A Malaysian Developer Just Put In A Record Bid For This Sin Ming GLS Site — New Homes Could Launch At $3,000–$3,100 PSF

A Malaysian property developer has submitted the top bid of $208.099 million for a government land sale (GLS) site at Sin Ming Avenue / Lorong Puntong. The tender for the residential site next to Ai Tong School and close to Bright Hill MRT station, closed on Sept 15.

The relatively small development plot, which is 46,106 sq ft and could yield up to 140 new private residential units, attracted a relatively high level of developer participation. The Bursa-listed Eco World Development was one of seven property developers who participated in the GLS tender.

The Malaysian developer’s top bid of $208.099 million translates to a land rate of $1,612 psf per plot ratio (ppr). This is 11.1% higher than the second-highest bid which was jointly submitted by Hong Leong Holdings and TID, who put in a $187.33 million ($1,451 psf ppr) bid.

This GLS site in Sin Ming has a gross plot ratio of 2.8, which means that the new development will have a maximum allowable gross floor area (GFA) of 129,102.34 sq ft.

It is likely that the relatively small size of the site offered the participating developers a more palatable land-price quantum, even though a development of this size will unlikely benefit from most meaningful economies of scale when it comes to construction or development, says Wong Shanting, Head of Research at Newmark.

This is why the site seemed to appeal to small- and medium-sized developers, rather than larger players in the industry, she says. Nevertheless, the site is still a catch given its strong locational attributes, such as its proximity to established schools and MRT connectivity, says Wong.

She adds that land costs in recent tenders have risen significantly on the back of bullish bidding, and developers may be compelled to bid aggressively for this site as well which in turn, drives up new home prices here.

“At the same time, job market weakness and the possibility of higher interest rates in the short-to-medium term could dampen buyer appetite for units at benchmark pricing levels, risking a mismatch between pricing and demand when the project eventually launches,” says Wong.

 If the site is awarded to Eco World Development, the developer’s top bid could translate into an expected launch price for the future development of between $3,000 psf to $3,100 psf, says Nicholas Mak, chief research officer at Mogul.sg.

At that launch price range, the new development might be comparable to the new high-end private housing units launched this year, such as Dunearn House – a 99-year leasehold project in Bukit Timah in the Core Central Region (CCR) – which set an average selling price of $3,140 psf when it launched for sale in July.

He also observes that this is a new record high land rate for a GLS residential site in the Rest of Central Region (RCR) and would contribute to escalating the inflation of property prices. By comparison, the top bid for the Lorong Puntong / Sin Ming site is only 0.3% lower than the $1,616.77 psf ppr that UOL Group paid for the GLS residential site at Orchard Boulevard in February 2024.

Comparable GLS residential sites

The Sin Ming GLS site is surrounded by several public and private housing estates, and a small landed enclave along Jalan Angklong / Jalan Tambur. Several recognisable condos are in this vicinity too, including Faber Garden Condo, Flame Tree Park, The Gardens at Bishan, and Bishan Park condo. This area is also close to Bishan-ang Mo Kio Park.

This site is within 1km of the popular Ai Tong School while Ang Mo Kio Primary School, Catholic High School, and CHIJ St Nicholas Girls’ School all within one to two km radius.

The area is also connected to major roads such as Upper Thomson Road and Ang Mo Kio Avenue 1, and served by bus services that ply Sin Ming Avenue and Upper Thomson Road. The focus for many homeowners will be Bright Hill MRT station on the Thomson-East Coast Line, which is set to interchange with the future Cross Island Line in 2030.

Marcus Chu, CEO of ERA Singapore, expects that some of the buyers for the new development may include HDB upgraders and landed homeowners who want to remain within the Bishan-Thomson area, but are looking for a new private residential option.

“For a development of about 140 units, the developer may be able to target a more focused pool of buyers who value the location and are comfortable paying a premium for a home in this established neighbourhood,” he says.

Pricing risk remains despite smaller developmental scale

When the Stacked editorial team first wrote about the Lorong Puntong/Sin Ming site when it was put up for tender in June this year, there was anticipation that the site could draw multiple bids despite being a relatively smaller plot.

This part of Ang Mo Kio has seen heightened interest ever since the collective sale of the former Thomson View condo, which was completed last year. A consortium of developers – UOL Group, Singapore Land, and CapitaLand Development – bought the former condo for $810 million.

The new development, Thomson Reserve, is less than 500m from the latest GLS site and is expected to inject 1,240 new private homes into the neighbourhood.

However, the relatively small number of new units that the latest GLS site can yield, coupled with the winning land rate, also means the developer will need to be disciplined with its pricing strategy.

“A higher land cost does not necessarily translate into higher selling prices that buyers will accept. Developers will need to consider prevailing mortgage rates, buyer affordability, competing projects and the broader economic environment when determining launch prices,” says Chu.

Likewise, Wong of Newmark adds that from a buyer’s perspective, smaller sites also tend to come with fewer and smaller facilities. This may deter some buyers who prefer many condo facilities. “The location also has several freehold developments; despite being older, buyers may weigh the price point when comparing an older freehold development against a newer 99-year leasehold development,” she says.

What this means for future buyers in Sin Ming / Ang Mo Kio

From the tender results, it is clear to us that the site’s strong locational attributes proved to be a draw for developers looking to capitalise on Bishan’s relatively limited housing supply. The general sentiment among industry insiders is that right-sizers from the nearby landed enclave may add to demand for the future project to remain within the neighbourhood.

Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group notes that the last new launch in the area was boutique development Artisan 8, which launched in August 2025 with the average price sold at $2,388 psf. Prior to that was Jadescape, which launched in 2018 and has also attracted healthy resale demand and capital appreciation.

At the same time, strong resale flat prices in Bishan and Ang Mo Kio could add to potential upgrader demand.

From January to August 2026, median HDB resale prices of four-room and five-room flats in Bishan reached $788,000 and $970,000, respectively. In Ang Mo Kio, median resale prices reached $632,500 and $1,015,000 respectively. At such prices, homeowners may find the capital they need for a relatively comfortable upgrading.