Gem Residences

The ground under it was tendered in 2015. Both ends of that are public; nobody puts them together.

The land under Gem Residences

HDB put this parcel out to tender and names Gem Residences as what was built on it. Everything below is from that tender: the dates, the winning price, and the 14 bids that came in.

  1. Tender launched29 Apr 2015
  2. Tender closed18 Jun 201514 bids received
  3. Awarded23 Jun 2015Evia Real Estate (7) Pte Ltd, Maxdin Pte Ltd and Gamuda Berhad
  4. Winning tenderS$345,860,000S$8,130 per sq m of gross floor area · S$755 per sq ft
Parcel
Toa Payoh S4 Lorong 6 Toa Payoh / Lorong 4 Toa Payoh
Site area
12,155 sq m
Lease
99 yrs
Plot ratio
3.5
Gross floor area
42,541 sq m
Sold as
Condominium
Every bid — all 14, 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
1Evia Real Estate (7) Pte Ltd, Maxdin Pte Ltd and Gamuda BerhadS$345,860,000—
2Sing Holdings LimitedS$342,100,000S$3,760,000 · 1.1%
3UOL Venture Investments Pte. Ltd. and Singland Homes Pte. Ltd.S$339,000,000S$6,860,000 · 2.0%
4FCL Tampines Court Pte. Ltd., Sekisui House, Ltd. and KH Capital Pte. Ltd.S$338,888,000S$6,972,000 · 2.0%
5EL Development Pte LtdS$332,100,000S$13,760,000 · 4.0%
6HY Realty Pte LtdS$325,880,000S$19,980,000 · 5.8%
7Allgreen Properties LimitedS$321,980,000S$23,880,000 · 6.9%
8Verwood Holdings Pte. Ltd., Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd.S$321,000,000S$24,860,000 · 7.2%
9KBD Ventures Pte. Ltd.S$307,900,500S$37,959,500 · 11.0%
10Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Oriental Worldwide Investments IncS$276,500,000S$69,360,000 · 20.1%
11MCL Land (Regency) Pte. Ltd.S$276,300,000S$69,560,000 · 20.1%
12Fica Nominees Pte LtdS$240,200,000S$105,660,000 · 30.5%
13Sim Lian Land Pte LtdS$230,001,000S$115,859,000 · 33.5%
14Best Desire Investments LimitedS$183,164,888S$162,695,112 · 47.0%

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 23 Jun 2015 · 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 “Gem Residences”. This parcel, from tender to today · Every land sale

What has been filed there since

2015 · the groundS$345,860,000S$755 per sq ft of gross floor area
Today · the homes on it$1,861median of 186 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

70–80 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$1,652 (2)—
2022$1,677 (1)+1.5%
2023$1,806 (4)+7.7%
2025$1,935 (2)+7.1%
2026$1,961 (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