House was awarded on June 1 to Shun Tak Cuscaden Residential, a wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings. Zoned as residential under the 2014 Master Plan, the 46,984 sq ft site has a plot ratio of 2.8. Shun Tak Holdings intends to redevelop the site into a luxury residential development with expected completion by 2023.

“The response from local and foreign developers was overwhelming; we conducted more than 20 site inspections with developers from Hong Kong, Malaysia, Singapore, China and Indonesia,” said CBRE managing director of capital markets Jeremy Lake, the agency that sealed this enbloc deal.

This new benchmark price beats the previous peak of S$2,526 psf ppr, which Hong Kong's Swire Properties paid for the Hampton Court collective sale site at Draycott Park in 2013.

Meanwhile, Lakeside Apartments in the Jurong Lake District has been put up for en bloc sale on the market with a reserve price of $240 million - the latest to wade into the wave of collective sales here. More than 80 per cent of owners at the 134,176 sq ft site in the Jurong Lake District area have agreed to sell and the tender was launched on Tuesday (12 June 2018). This means each of the owners at the 120-unit development stands to pocket $2 million.

​The site in Yuan Ching Road is zoned residential with a plot ratio of 2.1. It comprises two tower blocks of 15 storeys, and has 58 years left on its 99-year lease. An enhancement premium of $55.56 million will have to be paid for both the lease top-up premium and land use intensification of the site. The 120-unit development comprises two 15-storey tower blocks on a large 134,176 sq ft site. The tender for Lakeside Apartments closes on 24 July 2018.

Market watchers are seeing an increased demand for the Singapore residential property market from foreign investors and house hunters after the successful Trump-Kim summit held in Singapore on 12 June 2018 with many observers and academics calling the Trump-Kim summit a turning point and a historical moment for the world.

This greatly boosted the prospects of finally seeing peace in the Korean Peninsula and marks the eventual removal of the decades of constant threat of a devastating nuclear war in Asia.

This will mean market recovery and stability for many Asian countries with foreign investors from Europe and Americas looking southwards towards Asia and South-East Asia, Property markets are set to benefit from foreign investor's attention as Asia has seen a robust performance as compared to Europe, North America and South America as well as the Middle East. 

High-net-worth foreigners and foreign investment firms are beginning to scan Asian cities for properties to invest in and one of the prime destination is Singapore for its safe investment environment and stable political climate. 

The Singapore housing sector has recently rebounded after home prices fell 12 per cent from the last peak in 2013. At the same time, household income has improved, resulting in housing affordability - measured by private home price-to-income ratio - falling to a 20-year low. The high-end residential segment, especially, would find itself the centre of foreigners' interest again, he said. This segment is the most dependent on foreign demand and has suffered the brunt of existing curbs. Prices have fallen so much that their median per square foot prices are now at a 62 per cent premium over mass market condominiums - near a 10-year low. 

During the 1970s and 1980s, the government catered to the public demand for larger sized and fancy designed public housing as a housing option for middle-income citizen families by introducing HUDC flats on sprawling land parcels in HUDC estates. HUDC was a good scheme for people who could not afford private property but wanted something better (than public housing).

However, HDB decided to phase out the building of HUDC flats in 1987 as their demand declined and as land scarcity issues surfaced on our tiny Singapore island. There are therefore a total of 18 HUDC estates comprising 7,731 residential and 23 shop units by the time the government decided to stop building new HUDC estates in Singapore.

From 1995, the government gradually privatised the HUDC estates to meet the rising aspirations of Singaporeans to own private properties and by March 2017, all 18 HUDC estates were privatised into private residential developments where the HUDC home owners have to form their own residents council and contribute to their own sinking and management funds to take care of their private estates.  

Since the gradual privatisation of the HUDC estates from 1995 into private housing estates, thirteen out of eighteen of these private housing estates had been collectively sold to private developers through various enbloc exercises creating thousands of new millionaire households.

AMBERVILLE HUDC estate was snapped up in 2006 at the price of $183 million and became the first former HUDC estate to be sold collectively. Its price translates into $396 per square foot per plot ratio (psf ppr), after accounting for a development charge of about $35.2 million and a differential premium of $23.8 million to top up the lease from 71 years to 99 years. AMBERVILLE has been developed into a beautiful condo project called Silversea.

FARRER COURT HUDC estate  was sold above the owners’ reserve price of $1.2 billion but below their asking price of $1.5 billion to CapitaLand at an awesome $1.34 billion for the sprawling Farrer Court estate in 2007. Owners at the 618-unit complex will get about $2.15 million each, depending on the size of their flats, which range from 1,453 to 1,615 square feet. FARRER COURT HUDC estate has now been transformed into a grand condo project called d'Leedon

GILLMAN HEIGHTS HUDC estate was acquired by CapitaLand for S$548 million in 2007. There are 607 apartments in GILLMAN HEIGHTS HUDC estate – about 1,700 and 1,950 square feet each, and one shop unit. Based on a S$363 per square foot per plot ratio, the residents will be compensated between S$880,000 to S$950,000 per unit. The amount is inclusive of a differential premium of S$90 million to top up the lease to 99 years & maximise the use of the plot ratio from the present 1.65 to 2.1. GILLMAN HEIGHTS HUDC estate is now the very beautifully unique condo development called The Interlace.

