Sea Horizon

The ground under it was tendered in 2012. Both ends of that are public; nobody puts them together.

The land under Sea Horizon

HDB put this parcel out to tender and names Sea Horizon as what was built on it. Everything below is from that tender: the dates, the winning price, and the 10 bids that came in.

  1. Tender launched26 Sep 2012
  2. Tender closed22 Nov 201210 bids received
  3. Awarded26 Nov 2012Hao Yuan Investment Pte Ltd
  4. Winning tenderS$207,000,000S$3,564 per sq m of gross floor area · S$331 per sq ft
Parcel
Pasir Ris E10 Pasir Ris Drive 3 / Pasir Ris Rise
Site area
27,660 sq m
Lease
99 yrs
Plot ratio
2.1
Gross floor area
58,086 sq m
Sold as
EC
Every bid — all 10, 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
1Hao Yuan Investment Pte LtdS$207,000,000—
2World Class Investments Pte LtdS$206,688,000S$312,000 · 0.2%
3FCL Tampines Court Pte. Ltd. and Keong Hong Construction Pte LtdS$202,080,000S$4,920,000 · 2.4%
4Evia Real Estate (3) Pte Ltd / Ho Lee Group Pte Ltd / CNH Investment Pte LtdS$201,000,001S$5,999,999 · 2.9%
5Qingjian Realty (South Pacific) Group Pte LtdS$191,700,000S$15,300,000 · 7.4%
6Peak Sky Pte. Ltd. and Low Keng Huat (Singapore) LimitedS$191,200,000S$15,800,000 · 7.6%
7Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Hoi Hup J.V. Development Pte LtdS$189,200,000S$17,800,000 · 8.6%
8Bellevue Properties Pte. Ltd.S$178,000,000S$29,000,000 · 14.0%
9CEL Property Pte LtdS$175,000,000S$32,000,000 · 15.5%
10Mezzo Development Pte LtdS$169,000,000S$38,000,000 · 18.4%

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 26 Nov 2012 · 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 “Sea Horizon”. This parcel, from tender to today · Every land sale

What has been filed there since

2012 · the groundS$207,000,000S$331 per sq ft of gross floor area
Today · the homes on it$1,171median of 163 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

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$1,185 (1)—
2022$1,030 (2)-13.1%
2023$1,241 (2)+20.5%
2024$1,327 (4)+6.9%
2025$1,272 (1)-4.1%
2026$1,405 (2)+10.5%

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