The Vales

The ground under it was tendered in 2014. Both ends of that are public; nobody puts them together.

The land under The Vales

HDB put this parcel out to tender and names The Vales as what was built on it. Everything below is from that tender: the dates, the winning price, and the 12 bids that came in.

  1. Tender launched18 Nov 2013
  2. Tender closed13 Feb 201412 bids received
  3. Awarded19 Feb 2014Phoenix Real Estate Pte Ltd
  4. Winning tenderS$192,888,888S$3,949 per sq m of gross floor area · S$367 per sq ft
Parcel
Sengkang E4 Anchorvale Crescent
Site area
16,280 sq m
Lease
99 yrs
Plot ratio
3
Gross floor area
48,840 sq m
Sold as
EC
Every bid — all 12, 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
1Phoenix Real Estate Pte LtdS$192,888,888—
2MCL Land (Brighton) Pte. Ltd.S$191,000,000S$1,888,888 · 1.0%
3Fantasia Investment (Singapore) Pte LtdS$189,368,000S$3,520,888 · 1.8%
4Sim Lian Land Pte LtdS$185,052,000S$7,836,888 · 4.1%
5EL Development Pte LtdS$184,600,000S$8,288,888 · 4.3%
6Verwood Holdings Pte. Ltd. And TID Residential Pte. Ltd.S$184,000,000S$8,888,888 · 4.6%
7Qingjian Realty (Residential) Pte Ltd.S$171,780,000S$21,108,888 · 10.9%
8Allgreen Properties LimitedS$168,980,000S$23,908,888 · 12.4%
9FCL Imperial Pte. Ltd. And Hor Kew Land Pte LtdS$168,681,000S$24,207,888 · 12.6%
10Kingsford Development Pte LtdS$166,125,800S$26,763,088 · 13.9%
11CEL Residential Development Pte LtdS$140,888,000S$52,000,888 · 27.0%
12Wee Hur Development Pte LtdS$139,000,000S$53,888,888 · 27.9%

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 19 Feb 2014 · 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 “The Vales”. This parcel, from tender to today · Every land sale

What has been filed there since

2014 · the groundS$192,888,888S$367 per sq ft of gross floor area
Today · the homes on it$1,327median of 261 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

80–90 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$1,029 (3)—
2022$1,194 (30)+16.0%
2023$1,366 (12)+14.4%
2024$1,448 (9)+6.0%
2025$1,548 (10)+6.9%
2026$1,537 (7)-0.7%

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