Belysa
The ground under it was tendered in 2010. Both ends of that are public; nobody puts them together.
The land under Belysa
HDB put this parcel out to tender and names Belysa as what was built on it. Everything below is from that tender: the dates, the winning price, and the 6 bids that came in.
- Tender launched8 Sep 2010
- Tender closed21 Oct 20106 bids received
- Awarded25 Oct 2010ChoiceHomes Investments Pte Ltd / CEL Development Pte Ltd
- Winning tenderS$89,888,000S$2,827 per sq m of gross floor area · S$263 per sq ft
- Parcel
- Pasir Ris E3 Pasir Ris Drive 1/ Elias Road
- Site area
- 15,142 sq m
- Lease
- 99 yrs
- Plot ratio
- 2.1
- Gross floor area
- 31,799 sq m
- Sold as
- EC
Every bid — all 6, as HDB published them
| # | Tenderer | Bid | Behind the winner |
|---|---|---|---|
| 1 | ChoiceHomes Investments Pte Ltd / CEL Development Pte Ltd | S$89,888,000 | — |
| 2 | EL Development Pte Ltd | S$89,330,000 | S$558,000 · 0.6% |
| 3 | Opal Star Pte Ltd & Lum Chang Building Contractors Pte Ltd | S$86,080,000 | S$3,808,000 · 4.2% |
| 4 | Sunmaster Holdings Pte. Ltd. | S$82,390,000 | S$7,498,000 · 8.3% |
| 5 | Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd & SC Wong Holdings Pte Ltd | S$78,870,000 | S$11,018,000 · 12.3% |
| 6 | Ecco Development Pte Ltd | S$61,000,000 | S$28,888,000 · 32.1% |
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 Oct 2010 · 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 “Belysa”. This parcel, from tender to today · Every land sale
What has been filed there since
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
| Year | Median psf | Against the year before |
|---|---|---|
| 2021 | $965 (1) | — |
| 2022 | $1,123 (1) | +16.4% |
| 2023 | $1,269 (1) | +13.0% |
| 2024 | $1,263 (2) | -0.5% |
| 2025 | $1,347 (6) | +6.7% |
| 2026 | $1,434 (2) | +6.5% |
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.