Commonwealth Towers

The ground under it was tendered in 2013. Both ends of that are public; nobody puts them together.

The land under Commonwealth Towers

HDB put this parcel out to tender and names Commonwealth Towers 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 launched18 Dec 2012
  2. Tender closed5 Feb 20133 bids received
  3. Awarded7 Feb 2013Intrepid Investments Pte Ltd, Verwood Holdings Pte. Ltd. and Hong Realty (Private) Limited
  4. Winning tenderS$562,818,171S$9,503 per sq m of gross floor area · S$883 per sq ft
Parcel
Queenstown S9a Commonwealth Avenue
Site area
12,087 sq m
Lease
99 yrs
Plot ratio
4.9
Gross floor area
59,225 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
1Intrepid Investments Pte Ltd, Verwood Holdings Pte. Ltd. and Hong Realty (Private) LimitedS$562,818,171—
2Acresvale Investment Pte LtdS$549,290,000S$13,528,171 · 2.4%
3FCL Topaz Pte. Ltd., Far East Orchard Limited, Sekisui House, Ltd. and China Construction (South Pacific) Development Co. Pte LtdS$541,880,000S$20,938,171 · 3.7%

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 7 Feb 2013 · 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 “Commonwealth Towers”. This parcel, from tender to today · Every land sale

What has been filed there since

2013 · the groundS$562,818,171S$883 per sq ft of gross floor area
Today · the homes on it$2,111median of 249 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

60–70 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$1,945 (4)—
2022$1,945 (4)0.0%
2023$2,134 (12)+9.7%
2024$2,287 (4)+7.2%
2025$2,373 (7)+3.8%
2026$2,381 (3)+0.3%

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