Palm Gardens

The ground under it was tendered in 1996. Both ends of that are public; nobody puts them together.

The land under Palm Gardens

HDB put this parcel out to tender and names Palm Gardens as what was built on it. Everything below is from that tender: the dates, the winning price, and the 6 bids that came in.

  1. Tender launched26 Jan 1996
  2. Tender closed28 Mar 19966 bids received
  3. Awarded13 May 1996SSL Properties Pte Ltd
  4. Winning tenderS$211,694,003HDB publishes no gross floor area for this site, so a rate per square foot cannot be worked out from what is published
Parcel
Choa Chu Kang S2 Choa Chu Kang Way
Site area
30,671 sq m
Lease
99 yrs
Plot ratio
2.8
Gross floor area
Not published
Sold as
Condominium
Every bid — all 6, 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
1SSL Properties Pte LtdS$211,694,003—
2City Developments LimitedS$208,000,000S$3,694,003 · 1.7%
3Success Development Pte Ltd / Vasilon Pte LtdS$203,701,000S$7,993,003 · 3.8%
4Richdeal Investment Pte LtdS$173,081,000S$38,613,003 · 18.2%
5Allgreen Properties Ltd / Hoe Seng Company Pte LtdS$168,898,000S$42,796,003 · 20.2%
6First Capital Corporation Ltd / Guobena Sdn BhdS$138,670,000S$73,024,003 · 34.5%

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 13 May 1996 · 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 “Palm Gardens”. This parcel, from tender to today · Every land sale

What has been filed there since

1996 · the groundS$211,694,003HDB publishes no gross floor area for this parcel, so no rate can be worked out
Today · the homes on it$1,026median of 131 filed transactions, 2021-09 to 2026-09

Year by year, for a median-sized unit

110–120 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$805 (9)—
2022$847 (24)+5.2%
2023$1,045 (12)+23.4%
2024$1,059 (18)+1.3%
2025$1,051 (20)-0.8%
2026$1,062 (6)+1.0%

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