Freehold Sembawang apartment up for collective sale at S$130 million

[SINGAPORE] Hong Heng Garden, a freehold residential site at 33 Sembawang Road, has been put on the market for collective sale at a reserve price of S$130 million. 

The price tag translates to a land rate of S$1,128 per square foot (psf) per plot ratio, said marketing agent ETC of Realion Group on Monday (Aug 17). This includes a 7 per cent bonus gross floor area (GFA) and land betterment charge of around S$18 million.

Completed in 1987, Hong Heng Garden comprises 27 residential units, with four retail units on the ground floor. The 87,545 square foot (sq ft) site is zoned for residential use under the Urban Redevelopment Authority’s Master Plan 2025.

It has a gross plot ratio of 1.4 and an estimated total GFA of around 122,563 sq ft. 

Based on an average unit size of 85 square metres, the parcel is estimated to yield up to 133 new private homes.

Owners stand to receive S$2.1 million to S$14.7 million, depending on the size of their units.

Swee Shou Fern, ETC head of investment advisory, said that the development’s launch comes at an “opportune time” amid strong and healthy demand for suburban homes from owner-occupiers and upgraders. 

The nearby Springleaf Residence sold 92 per cent of its 941 units at an average of S$2,175 psf over its launch weekend in August 2025. 

“At the same time, reasonably sized freehold redevelopment sites remain scarce in Singapore, making 33 Sembawang Road a rare acquisition opportunity for developers seeking to replenish their landbank,” added Swee. 

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Hong Heng Garden owners’ attempt at a collective sale follows a recent wave of changes to Singapore’s en bloc regime. 

This includes lowering the consent threshold needed to kick-start the en bloc sale process to as low as 65 per cent for developments that are more than 60 years old. Developments that are between 40 and 59 years old will need at least 70 per cent of owners to agree to go ahead, a level lower than the current 80 per cent.

Safeguards have also been added to ensure that non-consenting owners are not pressured, such as a much shorter window for signature collection and a longer restriction period after a failed bid.

In July, the runway was also extended for the construction and sales of large en bloc redevelopments to six years for those yielding at least 700 new homes, and seven years for those yielding at least 1,400 new homes.

Caveats data showed just six residential transactions at Hong Heng Garden over the past decade. The latest transaction was for a 2,067 sq ft unit for S$1.8 million or S$856 psf in September 2022. 

In the Upper Thomson and Springleaf area, new non-landed private homes, excluding executive condominiums, recorded a median price of S$2,356 psf in the year thus far. It was S$1,499 psf for resale transactions and S$2,413 psf for sub-sales.