The Criterion

The ground under it was tendered in 2014. Both ends of that are public; nobody puts them together.

The land under The Criterion

HDB put this parcel out to tender and names The Criterion as what was built on it. Everything below is from that tender: the dates, the winning price, and the 6 bids that came in.

  1. Tender launched27 Mar 2014
  2. Tender closed22 May 20146 bids received
  3. Awarded26 May 2014Verwood Holdings Pte. Ltd. and TID Residential Pte. Ltd.
  4. Winning tenderS$178,500,000S$3,553 per sq m of gross floor area · S$330 per sq ft
Parcel
Yishun E5 Yishun Street 51 (Parcel A)
Site area
17,940 sq m
Lease
99 yrs
Plot ratio
2.8
Gross floor area
50,233 sq m
Sold as
EC
Every bid — all 6, 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
1Verwood Holdings Pte. Ltd. and TID Residential Pte. Ltd.S$178,500,000—
2Sim Lian Land Pte LtdS$174,800,000S$3,700,000 · 2.1%
3Nanshan Group Singapore Co. Pte. Ltd.S$173,100,000S$5,400,000 · 3.0%
4FCL Tampines Court Pte. Ltd. and KH Capital Pte. Ltd.S$171,980,000S$6,520,000 · 3.7%
5Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Investment Focus Pte LtdS$157,350,000S$21,150,000 · 11.8%
6Wee Hur Development Pte LtdS$145,000,000S$33,500,000 · 18.8%

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 26 May 2014 · 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 Criterion”. This parcel, from tender to today · Every land sale

What has been filed there since

2014 · the groundS$178,500,000S$330 per sq ft of gross floor area
Today · the homes on it$1,276median of 240 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$1,076 (1)—
2023$1,252 (24)+16.4%
2024$1,249 (20)-0.2%
2025$1,359 (10)+8.8%
2026$1,380 (3)+1.5%

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