The Estuary

The ground under it was tendered in 2008. Both ends of that are public; nobody puts them together.

The land under The Estuary

HDB put this parcel out to tender and names The Estuary 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 launched30 Jan 2008
  2. Tender closed25 Mar 20085 bids received
  3. Awarded28 Mar 2008MCL Land (Warren) Pte Ltd
  4. Winning tenderS$213,500,000at least S$3,773 per sq m of gross floor area · at least S$350 per sq ft
Parcel
Yishun S2 Yishun Avenue 1 / Yishun Avenue 2
Site area
26,949 sq m
Lease
99 yrs
Plot ratio
2.1
Gross floor area
56,593 sq m (max)
Sold as
Condominium

HDB marks this gross floor area as a maximum, so it is the most that could be built and not what was built. The rate above is therefore the lowest the land can have cost per square foot, not the rate itself.

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
1MCL Land (Warren) Pte LtdS$213,500,000—
2Peak Green Pte. Ltd.S$127,000,000S$86,500,000 · 40.5%
3Frasers Centrepoint LimitS$109,660,000S$103,840,000 · 48.6%
4Sim Lian Land Pte LtdS$92,595,000S$120,905,000 · 56.6%
5Billion Rise LimitedS$57,740,000S$155,760,000 · 73.0%

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 28 Mar 2008 · 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 Estuary”. This parcel, from tender to today · Every land sale

What has been filed there since

2008 · the groundS$213,500,000at least S$350 per sq ft of gross floor area
Today · the homes on it$1,203median of 127 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, every size at this address

Every size that sold, which is why it moves when the mix of sizes moves and not only when prices do — no single size band here has enough years to stand on its own yet. 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$1,048 (16)—
2022$1,102 (29)+5.2%
2023$1,188 (25)+7.8%
2024$1,295 (34)+9.0%
2025$1,301 (14)+0.5%
2026$1,309 (9)+0.6%

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