# Gilstead Court makes fourth collective sale attempt at $198 mil

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-31T02:00:00.000Z
- **Author:** Cecilia Chow
- **Original:** https://www.edgeprop.sg/property-news/gilstead-court-makes-fourth-collective-sale-attempt-198-mil
- **Topics:** Private Residential, New Launches, Transactions & Deals

## Featured rationale

Strong nearby land bids and 32 Gilstead’s sell-out above $3,400 psf may support developer interest, although the site's repeated sale attempts signal acquisition caution.

## AI summary

The 48-unit freehold Gilstead Court launched its fourth collective sale attempt at $198 million, translating to an effective land rate of $1,751 psf ppr.

## Original article

Gilstead Court, a 48-unit freehold condominium in the Newton-Novena area, has been launched for collective sale at $198 million after more than 80% of its owners consented to the sale. It marks the owners’ fourth collective sale attempt since 2008, with JLL appointed as the marketing agent.

The property sits on a 75,479 sq ft site with a broad, regular frontage that tapers to a point at the rear. It is located in a quiet residential enclave of landed homes and low-rise condominiums along Gilstead Road, near Gentle Road and Newton Road, in prime District 11.

At the reserve price of $198 million, the site reflects a land rate of $1,874 psf per plot ratio (ppr). The effective land rate is $1,751 psf ppr after factoring in the 7% bonus gross floor area (GFA) for balconies.

Read also: Sustained Land plans 776-unit condo in Thomson Road enclave after 16-year launch drought

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“With a high development baseline, no land betterment charge is payable even with the additional bonus balcony gross floor area,” says Nicholas Ng, head of land and collective sales at JLL.

The high development baseline also insulates the site from half-yearly land betterment charge (LBC) rate revisions, with the next adjustment due on Sept 1, 2026, he adds.

Redevelopment potential

The site could be redeveloped into a five-storey boutique residential project with up to 98 apartments, based on an average GFA of 100 sq m (1,076 sq ft) per unit, subject to Urban Redevelopment Authority (URA) approval.

Gilstead Court comprises 48 units across three four-storey blocks with distinctive red-brick façades. The development has only three-bedroom units, with sizes of 1,389 sq ft and 1,464 sq ft.

Completed in 1978, Gilstead Court would also fall within the lower consent threshold proposed under changes to Singapore’s collective sale rules. Under the Land Titles (Strata) (Amendment) Bill introduced in August, the consent threshold for developments aged 40 to under 60 years would be lowered from 80% to 70%.

However, Gilstead Court’s owners had already secured more than 80% consent for the current collective sale attempt before the proposed changes were announced, according to JLL.

Read also: Freehold development Hong Heng Garden up for collective sale at $130 mil

Past collective sale attempts

The owners made their first collective sale attempt in 2008, but it did not proceed because they failed to secure the requisite 80% consent. A second attempt in 2013 found a buyer in Tuan Sing Holdings, which agreed to acquire the development en bloc for $150.2 million.

However, dissenting minority owners challenged the collective sale. In October 2015, the Court of Appeal ruled that provisions requiring non-consenting owners to bear substantial legal and administrative costs were inconsistent with the requirement that a collective sale be conducted in good faith. The deal subsequently fell through.

The third collective sale attempt was launched in June 2018 at a higher reserve price of $168 million, or $1,590 psf ppr, with JLL as marketing agent.

A month later, the government introduced a fresh round of property cooling measures that doubled the aggregate additional buyer’s stamp duty (ABSD) for housing developers from 15% to 30%. This comprised a 25% component that was remittable if the development was completed and all units sold within five years, plus a 5% non-remittable component.

In October 2018, URA also revised guidelines governing the maximum number of dwelling units in new non-landed residential developments outside the Central Area. Gilstead Court falls within the Stevens-Chancery area, one of nine locations where the maximum number of dwelling units is based on an average GFA of 100 sq m (1,076 sq ft) per unit.

Given the series of cooling measures, the collective sale committee at Gilstead Court subsequently secured the consent of at least 80% of the owners to lower the reserve price by 8.9%. The condominium was relaunched in January 2019 at $153 million, or $1,448 psf ppr after factoring in the 7% bonus GFA for balconies. The tender closed without any bids, as the cooling measures had dampened developers’ appetite for collective sale sites at the time, says Ng.

