Tree House

The ground under it was tendered in 2009. Both ends of that are public; nobody puts them together.

The land under Tree House

HDB put this parcel out to tender and names Tree House as what was built on it. Everything below is from that tender: the dates, the winning price, and the 12 bids that came in.

  1. Tender launched23 Jul 2009
  2. Tender closed19 Aug 200913 bids received
  3. Awarded25 Aug 2009Sunny Vista Developments Pte. Ltd. And Hong Realty (Private) Limited
  4. Winning tenderS$143,680,000at least S$3,014 per sq m of gross floor area · at least S$280 per sq ft
Parcel
Bukit Panjang S10a Chestnut Avenue
Site area
22,700 sq m
Lease
99 yrs
Plot ratio
2.1
Gross floor area
47,671 sq m (max)
Sold as
Condominium

HDB marks this gross floor area as a maximum, so it is the most that could be built and not what was built. The rate above is therefore the lowest the land can have cost per square foot, not the rate itself.

Every bid — all 12, as HDB published them
Ranked by amount. The gap column is each bid measured against the winning one — subtraction, not a judgement about whether anyone bid well.
#TendererBidBehind the winner
1Sunny Vista Developments Pte. Ltd. And Hong Realty (Private) LimitedS$143,680,000—
2Far East Square Pte. Ltd. 129,100,000 00 3 Sim Lian Land Pte LtdS$113,000,000S$30,680,000 · 21.4%
3First Changi Development Pte LtdS$93,380,000S$50,300,000 · 35.0%
4Centurion Re Pte LtdS$91,889,000S$51,791,000 · 36.0%
5UIC Commodities Pte Ltd And Chappelis Pte LtdS$90,008,888S$53,671,112 · 37.4%
6Ho Bee Developments Pte LtdS$87,819,000S$55,861,000 · 38.9%
7Teambuild Properties Pte LtdS$87,118,000S$56,562,000 · 39.4%
8Allgreen Properties LimitedS$86,990,000S$56,690,000 · 39.5%
9Hoi Hup Realty Pte Ltd And Sunway Developments Pte LtdS$86,600,000S$57,080,000 · 39.7%
10Boon Keng Development Pte LtdS$81,180,000S$62,500,000 · 43.5%
11JBE Development Pte LtdS$78,513,000S$65,167,000 · 45.4%
12Frasers Centrepoint LimitedS$77,000,000S$66,680,000 · 46.4%

What the land cost and what a unit sells for are not two ends of one sum. Between them sit construction over a multi-year build, financing, the development charge, marketing and agent commissions, GST, and the cost of holding unsold units. None of those is published for a named project, so this site does not estimate a developer’s cost or margin and no figure here should be read as one.

Source: HDB — Sites Sold by HDB · tender awarded 25 Aug 2009 · transcribed from HDB’s published tables on 2026-08-31 · prices are nominal and are not adjusted for inflation. HDB names the development on this row as “Tree House”. This parcel, from tender to today · Every land sale

What has been filed there since

2009 · the groundS$143,680,000at least S$280 per sq ft of gross floor area
Today · the homes on it$1,448median of 86 filed transactions, 2021-09 to 2026-09

Those two are not the same square foot. Gross floor area includes what nobody buys — the corridors, the car park, the plant rooms — so the land rate is spread across more area than a unit is sold by. The ratio is arithmetic on two published figures and is not a return, a profit, or an appreciation.

Year by year, for a median-sized unit

100–110 sqm band. Counts in brackets; a year with fewer than 3 filed sales is kept and marked rather than dropped, because a reader can discount a thin year and cannot discount one that was silently removed.
YearMedian psfAgainst the year before
2021$1,285 (5)—
2022$1,376 (3)+7.1%
2023$1,402 (4)+1.9%
2024$1,641 (3)+17.0%
2025$1,524 (5)-7.1%
2026$1,563 (2)+2.6%

The two ends of this page are not two ends of one sum. Between the tender and the first unit sold sit construction over a multi-year build, financing, the development charge, marketing and agent commissions, GST, and the cost of holding unsold stock. None of those is published for a named project, so nothing here estimates a developer’s cost or margin and no figure on this page should be read as one. Why that is refused.

The rest of it