The Canopy

The ground under it was tendered in 2010. Both ends of that are public; nobody puts them together.

The land under The Canopy

HDB put this parcel out to tender and names The Canopy as what was built on it. Everything below is from that tender: the dates, the winning price, and the 10 bids that came in.

  1. Tender launched15 Jan 2010
  2. Tender closed11 Mar 201010 bids received
  3. Awarded15 Mar 2010MCC Land (Singapore) Pte Ltd
  4. Winning tenderS$127,800,000S$3,028 per sq m of gross floor area · S$281 per sq ft
Parcel
Yishun E3 Yishun Avenue 11
Site area
15,074 sq m
Lease
99 yrs
Plot ratio
2.8
Gross floor area
42,208 sq m
Sold as
EC
Every bid — all 10, 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
1MCC Land (Singapore) Pte. Ltd.S$127,800,000—
2Qingjian Realty Pte LtdS$118,887,777S$8,912,223 · 7.0%
3Maxdin Pte LtdS$117,000,000S$10,800,000 · 8.5%
4Tuas Hi-Tech Park Pte LtdS$116,333,000S$11,467,000 · 9.0%
5JBE Development Pte LtdS$103,066,000S$24,734,000 · 19.4%
6ChoiceHomes Investments Pte Ltd / CEL Development Pte LtdS$102,388,889S$25,411,111 · 19.9%
7Sim Lian Land Pte LtdS$92,000,000S$35,800,000 · 28.0%
8Boon Keng Development Pte LtdS$91,000,000S$36,800,000 · 28.8%
9SK Land Pte LtdS$46,800,000S$81,000,000 · 63.4%
10Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd & Hoi Hup J.V. Development Pte LtdS$10,063,000S$117,737,000 · 92.1%

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 15 Mar 2010 · 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 “The Canopy”. This parcel, from tender to today · Every land sale

What has been filed there since

2010 · the groundS$127,800,000S$281 per sq ft of gross floor area
Today · the homes on it$1,094median of 97 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
2021$880 (3)—
2022$859 (4)-2.4%
2023$997 (5)+16.1%
2024$1,121 (10)+12.4%
2025$1,144 (7)+2.1%

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