Commentary on URA tender closing of Lorong Puntong/Sin Ming Avenue

By Tricia Song (宋明蔚), Head of Research, Singapore and Southeast Asia, CBRE

Amid negative newsflow on escalations in the Middle East conflict and slower developer sales at July’s launches, the tender for the small site at Lorong Puntong / Sin Ming Avenue (140 units) still saw relatively robust developer participation with 7 bids. The site’s top bid price of $1,612 psf ppr was above expectations and set a new record for a pure residential RCR plot, surpassing the $1,515 psf ppr at Berlayar Drive in Aug 2026.
 
Today's tender for the residential site at Lorong Puntong / Sin Ming Avenue (140 units), received 7 bids, and a top bid price of $208.10 mil or $1,612 psf ppr above expectations.
 
The top bid was submitted by Malaysian developer Eco World Development Group Berhad, 11.1% higher than second-placed Hong Leong Holdings and Mistui Fudosan's $1,451 psf ppr. Kheng Leong Co. placed the lowest bid of $1,256 psf ppr.
 
At $1,612 psf ppr, the top bid sets a new benchmark land rate for a pure residential RCR plot, surpassing the $1,515 psf ppr set at Berlayar Drive in Aug 2026 by 6.4%. 
 
Location-wise, the closest GLS comparable is the Lorong Puntong plot southwest of the site, which was awarded more than a decade ago on 13 Oct 2014. That parcel drew a robust 18 bids and was awarded to Nanshan Group for $731 psf ppr and now houses Thomson Impressions (288 units).
 
More recent RCR comparables include Berlayar Drive (415 units), which received just 1 bid and was awarded to a tie-up between Hong Leong Holdings and GuocoLand for $1,515 psf ppr on 7 Aug 2026.
 
A site also near an industrial estate is Kallang Close (470 units), which received 4 bids and was awarded to a tie-up between Frasers Property and Mitsubishi Estate for $1,415 psf ppr on 10 Apr 2026.
 
Lorong Puntong / Sin Ming Avenue sits within an established private residential pocket in the mature Bishan estate, near the Upper Thomson and Ang Mo Kio neighbourhoods.
 
Key draws of the site include:

• Walking distance to Bright Hill MRT station (about 200m away) and Upper Thomson MRT station (about 800m away)
• Proximity to the Singapore Island Country Club
• Across the road from the popular Ai Tong School
• Nature and greenery at Bishan-Ang Mo Kio Park, Lower Peirce Reservoir Park, Windsor Nature Park and MacRitchie Reservoir
• Upgrader demand from HDB estates in the vicinity and the mature Bishan and Ang Mo Kio neighbourhoods
• Retail amenities at Thomson Plaza (about 700m away) and the shophouses along Upper Thomson Road

Nearby 99y-leasehold comparables

Project	No. of units sold in 2026 YTD	Median price sold in 2026 YTD	Tenure	Year completed	Total no. of units in project
THOMSON IMPRESSIONS*	9	$2,146	99 Yrs From 12/01/2015	2018	283
THOMSON THREE*	17	$2,170	99 Yrs From 07/11/2012	2016	435
THOMSON GRAND*	15	$1,882	99 Yrs From 08/02/2010	2015	339
THE GARDENS AT BISHAN	13	$1,823	99 Yrs From 22/03/1997	2004	756
BISHAN PARK CONDOMINIUM	6	$1,485	99 Yrs From 01/03/1991	1994	320

Source: CBRE Research, realis, data downloaded as of 14 Sep 2026. We only include projects with at least 5 transactions in 2026.
*Projects also have strata terrace units. Only condominium transactions are considered here.

The next launch nearby but in the more exclusive Thomson estate would be mega-project Thomson Reserve (1,268 units), which was acquired by UOL Group, Singapore Land Group and CapitaLand Development through a collective sale and is launching in Oct 2026.
 
Existing 99-year resale projects traded at median prices of $1,485 – 2,170 psf in 2026 to date, from the oldest Bishan Park Condominium completed in 1994 to Thomson Three which completed in 2016.
 
At a top bid price of $1,612 psf ppr, we expect the developer could look to launch at an average price above $3,000 psf.