# Little India GLS Site Tender Draws 7 Bids, Top Bid $35.3M - **Source:** Stacked Homes - **Published:** 2026-07-29T11:13:02.000Z - **Author:** Timothy Tay - **Original:** https://stackedhomes.com/this-small-little-india-gls-site-attracted-7-bids-but-the-top-bid-was-nearly-50-higher-than-the-next/ - **Topics:** Private Residential, New Launches, Government & Policy ## Featured rationale The unusually wide bid gap signals divergent views of restoration costs and redevelopment potential, with the eventual strata-landed or SA2 format targeting a specialised market. ## AI summary YK Land submitted the highest of seven bids for the Little India conservation site at $35.3 million, or $962 psf, 48.1% above the runner-up. ## Original article The tender for a small cluster of 18 conservation terrace houses in Little India attracted a higher-than-expected number of bids, with a surprising party emerging as the top bidder. We covered this unassuming government land sale (GLS) at Chitty Road and Veerasamy Road when the public tender was launched on March 25. It caught our attention because it offered the chance for new strata landed houses or long-stay apartments in Little India. Considering the other residential GLS sites that the government is offering developers this year, I had expected this 36,672 sq ft site to catch the attention of a handful of local boutique developers. The added complexity of preserving the building’s heritage value would also turn off other potential bidders, or so I had thought. Instead, we saw YK Land submit the top bid of $35.3 million at the close of the tender on July 28. The bid price translates to $962 psf on the site area. In total, seven bidders tossed their hat into the ring for a chance to acquire this cluster of conservation terrace houses. But the $35.3 million bid by YK Land stood out to me because of much more than the second- and even third-highest bids. A joint venture between Coninit Pte Lte and SEEDoE Ventures – reportedly an affiliate of Kimen Group – submitted a $23.8 million ($650 psf) bid, a difference of 48.1% compared to the top bid. Meanwhile, the third highest bid of $23.7 million ($646 psf) was put in by RPC One. Tenderer | Bid Price ($) | Bid Price ($PSF) 1 | YK Land | 35,288,000 | 962 2 | Conint & SEEDoE Ventures | 23,828,558 | 650 3 | RPC One | 23,700,000 | 646 4 | Mezzo Properties | 16,380,000 | 447 5 | Haus @ Central | 15,555,000 | 424 6 | Westwood Hostel | 12,000,000 | 327 7 | Bogen Venture | 10,600,000 | 289 Table: URA At this time, we don’t know if YK Land will write in to formally seek approval from URA to position the site as a new strata landed housing development, or if we will see the site repositioned as a form of long-term accommodation under the Serviced Apartment II (SA2) scheme. During the tender, URA did say that either residential typology would be acceptable. Mohan Sandrasegeran, Head of Research & Data Analytics at SRI, says that the final development concept will likely depend on the developer’s assessment of market demand, commercial viability and long-term investment strategy. There’s a good chance that the wide spread in terms of the bid prices reflects the different assessment of the site’s redevelopment potential and eventual end product. “Bidders were likely to have arrived at different land valuations based on their preferred development strategy, restoration costs and target market,” says Sandrasegeran. This GLS site is unique because it is fundamentally a conservation and adaptive reuse project, rather than the greenfield development that we usually see in the GLS programme. We know that YK Land will be expected to retain and restore the existing Art Deco terrace houses, which were built in 1927. As Sandrasegeran points out: “The development quantum here is largely determined by the existing conserved building envelope. Developers are required to retain much of the original architectural character, including the building profile, roof form and key façade elements, while undertaking restoration works in accordance with URA’s conservation guidelines”. We have seen several examples of developers incorporating