Northwave

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

The land under Northwave

HDB put this parcel out to tender and names Northwave as what was built on it. Everything below is from that tender: the dates, the winning price, and the 7 bids that came in.

  1. Tender launched16 Dec 2014
  2. Tender closed12 Feb 20157 bids received
  3. Awarded23 Feb 2015Hao Yuan Investment Pte Ltd
  4. Winning tenderS$103,790,000S$2,992 per sq m of gross floor area · S$278 per sq ft
Parcel
Woodlands E7 Woodlands Avenue 12
Site area
12,388 sq m
Lease
99 yrs
Plot ratio
2.8
Gross floor area
34,687 sq m
Sold as
EC
Every bid — all 7, 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$103,790,000—
2Allgreen Properties LimitedS$99,980,000S$3,810,000 · 3.7%
3Lian Soon Holdings Pte LtdS$96,338,000S$7,452,000 · 7.2%
4EL Development Pte LtdS$94,100,000S$9,690,000 · 9.3%
5TTH Development Pte LtdS$93,716,736S$10,073,264 · 9.7%
6Hoi Hup Realty Pte LtdS$92,450,000S$11,340,000 · 10.9%
7KBD Ventures Pte. Ltd.S$70,900,000S$32,890,000 · 31.7%

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 23 Feb 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 “Northwave”. This parcel, from tender to today · Every land sale

What has been filed there since

2015 · the groundS$103,790,000S$278 per sq ft of gross floor area
Today · the homes on it$1,262median of 150 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

90–100 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$1,011 (1)—
2024$1,235 (19)+22.2%
2025$1,230 (15)-0.4%
2026$1,262 (10)+2.6%

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