Read also: City Plaza launches collective sale tender at $970 mil after two failed attempts

Nearby GLS sites fetch higher land rates

Amid strong sales at new residential launches over the past two years, developers have continued to bid actively for government land sale (GLS) sites. Two GLS sites in the neighbouring Newton area in prime District 9 have been sold over the past year.

In November 2025, HH Investment, the Singapore subsidiary of Taiwan’s Huang Hsiang Construction Corp, submitted the top bid among eight contenders for a site on Bukit Timah Road near Newton MRT Station. It paid $566.2 million, or $1,820 psf ppr, for the 99-year leasehold, 63,498 sq ft site, which can yield about 340 residential units.

In June, a joint venture between City Developments Ltd (CDL) and Hong Realty, a subsidiary of Hong Leong Group, submitted the top bid among four contenders for a GLS site on Peck Hay Road, off Scotts Road, near Newton MRT Station.

The joint venture paid $542.4 million, or $1,865 psf ppr, for the site, where it plans to develop a 39-storey residential tower with about 380 units.

The $1,865 psf ppr land rate is the highest paid for a GLS residential site since 2018, when the consortium of SC Global, Far East Consortium International and New World Development paid $2,377 psf ppr for the Cuscaden Road site. It has since been developed into the 192-unit Cuscaden Reserve, which was completed in 2023.

32 Gilstead next door fully sold above $3,400 psf

Closer to Gilstead Court, Kheng Leong Co purchased the 43,458 sq ft freehold site at 32 and 34 Gilstead Road for $70 million, or $1,611 psf on the land area, in December 2021.

The site has since been redeveloped into 32 Gilstead, a five-storey freehold condominium with just 14 units. All are four-bedroom apartments ranging from 3,821 sq ft to 4,219 sq ft.

Launched in April 2024, 32 Gilstead sold out after its final 4,219 sq ft unit fetched $14.49 million ($3,434 psf), based on a caveat lodged in May 2026. Units in the development have changed hands at prices ranging from $13 million ($3,402 psf) to $15.1 million ($3,579 psf).

Gilstead Court’s rear boundary adjoins 32 Gilstead, while its frontage is next to The Armadale, a 75-unit freehold apartment development completed in 2001.

The latest transaction at The Armadale was for a 1,119 sq ft, three-bedroom unit that changed hands for $2.17 million ($1,938 psf) in July. An 872 sq ft, two-bedroom unit was sold for $1.8 million ($2,064 psf) in May, based on caveats lodged.

Another neighbouring freehold project is the 64-unit Buckley Classique, which was launched in 2011 and completed in 2014. Its latest transaction was for a 1,399 sq ft, three-bedroom unit on the fifth floor that changed hands for $3.4 million ($2,430 psf) in June.

Across the road is the 24-unit Gilstead Mansion, completed in 1991. Its latest transaction was in June, when a 1,636 sq ft, three-bedroom unit changed hands for $3.15 million ($1,925 psf).

At Gilstead Court, the latest resale was for a 1,464 sq ft unit that fetched $2.998 million ($2,048 psf) in June 2025.

​The last transaction at Gilstead Mansion across the road is the sale of a 1,636 sq ft, three-bedroom unit that changed hands for $3.15 million ($1,925 psf) in June (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Location draws expat tenants, families

Gilstead Court is within a 10-minute walk of Novena MRT Station, one stop from the Newton MRT Interchange Station on the North-South and Downtown Lines.

Nearby amenities include United Square, Velocity @ Novena Square and Square 2, as well as HealthCity Novena, Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital and Novena Medical Centre.

Ng says the location’s proximity to public transport and amenities makes it popular with expatriate tenants. Its location within 1km of schools including St Joseph’s Institution Junior, Anglo-Chinese School (Junior) and Anglo-Chinese School (Primary) is also a draw for families, he adds.

The tender for Gilstead Court closes on Oct 13.

