by Kenny Lee Retrospective land-sale report · Source publication: 2025-11-21 · Price model prepared: 3 October 2026. All selling-price figures below are speculative FindSpace scenarios, not developer quotations or a forecast published on the archive date.
The verified land acquisition
URA awarded Bukit Timah Road GLS to HH Investment Private Limited for S$566,291,711.95. Maximum permissible GFA is 28,907 sq m. Dividing the bid by GFA converted at 10.7639 sq ft per sq m gives approximately S$1,820 psf per plot ratio. The site was offered on a 99-year lease.
From land rate to an illustrative price guide
Land psf ppr is measured against permissible GFA, whereas the home price is expressed against saleable strata area. The model therefore uses an assumed saleable-area-to-GFA ratio. It also adds an illustrative 11% allowance on land for acquisition duties and other land-related acquisition costs. This is a modelling allowance, not an exact developer tax computation.
Scenario selling psf = [land psf ppr × 1.11 ÷ saleable-area ratio + non-land cost per saleable sq ft] ÷ [1 − margin on revenue]. Non-land costs are assumed to include construction, professional costs, financing, marketing and overheads. They are not contractor quotes. Costs and margin can differ substantially by project.
| Scenario | Area ratio | Non-land cost / sq ft | Margin | Modelled selling psf |
|---|---|---|---|---|
| Lower cost | 100% | S$600 | 12% | About S$2,977 |
| Central assumptions | 95% | S$800 | 16% | About S$3,484 |
| Higher cost | 90% | S$1,000 | 20% | About S$4,056 |
What those assumptions imply for a budget
The sizes below are illustrative examples, not confirmed unit types or floorplans.
| Illustrative area | Lower scenario | Central scenario | Higher scenario |
|---|---|---|---|
| 600 sq ft | About S$1,790,000 | About S$2,090,000 | About S$2,430,000 |
| 900 sq ft | About S$2,680,000 | About S$3,140,000 | About S$3,650,000 |
| 1200 sq ft | About S$3,570,000 | About S$4,180,000 | About S$4,870,000 |
Where the estimate can fail
- The approved saleable area, unit mix and construction specification can differ from the assumptions.
- Land-related costs, financing, sales timing and developer remission conditions can change the cost base.
- Competition and buyer demand influence the developer’s chosen price; a cost model does not prove achievable market value.
Use the range to test budget readiness. Replace it with the published developer price list when available. Avoid treating the lower scenario as an assured entry price or assuming the central case is the developer’s breakeven.
Source: URA tender award. Award facts are verified; all area ratios, cost allowances and margins are explicitly assumed. No current unit availability is asserted.