Novo Place

The ground under it was tendered in 2023. Both ends of that are public; nobody puts them together.

The land under Novo Place

HDB put this parcel out to tender and names Novo Place as what was built on it. Everything below is from that tender: the dates, the winning price, and the number of bids received.

  1. Tender launched23 Dec 2022
  2. Tender closed27 Jun 20239 bids received
  3. Awarded11 Sep 2023Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd.
  4. Winning tenderS$348,500,000S$7,570 per sq m of gross floor area · S$703 per sq ft
Parcel
Tengah E2 Plantation Close
Site area
16,441 sq m
Lease
99 yrs
Plot ratio
2.8
Gross floor area
46,036 sq m
Sold as
EC

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 11 Sep 2023 · 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 “Novo Place”. This parcel, from tender to today · Every land sale

What has been filed there since

2023 · the groundS$348,500,000S$703 per sq ft of gross floor area
Today · the homes on it$1,650median of 504 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
2024$1,650 (275)—
2025$1,634 (83)-1.0%
2026$1,613 (2)-1.3%

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