Forestville

The ground under it was tendered in 2012. Both ends of that are public; nobody puts them together.

The land under Forestville

HDB put this parcel out to tender and names Forestville as what was built on it. Everything below is from that tender: the dates, the winning price, and the 5 bids that came in.

  1. Tender launched15 Mar 2012
  2. Tender closed3 May 20125 bids received
  3. Awarded7 May 2012Hao Yuan Investment Pte Ltd
  4. Winning tenderS$247,000,000S$3,419 per sq m of gross floor area · S$318 per sq ft
Parcel
Woodlands E4 Woodlands Avenue 5/ Woodlands Drive 16
Site area
25,800 sq m
Lease
99 yrs
Plot ratio
2.8
Gross floor area
72,240 sq m
Sold as
EC
Every bid — all 5, 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
1Hao Yuan Investment Pte LtdS$247,000,000—
2MCL Land LimitedS$238,700,000S$8,300,000 · 3.4%
3EL Development Pte LtdS$228,300,000S$18,700,000 · 7.6%
4White Haven Properties Pte. Ltd.S$222,500,000S$24,500,000 · 9.9%
5FCL Place Pte. Ltd. & Maxdin Pte LtdS$186,800,800S$60,199,200 · 24.4%

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 May 2012 · 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 “Forestville”. This parcel, from tender to today · Every land sale

What has been filed there since

2012 · the groundS$247,000,000S$318 per sq ft of gross floor area
Today · the homes on it$1,107median of 197 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

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
2021$907 (5)—
2022$976 (8)+7.6%
2023$1,130 (3)+15.8%
2024$1,130 (7)0.0%
2025$1,196 (4)+5.8%
2026$1,177 (1)-1.6%

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