River Isles

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

The land under River Isles

HDB put this parcel out to tender and names River Isles as what was built on it. Everything below is from that tender: the dates, the winning price, and the 5 bids that came in.

  1. Tender launched15 Sep 2011
  2. Tender closed3 Nov 20115 bids received
  3. Awarded8 Nov 2011Qingjian Realty (South Pacific) Group Pte Ltd
  4. Winning tenderS$215,870,000S$3,552 per sq m of gross floor area · S$330 per sq ft
Parcel
Punggol S2 Punggol Central/ Edgedale Plains
Site area
20,256 sq m
Lease
99 yrs
Plot ratio
3
Gross floor area
60,768 sq m
Sold as
Condominium
Every bid — all 5, 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
1Qingjian Realty (South Pacific) Group Pte LtdS$215,870,000—
2Soilbuild Group Holdings Pte LtdS$203,888,000S$11,982,000 · 5.6%
3Sunmaster Holdings Pte. Ltd.S$203,200,000S$12,670,000 · 5.9%
4CEL Development Pte LtdS$201,465,880S$14,404,120 · 6.7%
5Opal Star Pte Ltd & Lum Chang Building Contractors Pte LtdS$189,890,000S$25,980,000 · 12.0%

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 8 Nov 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 “River Isles”. This parcel, from tender to today · Every land sale

What has been filed there since

2011 · the groundS$215,870,000S$330 per sq ft of gross floor area
Today · the homes on it$1,301median of 153 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
2022$1,154 (1)—
2023$1,173 (3)+1.6%
2024$1,434 (1)+22.3%
2025$1,469 (3)+2.4%
2026$1,548 (1)+5.4%

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