MINTON RISE HUDC estate was sold to Kheng Leong, a privately owned property group controlled by the family of banker Wee Cho Yaw for $209 million in 2007. Minton Rise has 342 apartments in total and owners of the privatised HUDC estate will receive about $611,000 on average. MINTON RISE HUDC estate is now a condo with amazingly beautiful facilities called The Minton.

WATERFRONT VIEW HUDC estate in 2006 was acquired by Far East Organization and Frasers Centrepoint's maiden joint venture, which bought the privatised former HUDC estate facing Bedok Reservoir, for $385 million. This price works out to a land price of $241 psf per plot ratio inclusive of an estimated $102.2 million payment to the state for lifting title restriction to enhance the site’s plot ratio, and upgrading the site’s lease to 99 years for this sprawling 809,037 sq ft site. Due to its huge land size,  WATERFRONT VIEW HUDC estate is now divided into 4 condo developments: Waterfront Waves, Waterfront Gold, Waterfront Key and Waterfront Isle.

SHUNFU VILLE HUDC estate was sold for S$638 million in May 2016, marking the third largest en bloc by quantum in Singapore. Each owner of the 358-unit condo, which lies less than 200 metres from Marymount MRT Station, stands to get around S$1.78 million. The 358-unit project was first put on sale in September with an asking price of at least $688 million or $791 per sq ft (psf) per plot ratio. The tender closed last October with no formal bids but two letters of interest. It was relaunched for tender at the same price in late January. Shunfu Ville sits on a huge 408,927 sq ft land site with a plot ratio of 2.8.

A beautiful new condo development will be launched soon on this site called: Jade Scape. Register for the soft launch invite, updates and floorplans for Jade Scape here.

RAINTREE GARDENS HUDC estate in Potong Pasir was sold in Oct 2016 for $334.2 million, after more than five developers bid for the site. Many unit owners of the 175-unit privatised HUDC estate will walk away with about $1.9 million per unit after being sold to UVD (Projects), a joint venture of UOL Group and United Industrial Corporation. The price works out to about $797 per sq ft per plot ratio (psf ppr), including the premium paid to top up the lease to a fresh 99 years and for redevelopment of the site to a gross plot ratio of 2.8.

The location is near the very popular Bidadari estate and UVD is looking to develop the 201,405 sq ft site to house about 750 units. This HUDC site will be developed into an exciting project called: The Tre Ver, register for the soft launch invite, updates and floorplans here.

RIO CASA HUDC estate Rio Casa, a privatised HUDC estate, has been sold for S$575 million to a joint venture company Oxley-Lian Beng Venture. The JV partners are KSH Development, Oxley Holdings, Lian Beng Group and Apricot Capital. Rio Casa in Hougang Avenue 7 comprises seven blocks of 286 apartment and maisonette units. It has a site area of 36,811.1 square metres. Each owner stands to receive a gross sale price of about S$2 million upon the successful completion of the sale. 

A new upcoming condo development will be launched soon called: Riverfront Residences. Register for the soft launch invite, updates and floorplans here.

Privatised HUDC estate Serangoon Ville in Serangoon North Avenue 1 has been sold to an Oxley Holdings-led consortium for $499 million in July 2017 well above the $400 million to $430 million the owners had been expecting. The buyer, joint venture firm Oxley Serangoon, comprises partners including Oxley Holdings, Lian Beng Group, Apricot Capital and entities of KSH Holdings and Heeton Holdings with the purchase price working out to a land rate of $835 per sq ft per plot ratio. Serangoon Ville comprises 244 apartments and maisonettes across seven blocks, with sizes ranging from 1,625 sq ft to 1,733 sq ft. Each owner will receive about $2 million from the sale.

The new condo development that will be built on this plot of land is called: Affinity at Serangoon. Register for the soft launch invite, updates and floorplans here.

TAMPINES COURT HUDC estate was successfully sold to property developer Sim Lian for a cool $970 million in Aug 2017 as the collective sale market here continues to sizzle. It is the largest such deal for a former Housing and Urban Development Company property in a decade since Farrer Court changed hands for $1.34 billion in 2007. The enbloc price for the 560-unit development, in Tampines Street 11, works out to about $676 per sq ft (psf) per plot ratio with each owner standing to gain about $1.71 million to $1.75 million. The 702,164 sq ft site could be turned into a project of about 2,000 to 2,100 new units - or as many as 2,600 units, if the site is stretched to its limits. You may follow this project's future developments here.

