Oleander Towers

The ground under it was tendered in 1994. Both ends of that are public; nobody puts them together.

The land under Oleander Towers

HDB put this parcel out to tender and names Oleander Towers as what was built on it. Everything below is from that tender: the dates, the winning price, and the 9 bids that came in.

  1. Tender launched26 Aug 1994
  2. Tender closed27 Oct 19949 bids received
  3. Awarded9 Dec 1994Wingem Investment Pte Ltd/Winprime Investment Pte Ltd
  4. Winning tenderS$132,500,000HDB publishes no gross floor area for this site, so a rate per square foot cannot be worked out from what is published
Parcel
Toa Payoh S2 Lor 1 Toa Payoh
Site area
13,026 sq m
Lease
99 yrs
Plot ratio
2.8
Gross floor area
Not published
Sold as
Condominium
Every bid — all 9, 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
1Wingem Investment Pte Ltd/Winprime Investment Pte LtdS$132,500,000—
2SSL Properties Pte LtdS$131,100,000S$1,400,000 · 1.1%
3City Development LtdS$125,300,000S$7,200,000 · 5.4%
4Far East Organization Centre Pte LtdS$122,190,000S$10,310,000 · 7.8%
5DBS Realty (Pte) LtdS$116,999,999S$15,500,001 · 11.7%
6Park Court Pte Ltd & Hong Leong Holdings LtdS$113,998,880S$18,501,120 · 14.0%
7Goldvein Pte LtdS$106,328,168S$26,171,832 · 19.8%
8Allgreen Properties Ltd/Hoe Seng Co Pte LtdS$100,800,000S$31,700,000 · 23.9%
9First Capital Corporation LtdS$85,255,000S$47,245,000 · 35.7%

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 9 Dec 1994 · 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 “Oleander Towers”. This parcel, from tender to today · Every land sale

What has been filed there since

1994 · the groundS$132,500,000HDB publishes no gross floor area for this parcel, so no rate can be worked out
Today · the homes on it$1,437median of 52 filed transactions, 2021-09 to 2026-09

Year by year, for a median-sized unit

100–110 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$1,228 (11)—
2023$1,346 (3)+9.6%
2024$1,476 (5)+9.7%
2025$1,563 (7)+5.9%
2026$1,611 (4)+3.1%

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