Check out the latest listings for Gilstead Court, 32 Gilstead, District 11, Novena properties

## Chinese translation

> Translation model: openai_codex_cli

### Gilstead Court 第四次尝试集体出售，叫价 1.98 亿新元

该项目以 1.98 亿新元重返市场，在计入 7% 奖励总楼面面积后，实际地价为每平方英尺容积率 1,751 新元。

位于 Newton-Novena 一带、拥有 48 个单位的永久地契公寓 Gilstead Court，在超过 80% 业主同意出售后，以 1.98 亿新元推出集体出售。这是业主自 2008 年以来第四次尝试集体出售，JLL 获委任为营销代理。

该物业坐落于占地 75,479 平方英尺的地块，拥有宽阔且规则的临街面，后方逐渐收窄至一点。它位于第 11 邮区优质地段 Gilstead Road 沿线、靠近 Gentle Road 和 Newton Road 的一个宁静住宅区，周边为有地住宅和低层公寓。

按 1.98 亿新元的保留价计算，该地块的地价为每平方英尺容积率 1,874 新元。在计入用于阳台的 7% 奖励总楼面面积（GFA）后，实际地价为每平方英尺容积率 1,751 新元。

另见：Sustained Land 计划在 Thomson Road 住宅区推出 776 个单位公寓项目，此前该区已有 16 年无新盘推出

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“由于发展基准较高，即使加入额外的阳台奖励总楼面面积，也无需支付土地增值费，”JLL 土地与集体出售主管 Nicholas Ng 表示。

他补充说，较高的发展基准也使该地块免受半年一次的土地增值费（LBC）费率调整影响，下一次调整将在 2026 年 9 月 1 日进行。

重建潜力

在获得市区重建局（URA）批准的前提下，该地块可重建为一座五层精品住宅项目，最多可提供 98 套公寓，按每个单位平均总楼面面积 100 平方米（1,076 平方英尺）计算。

Gilstead Court 由三栋四层楼座组成，共 48 个单位，外立面采用鲜明的红砖设计。该发展项目仅设三卧室单位，面积为 1,389 平方英尺和 1,464 平方英尺。

Gilstead Court 于 1978 年竣工，也将符合新加坡集体出售规则修订建议下较低同意门槛的适用范围。根据 8 月提出的《土地业权（分层地契）（修正）法案》，楼龄 40 年至不足 60 年的发展项目，其同意门槛将从 80% 降至 70%。

不过，据 JLL 称，在拟议修订公布之前，Gilstead Court 业主已为当前这次集体出售尝试取得超过 80% 的同意。

另见：永久地契项目 Hong Heng Garden 以 1.3 亿新元推出集体出售

过往集体出售尝试

业主于 2008 年首次尝试集体出售，但由于未能取得所需的 80% 同意，交易未能推进。2013 年的第二次尝试找到了买家 Tuan Sing Holdings，后者同意以 1.502 亿新元 en bloc 收购该发展项目。

不过，持异议的少数业主对这项集体出售提出挑战。2015 年 10 月，上诉庭裁定，要求未同意出售的业主承担高额法律和行政费用的条款，与集体出售必须以诚信方式进行的要求不一致。该交易随后告吹。

第三次集体出售尝试于 2018 年 6 月启动，保留价提高至 1.68 亿新元，即每平方英尺容积率 1,590 新元，JLL 担任营销代理。

一个月后，政府推出新一轮房地产降温措施，将住宅发展商须承担的总体额外买方印花税（ABSD）从 15% 翻倍至 30%。其中包括 25% 的可退还部分，条件是项目在五年内建成并售出所有单位，另有 5% 的不可退还部分。

2018 年 10 月，URA 也修订了中央区以外新非有地住宅发展项目最高住宅单位数量的指导原则。Gilstead Court 位于 Stevens-Chancery 一带，这是九个以每个单位平均总楼面面积 100 平方米（1,076 平方英尺）为基础计算最高住宅单位数量的地点之一。

鉴于一系列降温措施，Gilstead Court 的集体出售委员会随后取得至少 80% 业主同意，将保留价下调 8.9%。该公寓于 2019 年 1 月以 1.53 亿新元重新推出，即在计入用于阳台的 7% 奖励总楼面面积后，每平方英尺容积率 1,448 新元。Ng 表示，招标最终未收到任何出价，因为当时降温措施削弱了发展商对集体出售地块的兴趣。

另见：City Plaza 两次尝试失败后，以 9.7 亿新元推出集体出售招标

附近政府售地地块成交地价更高

在过去两年新住宅项目销售强劲的背景下，发展商继续积极竞标政府售地（GLS）地块。过去一年，第 9 邮区优质地段相邻的 Newton 一带已有两个 GLS 地块售出。