Eunosville, a former HUDC estate, has 330 units - comprising 255 maisonettes and 75 apartments. It was sold in June 2017 to Hongkong Land's fully-owned unit MCL Land through a collective sale, at a price of S$765.78 million, working out to a land price of S$909 per square foot per plot ratio (psf ppr) inclusive of an estimated S$194 million payable to the state to enhance the intensity of the site to a gross plot ratio (ratio of maximum gross floor area to land area) of 2.8 and to top up the site's lease to 99 years. Owners stand to receive a gross sale price of about S$2.25 million to S$2.41 million per unit upon the successful completion of the sale. Eunosville will be developed into a beautiful condo project. Find out how this estate will be developed in future by registering your interest here.

Florence Regency finally closed a collective sale deal under private treaty after Chinese developer Logan Property (Singapore) agreed to match the independent valuation of $629 million for the property in Hougang Avenue 2 in Oct 2017. Each owner of the 336-unit former Housing and Urban Development Company (HUDC) estate will receive gross proceeds of between $1.84 million and $1.89 million.

The 389,236 sq ft site is zoned residential with a gross plot ratio of 2.8 and could yield around 1,000 units. The land price works out to $842 per sq ft (psf) per plot ratio (ppr) after factoring in the estimated differential premiums of $288.6 million to top up the lease to a fresh 99 years and develop the site to the gross plot ratio of 2.8.

Florence Regency is one of the last few privatised HUDC estates in the north-east region. The future development will enjoy unblocked views, located next to landed housing estates and across the Hougang Stadium and the sports and swimming complex. Find out how this estate will be developed in future by registering your interest here.

CHANCERY COURT, a privatised HUDC estate with 136 residential and eight strata commercial units across the road from Anglo-Chinese School (Barker Road), has fetched $401.78 million - a highly sought-after development among parents who want to register their children into Anglo Chinese School, given that the ACS Barker Road campus is located just across the road. Upon successful conclusion of the collective sale following Strata Title Board approval, owners of the residential units can expect proceeds of $1.8 million to $3.5 million, while the owners of the strata commercial units will walk away with $934,000 to $4.7 million, depending their unit size. The Chancery Court HUDC estate will be developed into a new condo development. Find out how this estate will be developed in future by registering your interest here.


With the sale of Chancery Court, only five of 12 former HUDC estates remain for now - Ivory Heights, Pine Grove, Laguna Park, Braddell View and Lakeview. All five are in various stages of the collective sale process.

THE Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) have released three sites with residential components for sale at Dairy Farm Road, Sims Drive and Tampines Avenue 10 under the first half of the 2018 Government Land Sales (GLS) Programme.

For sale is one Confirmed List site at Dairy Farm Road launched for residential development with commercial uses at the first storey. This land parcel has a site area of 19,647.5 square metres (sq m), with a 99-year lease period, and a permissible gross floor area (GFA) of 41,260 sq m. The project completion period is five years, and tender for this development will close at 12 noon on 4 Sept 2018. 

The Dairy Farm Road plot's most attractive attributes are its proximity to the Bukit Timah Nature Reserve and partial unblocked views over the landed residential plots. The site's proximity to Hillview MRT station and major expressways as well as strong rental demand from expatriates in the locality are reasons why the site may prove to be popular with developers.

The last time a residential GLS site was sold in the area was in 2012, to a consortium led by TA Corporation for S$616 per square foot per plot ratio (psf ppr) and developed into The Skywoods. Nearby, there is an older condo development - The Dairy Farm which is now in the process of gathering the requisite consensus for its collective sale with an asking price of over S$1.68 billion, or a land rate of at least S$1,100 psf ppr inclusive of the development charge.

The current record GLS land rate (S$805 psf ppr) in the Bukit Panjang/Hillview/Dairy Farm/Bukit Batok locality is now held by the land parcel where Hillion Residences and Hillion Mall stand. Units in Hillion Residences have commanded average prices of S$1,496 psf this year.

Separately, URA also announced another residential site at Sims Drive made available for application under the Reserve List. This means developers can trigger the tender of these sites if they indicate interest with bid commitments acceptable to the URA.

The development at Sims Drive has a site area of 16,225.3 sq m, with a lease period of 99 years, and a permissible GFA of 48,676 sq m.

This GLS land parcel at Sims Drive is sited right beside the beautiful condo development that has recently achieved TOP status called Sims Urban Oasis, developed by the very reputable Singapore listed developer - Guocoland. There are still a small handful of three bedroom units, 'rare' four bedroom dual-key and 5 bedroom units available for sale at Sims Urban Oasis, find out more about this project by clicking the project image above.

In addition to the above two land parcels, URA also announced a HDB executive condominium site at Tampines Avenue 10 that is available for application under the Reserve List as well. This plot of land for development of an executive condominium at Tampines has a site area of 2.56 hectares (25, 600 sq m), and a proposed gross plot ratio of 2.8. 

Beside this plot of land is a recently launched new condo development called The Tapestry, developed by another very reputable locally listed developer - City Developments Limited or CDL. This project is a private condo project and features good sized layouts in their interior floorplan designs that appeal to both home owners and investors alike. You may click on the project image below to visit The Tapestry website to find out more.

Collectively, the three GLS land parcels released by URA as shown above can yield an estimated total of 1,880 residential units.