Riversails

The ground under it was tendered in 2011. Both ends of that are public; nobody puts them together.

The land under Riversails

HDB put this parcel out to tender and names Riversails as what was built on it. Everything below is from that tender: the dates, the winning price, and the 3 bids that came in.

  1. Tender launched28 Jul 2011
  2. Tender closed7 Sep 20113 bids received
  3. Awarded9 Sep 2011Allgreen Properties Limited
  4. Winning tenderS$270,280,000S$3,137 per sq m of gross floor area · S$291 per sq ft
Parcel
Hougang S20 Upper Serangoon Crescent / Upper Serangoon Road
Site area
24,621 sq m
Lease
99 yrs
Plot ratio
3.5
Gross floor area
86,172 sq m
Sold as
Condominium
Every bid — all 3, 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
1Allgreen Properties LimitedS$270,280,000—
2FCL Topaz Pte. Ltd., Far East Civil Engineering (Pte.) Limited & Sekisui House, Ltd.S$252,800,000S$17,480,000 · 6.5%
3CEL Development Pte LtdS$242,000,000S$28,280,000 · 10.5%

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 9 Sep 2011 · 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 “Riversails”. This parcel, from tender to today · Every land sale

What has been filed there since

2011 · the groundS$270,280,000S$291 per sq ft of gross floor area
Today · the homes on it$1,364median of 218 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

80–90 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$1,102 (8)—
2022$1,156 (14)+4.9%
2023$1,309 (11)+13.2%
2024$1,365 (15)+4.3%
2025$1,421 (9)+4.1%
2026$1,457 (8)+2.5%

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