2025 年 11 月，台湾 Huang Hsiang Construction Corp 的新加坡子公司 HH Investment，在八名竞标者中为 Newton 地铁站附近 Bukit Timah Road 的一个地块提交最高标价。它以 5.662 亿新元，即每平方英尺容积率 1,820 新元，购得该幅 99 年地契、占地 63,498 平方英尺的地块，可兴建约 340 个住宅单位。

今年 6 月，City Developments Ltd（CDL）与 Hong Leong Group 子公司 Hong Realty 组成的合资企业，在四名竞标者中为 Scotts Road 支路 Peck Hay Road、靠近 Newton 地铁站的一个 GLS 地块提交最高标价。

该合资企业以 5.424 亿新元，即每平方英尺容积率 1,865 新元，购得该地块，并计划在当地发展一栋 39 层住宅大楼，约 380 个单位。

每平方英尺容积率 1,865 新元的地价，是自 2018 年以来 GLS 住宅地块的最高成交价；当年由 SC Global、Far East Consortium International 和 New World Development 组成的财团，以每平方英尺容积率 2,377 新元购得 Cuscaden Road 地块。该地块后来发展为拥有 192 个单位的 Cuscaden Reserve，并于 2023 年竣工。

隔邻 32 Gilstead 以每平方英尺逾 3,400 新元全数售罄

在更靠近 Gilstead Court 的位置，Kheng Leong Co 于 2021 年 12 月以 7,000 万新元，即按土地面积每平方英尺 1,611 新元，购入位于 32 和 34 Gilstead Road、占地 43,458 平方英尺的永久地契地块。

该地块其后重建为 32 Gilstead，这是一座仅有 14 个单位的五层永久地契公寓。所有单位均为四卧室公寓，面积介于 3,821 平方英尺至 4,219 平方英尺。

32 Gilstead 于 2024 年 4 月推出后，在最后一个 4,219 平方英尺单位以 1,449 万新元（每平方英尺 3,434 新元）成交后售罄，依据的是 2026 年 5 月提交的房地产交易禁令记录。该项目单位转手价格介于 1,300 万新元（每平方英尺 3,402 新元）至 1,510 万新元（每平方英尺 3,579 新元）。

Gilstead Court 的后方边界毗邻 32 Gilstead，其临街面则紧邻 The Armadale，这是一座拥有 75 个单位、于 2001 年竣工的永久地契公寓项目。

The Armadale 的最新成交是一套 1,119 平方英尺三卧室单位，于 7 月以 217 万新元（每平方英尺 1,938 新元）转手。根据提交的房地产交易禁令记录，一套 872 平方英尺两卧室单位于 5 月以 180 万新元（每平方英尺 2,064 新元）售出。

另一个相邻永久地契项目是拥有 64 个单位的 Buckley Classique，该项目于 2011 年推出，并于 2014 年竣工。其最新成交是一套位于五楼、面积 1,399 平方英尺的三卧室单位，于 6 月以 340 万新元（每平方英尺 2,430 新元）转手。

道路对面是拥有 24 个单位的 Gilstead Mansion，于 1991 年竣工。其最新成交发生在 6 月，一套 1,636 平方英尺三卧室单位以 315 万新元（每平方英尺 1,925 新元）转手。

在 Gilstead Court，最新转售成交是一套 1,464 平方英尺单位，于 2025 年 6 月以 299.8 万新元（每平方英尺 2,048 新元）售出。

道路对面的 Gilstead Mansion 最近一宗成交为一套 1,636 平方英尺三卧室单位，于 6 月以 315 万新元（每平方英尺 1,925 新元）转手（照片：Samuel Isaac Chua/EdgeProp Singapore）

地段吸引外籍租户和家庭

Gilstead Court 距 Novena 地铁站步行不到 10 分钟，而 Novena 站距离南北线和滨海市区线的 Newton 地铁转换站仅一站之遥。

附近配套包括 United Square、Velocity @ Novena Square 和 Square 2，以及 HealthCity Novena、Mount Elizabeth Novena Hospital、Tan Tock Seng Hospital 和 Novena Medical Centre。

Ng 表示，该地点靠近公共交通和便利设施，因此受到外籍租户欢迎。他补充说，该地点位于 St Joseph’s Institution Junior、Anglo-Chinese School (Junior) 和 Anglo-Chinese School (Primary) 等学校 1 公里范围内，也对家庭具有吸引力。

Gilstead Court 的招标将于 10 月 13 日截止。

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