District 20 · GLS Tender Result
Lorong Puntong land cost: S$1,612 psf ppr, and the maths behind it.
Seven developers chased a 46,103 sqft plot off Sin Ming Avenue. Eco World won it with S$208,099,000, the highest land rate ever paid for a Rest of Central Region GLS site. Here is the tender, bid by bid.
The tender, in numbers
The Urban Redevelopment Authority closed the tender for the Lorong Puntong / Sin Ming Avenue site on 15 September 2026. Seven bids came in for the 99-year leasehold plot, a healthy contest for a modest 46,103 sqft site with a gross plot ratio of 2.8 and about 140 homes' worth of buildable area.
| Item | Value |
|---|---|
| Tender closing date | 15 Sep 2026 |
| Bids received | 7 |
| Winning bid — Eco World Development (S) Pte. Ltd. | S$208,099,000 |
| Site area | 46,103 sqft |
| Maximum gross floor area (GPR 2.8) | 129,093 sqft |
| Land rate (psf per plot ratio) | S$1,612 |
| Margin over runner-up | 11.1% |
The headline rate is simple division, and we show the working: S$208,099,000 ÷ 129,093 sqft = S$1,611.2 per buildable square foot, which rounds to the widely quoted S$1,612 psf ppr. "Psf ppr" (per square foot, per plot ratio) prices each square foot of floor area the developer is allowed to build and sell, not each square foot of dirt. It is the only honest way to compare land bids across sites of different sizes.
All seven bids
Four of the seven bids were disclosed by name. The winning offer was the only one above S$1,600 psf ppr, and it cleared the runner-up by 11.1%.
| Rank | Bidder | Bid (S$) | psf ppr |
|---|---|---|---|
| 1 | Eco World Development (S) Pte. Ltd. | 208,099,000 | 1,612 |
| 2 | Hong Leong Holdings & TID (joint venture) | 187,330,000 | 1,451 |
| 3 | SMCL Oasis | 185,380,000 | 1,436 |
| 4 | EL Development | 182,100,000 | 1,411 |
| 5–7 | Undisclosed bidders | — | — |
Psf ppr computed on the 129,093 sqft maximum GFA (e.g. $187,330,000 ÷ 129,093 ≈ $1,451). Tender results as published by URA.
Read the gap the way the market did. The cluster of Hong Leong–TID, SMCL Oasis and EL Development (all seasoned Singapore names) valued the site between $1,411 and $1,451 psf ppr. Eco World valued it $160 psf higher than the best of them. That is not a rounding difference; it is a conviction bid from a developer making its Singapore GLS debut, and it repriced the whole neighbourhood the day it was announced.
Why this is a record
S$1,612 psf ppr is the highest rate ever paid for a Government Land Sale site in the Rest of Central Region, the suburban band outside the city fringe. Three circumstances explain how we got here. First, scarcity: this is Bishan's first GLS residential plot since 2015, and that earlier site became Thomson Impressions, the condo next door. Eleven years is a long time to hold back supply while a town matures.
Second, the line. Bright Hill station (TE7) sits about 450 metres away, and in 2030 it becomes a Cross Island Line interchange (CR13). Four interchanges on CRL Phase 1, and this is one of them. Third, the school across the road. Ai Tong School, a SAP primary that is persistently oversubscribed, lies roughly 330 metres from the site, inside the 1 km Primary 1 priority band. Developers bid on what buyers will pay for later; all three of these are things buyers pay for.
What the land cost means for buyers
Do one sum and the launch-pricing debate becomes much clearer. At the indicative base case of ~S$3,000 psf, the S$1,612 psf ppr land cost accounts for about 54% of the selling price, before construction, financing, marketing or a dollar of profit. Land is the majority of what you are buying. A record land rate does not guarantee future gains; it guarantees a high floor, which is a different thing entirely.
It is also worth understanding the machine that produced this price. The Government Land Sales programme runs on a Confirmed List: sites are put up for tender on a published schedule and sold regardless of how hungry developers are at that moment. Supply arrives on the state's timetable, not the market's. When seven bidders meet a once-in-eleven-years Bishan plot, the clearing price reflects their competition, not a valuation of what a home here is "worth" to you.
Where does that leave a buyer? With three honest takeaways. The land cost sets a hard floor under launch pricing; see the breakeven build-up for how $1,612 becomes an estimated ~$2,587–2,889 psf breakeven. It raises the resale benchmark for neighbours like Thomson Impressions. And it concentrates the risk at the top: at indicative prices from ~$1.60M, you are underwriting the developer's conviction whether you share it or not.
Land cost questions, answered
Who won the Lorong Puntong GLS tender and at what price?
Eco World Development (S) Pte. Ltd. won with a bid of S$208,099,000 when the tender closed on 15 September 2026. Against the site's 129,093 sqft maximum gross floor area, that works out to S$1,612 psf per plot ratio, a record land rate for the Rest of Central Region.
What does psf ppr mean?
Per square foot per plot ratio. It is the land price divided by the maximum buildable floor area: S$208,099,000 ÷ 129,093 sqft = S$1,611.2, rounded to S$1,612. It lets you compare land bids across sites of different sizes, because it prices each buildable square foot rather than the plot itself.
Is $1,612 psf ppr the price buyers will pay?
No. It is the land component only: the cost of each buildable square foot before a single piling is driven. Construction, professional fees, financing, marketing and the developer's margin all sit on top. Our build-up puts the estimated breakeven between roughly $2,587 and $2,889 psf, with analysts quoting a launch around $3,000–3,100 psf.
How many developers bid for the Lorong Puntong site?
Seven. The four disclosed bids were Eco World Development (S) at S$208.10M ($1,612 psf ppr), the Hong Leong Holdings and TID joint venture at S$187.33M ($1,451), SMCL Oasis at S$185.38M ($1,436) and EL Development at S$182.10M ($1,411). The remaining three bidders were not disclosed.
Follow the numbers, not the noise.
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