# Gilstead Court takes fourth stab at en bloc sale with S$198 million reserve price

- **Source:** The Business Times
- **Published:** 2026-08-31T04:24:46.000Z
- **Author:** Chong Xin Wei
- **Original:** https://www.businesstimes.com.sg/property/gilstead-court-takes-fourth-stab-en-bloc-sale-s198-million-reserve-price
- **Topics:** Private Residential, Transactions & Deals

## Featured rationale

Firm bidding for nearby state sites may support developer interest, while the freehold tenure and absence of land betterment charge could improve redevelopment cost certainty.

## AI summary

Gilstead Court launched its fourth en bloc attempt at S$198 million, or S$1,874 psf ppr, with redevelopment potential for up to 98 apartments.

## Original article

[SINGAPORE] Owners of Gilstead Court are making another attempt at an en bloc sale, offering the freehold site in the Novena area at a reserve price of S$198 million.

The price tag reflects a rate of about S$1,874 per square foot per plot ratio (psf ppr). If a 7 per cent bonus balcony plot ratio is factored in, the land rate translates to S$1,751 psf ppr, said marketing agent JLL on Monday (Aug 31).

Owners stand to receive about S$4 million for their properties.

The development comprises 48 apartments across three four-storey blocks, with 24 units measuring 129 square metres (sq m) and the remaining units measuring 136 sq m. Under the 2025 Master Plan, the 7,012-sq m site is zoned residential with a gross plot ratio of 1.4.

It can accommodate a five-storey boutique development of up to 98 apartments of 100 sq m each, subject to approval from the Urban Redevelopment Authority.

Nicholas Ng, head of land and collective sales at JLL, said: “With a high development baseline, no land betterment charge is payable even with the additional bonus gross floor area (GFA). This insulates the project from half-yearly land betterment charge rate revisions, with the next adjustment expected on Sep 1.”

Owners of Gilstead Court first attempted an en bloc sale in 2008, but failed to secure the mandatory 80 per cent consent.

In 2013, Tuan Sing agreed to acquire the development en bloc for about S$150 million.

However, the deal fell through after dissenting minority owners successfully challenged the sale. The Court of Appeal found that provisions requiring non-consenting owners to bear substantial legal and administrative costs were inconsistent with the requirement that the sale be conducted in good faith.

A third en bloc attempt was launched in June 2018, this time at a higher reserve price of S$168 million, or S$1,590 psf ppr.

The development was relaunched for sale in 2019 at a reduced reserve price of S$153 million, or S$1,448 psf ppr, after factoring in the bonus GFA for balconies, amid a series of property cooling measures introduced a year earlier.

Located in prime District 11, Gilstead Court is close to Novena MRT station, and retail and dining options.

It is also near several schools, including St Joseph’s Institution (Junior), Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School.

Nearby, recent state land tenders have attracted firm interest from developers.

In November 2025, a plum Newton site garnered eight bids; it was topped by HH Investment at S$566.3 million, or S$1,820 psf ppr.

In June this year, a tie-up between City Developments Ltd and Hong Realty trumped three other bidders with a S$542.4 million, or S$1,865 psf ppr, offer for a Peck Hay plot.

Within the same district, Sustained Land this month acquired a sprawling site in Thomson Lane for S$578 million, with plans for a large residential development. A land betterment charge payable for the redevelopment, estimated at S$436 million, would take the total land cost to more than S$1 billion, or close to S$1,293 psf ppr.

The tender for Gilstead Court closes on Oct 13.

## Chinese translation

> Translation model: grok_cli

### Gilstead Court以新元1.98亿元底价第四次尝试集体出售

该地区近期政府售地招标获得发展商踊跃竞投

［新加坡］Gilstead Court业主再次尝试集体出售，以新元1.98亿元底价推出位于Novena一带的永久地契地块。

该价格相当于每平方英尺容积率（psf ppr）约新元1,874元。销售代理仲量联行周一（8月31日）表示，若计入7%的奖励阳台容积率，地价折合每平方英尺容积率新元1,751元。

业主预计可就其物业获得约新元400万元。

该项目由三座四层楼共48套公寓组成，其中24个单位面积为129平方米，其余单位面积为136平方米。根据2025年总体规划，这块7,012平方米的地块划为住宅用途，总容积率为1.4。

须获市区重建局批准，该地块可兴建一座最多98套、每套100平方米公寓的五层精品项目。

仲量联行土地与集体出售主管Nicholas Ng表示：“由于发展基准较高，即使计入额外奖励总楼面面积（GFA），也无需缴纳土地增值税。这使项目不受每半年一次的土地增值税税率调整影响，下一次调整预计于9月1日生效。”

Gilstead Court业主首次尝试集体出售是在2008年，但未能获得法定的80%同意。

2013年，Tuan Sing同意以约新元1.5亿元集体收购该项目。

然而，异议少数业主成功挑战该出售后，交易告吹。上诉庭认定，要求不同意出售的业主承担大量法律和行政费用的条款，不符合出售须以诚信进行的要求。

第三次集体出售尝试于2018年6月启动，此次底价更高，为新元1.68亿元，即每平方英尺容积率新元1,590元。

2019年，该项目以降至新元1.53亿元、即每平方英尺容积率新元1,448元的底价重新推出（已计入阳台奖励总楼面面积），当时正值一年前推出的一系列房地产降温措施影响之下。

Gilstead Court位于优质第11区，靠近Novena地铁站以及零售和餐饮选择。

附近还有多所学校，包括St Joseph’s Institution (Junior)、Anglo-Chinese School (Primary)和Singapore Chinese Girls’ Primary School。

附近近期的政府土地招标获得了发展商的踊跃竞投。

2025年11月，一幅优质Newton地块共获八份标书，由HH Investment以新元5.663亿元、即每平方英尺容积率新元1,820元拔得头筹。

今年6月，城市发展有限公司（City Developments Ltd）与Hong Realty的合作以新元5.424亿元、即每平方英尺容积率新元1,865元的出价，击败另外三名竞标者，拿下Peck Hay地块。

同区方面，Sustained Land本月以新元5.78亿元购入Thomson Lane一幅大面积地块，计划打造大型住宅项目。重建所需缴纳的土地增值税估计为新元4.36亿元，将使总土地成本超过新元10亿元，即接近每平方英尺容积率新元1,293元。

Gilstead Court招标将于10月13日截止。