Malaysian developer Eco World tops bids for Sin Ming area housing plot with S$1,612 psf ppr offer

[SINGAPORE] A private housing site that is a stone’s throw from Bright Hill MRT station and the popular Ai Tong School drew a robust response at a state tender that closed on Tuesday (Sep 15), with the top bid coming in higher than expected.

Surpassing six other bidders, Eco World Development came in first with its bid of S$208.1 million, which works out to nearly S$1,612 per square foot per plot ratio (psf ppr).

Eco World’s offer was about 11 per cent over the second-highest bid, from a tie-up between Intrepid Investments and TID Residential. Their bid worked out to about S$1,451 psf ppr.

Also bidding were Sunway MCL, EL Development, JBE Capital and a three-way partnership involving Santarli Realty, Heeton Holdings and Kay Lim Realty.

The lowest offer, from a unit of the Wee family’s privately held Kheng Leong Company, was about S$1,256 psf ppr.

Property consultants polled by The Business Times had expected the small 99-year leasehold site to draw four to 12 bids, with the leading bid in the range of S$1,400 to S$1,600 psf ppr.

Located in the Rest of Central Region (RCR), the 46,106 square foot (sq ft) plot in the Thomson-Bishan area can generate about 140 private housing units.

Recent government land sales in the RCR have fetched top bids near the S$1,500 psf ppr mark. A Berlayar Drive site went for S$1,515 psf ppr in August, and a Kallang Close plot was sold for S$1,415 psf ppr in April.

Wong Shanting, head of research for Singapore at Newmark, observed that land costs have risen significantly on the back of bullish bidding at recent tenders. Developers may have been “compelled to bid aggressively for this site as well”, which will in turn drive up new home prices in the area.

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“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,” she added.

Many pull factors

Still, the Lorong Puntong/Sin Ming Avenue site “offers developers an opportunity to enter an established neighbourhood with a relatively small capital commitment”, said ERA Singapore CEO Marcus Chu.

Bright Hill station – on the Thomson-East Coast Line – will become an interchange station on the Cross Island Line when the new line opens in 2030. This will further enhance the area’s connectivity, noted market watchers.

Ai Tong School is directly opposite the plot, while Ang Mo Kio Primary School, Catholic High School and CHIJ St Nicholas Girls’ School are within 1 to 2 km from the site, according to PropNex head of research and content Wong Siew Ying.

Tricia Song, CBRE head of research for Singapore and South-east Asia, noted that other pull factors of the site include its proximity to green spaces at Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park, Windsor Nature Park and MacRitchie Reservoir. The Singapore Island Country Club is also nearby, she added.

The most recent comparable land sale in the area was the collective sale of Thomson View Condominium in November 2024 for S$1,178 psf ppr, said Leonard Tay, research head at Knight Frank Singapore.

Coming up on that Bright Hill Drive site is the 1,268-unit Thomson Reserve development right next to the Upper Thomson MRT station, which Huttons Asia CEO Mark Yip reckoned could prove to be potential competition for the future project on the Lorong Puntong site.

As Wong of PropNex put it: “Thomson Reserve will likely get first dibs on the pent-up demand for private housing in that area.”

She expects future buyers to include “rightsizers from landed homes in the area, first-time buyers, as well as Housing & Development Board upgraders in Ang Mo Kio and Bishan”.

Yip pointed out that one challenge for the developer of the Lorong Puntong site is that the small scale may not offer construction economies of scale or full-condo facilities.

Nicholas Mak, chief research officer at Mogul.sg, highlighted that the site is about 550 metres from the Bright Hill Columbarium and Crematorium. “The proximity to places associated with death and funerary activities may create a negative perception among some prospective residents… and affect future demand for residential units,” he noted.

Some property consultants said that for the Lorong Puntong site, the most recent comparable new launch in the area was the freehold boutique project Artisan 8 in Sin Ming Road.

Since its launch in August 2025, 22 out of the project’s 34 units have been sold at an average price of S$2,388 psf, noted Justin Quek, deputy group CEO of Realion (OrangeTee & ETC).

Another comparable project Quek highlighted was the 99-year leasehold Chuan Park condo being developed by Kingsford on a collective sale site.

The new 916-unit condo was launched in November 2024 with 893 units sold so far, including 83 that have been moved this year at an average price of S$2,626 psf, added Quek.