Watercolours

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

The land under Watercolours

HDB put this parcel out to tender and names Watercolours as what was built on it. Everything below is from that tender: the dates, the winning price, and the 11 bids that came in.

  1. Tender launched25 Aug 2011
  2. Tender closed11 Oct 201111 bids received
  3. Awarded12 Oct 2011Ho Lee Group Pte Ltd & Maxdin Pte Ltd
  4. Winning tenderS$122,200,000S$3,133 per sq m of gross floor area · S$291 per sq ft
Parcel
Pasir Ris E9 Pasir Ris Drive 3/ Pasir Ris Link
Site area
18,576 sq m
Lease
99 yrs
Plot ratio
2.1
Gross floor area
39,010 sq m
Sold as
EC
Every bid — all 11, 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
1Ho Lee Group Pte Ltd & Maxdin Pte LtdS$122,200,000—
2CEL Development Pte LtdS$118,838,828S$3,361,172 · 2.8%
3Peak Shines Pte. Ltd.S$113,900,000S$8,300,000 · 6.8%
4Hangzhou Headway Real Estate Co., Ltd & L Gold Pte LtdS$113,860,066S$8,339,934 · 6.8%
5Sunmaster Holdings Pte. Ltd.S$113,380,000S$8,820,000 · 7.2%
6Qingjian Realty (South Pacific) Group Pte LtdS$112,370,000S$9,830,000 · 8.0%
7Realty Consortium Pte. Ltd.S$111,900,000S$10,300,000 · 8.4%
8Frasers Centrepoint LimitedS$100,980,000S$21,220,000 · 17.4%
9EL Development Pte LtdS$100,889,000S$21,311,000 · 17.4%
10Hoi Hup Realty Pte Ltd and Sunway Developments Pte LtdS$98,760,000S$23,440,000 · 19.2%
11Wee Hur Development Pte LtdS$90,000,000S$32,200,000 · 26.4%

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 12 Oct 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 “Watercolours”. This parcel, from tender to today · Every land sale

What has been filed there since

2011 · the groundS$122,200,000S$291 per sq ft of gross floor area
Today · the homes on it$1,175median of 145 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

90–100 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$868 (2)—
2022$1,022 (5)+17.7%
2023$1,010 (2)-1.2%
2024$1,218 (5)+20.6%
2025$1,259 (5)+3.4%
2026$774 (2)-38.5%

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