conservation buildings into a redevelopment project. But for a small land size like this, the restoration and conservation costs coupled with the price of a new build would make most seasoned developers baulk. The requirements essentially limit the redevelopment flexibility while increasing construction complexity and elevating the project’s cost certainty risk. However, there are several strong locational attributes that would make this a compelling project. If it is redeveloped under the SA2 scheme, we could see 36 new serviced apartment units enter the housing mix in this part of Little India. This type of accommodation has a minimum stay of three months, which would appeal to professionals, expatriates and other residents seeking medium to longer term accommodation within a city-fringe neighbourhood. Serviced apartments also generally reap a higher per unit yield, so YK Land could be banking on this property generating recurring rental income. If YK Land opts to turn the site into a collection of strata landed homes, the resulting product may be one of the most exclusive collections of conserved heritage homes in Singapore, suggests Sandrasegeran. Although only 18 of these homes would be allowed, given the tender conditions, the rarity of owning a restored heritage property within the Little India Historic District may appeal to affluent owner-occupiers and collectors seeking highly distinctive homes that are seldom available in the market. “With relatively few new landed developments being introduced in Singapore, particularly within established city fringe locations, the combination of heritage conservation and modern residential use may create a unique value proposition for affluent owner-occupiers,” says Sandrasegeran. We expect the official announcement of the tender award from URA for this site to come within the coming weeks. If it does go to YK Land, it will certainly be an interesting case to see how this developer tackles this niche conservation residential opportunity. ## Chinese translation > Translation model: grok_cli ### 小印度政府售地招标获7份标书，最高出价3530万新元 Soon Hock Group旗下YK Land以3530万新元投得小印度Chitty Road与Veerasamy Road一处由18栋装饰艺术风格排屋组成的保育地段，居七家投标者榜首。该出价折合每平方英尺962新元，几乎比次高出价高出50%。 小印度一处由18栋保育排屋组成的小型集群招标，吸引到高于预期的标书数量，并有令人意外的一方成为最高出价者。 我们曾在3月25日公开招标启动时报道过这处位于Chitty Road与Veerasamy Road、看似不起眼的政府售地（GLS）。它引起我们注意，是因为提供了在小印度打造新分层有地住宅或长住式公寓的机会。 考虑到政府今年向发展商推出的其他住宅政府售地，我原本预期这幅36,672平方英尺的地段会吸引少数本地精品发展商关注。保留建筑遗产价值的额外复杂性，本也应令其他潜在投标者却步——至少我是这么想的。 结果，我们看到YK Land在7月28日招标截止时提交了3530万新元的最高出价。该出价按地段面积折合每平方英尺962新元。 共有七家投标者参与竞逐这处保育排屋集群。但YK Land的3530万新元出价之所以格外引人注目，远不只是因为它远高于第二、甚至第三高的出价。 由Coninit Pte Lte与SEEDoE Ventures（据报为Kimen Group关联方）组成的合资公司提交了2380万新元（每平方英尺650新元）的出价，与最高出价相差48.1%。与此同时，第三高出价为2370万新元（每平方英尺646新元），由RPC One投出。 投标者 | 出价（新元） | 出价（每平方英尺新元） 1 | YK Land | 35,288,000 | 962 2 | Coninit & SEEDoE Ventures | 23,828,558 | 650 3 | RPC One | 23,700,000 | 646 4 | Mezzo Properties | 16,380,000 | 447 5 | Haus @ Central | 15,555,000 | 424 6 | Westwood Hostel | 12,000,000 | 327 7 | Bogen Venture | 10,600,000 | 289 表格：市区重建局（URA） 目前，我们尚不清楚YK Land是否会正式向市区重建局申请，将该地段定位为新的分层有地住宅项目，还是会以服务式公寓II（Serviced Apartment II，SA2）计划下的长期住宿形式重新定位。 招标期间，市区重建局曾表示，两种住宅形态均可接受。 SRI研究与数据分析主管Mohan Sandrasegeran表示，最终开发概念很可能取决于发展商对市场需求、商业可行性与长期投资策略的评估。 出价价差如此之大，很可能反映了对该地段再开发潜力与最终产品形态的不同判断。“投标者很可能基于各自偏好的开发策略、修复成本与目标市场，得出了不同的土地估值，”Sandrasegeran说。 这幅政府售地独特之处在于，它本质上是保育与适应性再利用项目，而非我们在政府售地计划中常见的绿地开发。我们知道，YK Land将被要求保留并修复建于1927年的现有装饰艺术风格排屋。 正如Sandrasegeran指出：“此处的开发总量在很大程度上由现有保育建筑体量决定。发展商须保留大部分原有建筑特色，包括建筑轮廓、屋顶形式与关键立面元素，并按照市区重建局的保育指引进行修复工程。” 我们已见过多个将保育建筑纳入再开发项目的案例。但对如此小的地块而言，修复与保育成本再加上新建成本，会让多数经验丰富的发展商望而却步。 这些要求实质上限制了再开发的灵活性，同时增加了施工复杂性，并抬高了项目成本确定性风险。 不过，该地段具备若干强劲的区位优势，足以使其成为有吸引力的项目。若在SA2计划下再开发，我们或可看到36套新的服务式公寓单位进入小印度这一区域的住房结构。 此类住宿最短租期为三个月，将吸引寻求在城市边缘邻里中长期住宿的专业人士、外籍人士及其他居民。服务式公寓通常也能带来更高的单位收益率，因此YK Land可能寄望该物业产生经常性租金收入。 若YK Land选择将地段打造成分层有地住宅集合，Sandrasegeran认为，最终产品或将成为新加坡最独具一格的保育遗产住宅集合之一。 尽管根据招标条件仅允许18套此类住宅，但在小印度历史区内拥有经修复的遗产物业的稀缺性，可能吸引富裕自住买家与收藏型买家，他们寻求市场上难得一见的高度独特居所。 “新加坡新增的有地住宅项目相对较少，尤其在已成型的城市边缘地段更是如此，遗产保育与现代居住用途的结合，或可为富裕自住买家创造独特的价值主张，”Sandrasegeran说。 我们预计市区重建局将在未来数周内正式公布该地段的招标结果。若最终花落YK Land，观察这家发展商如何应对这一小众保育住宅机会，无疑会是一个有意思的案例。