# Malaysian developer Eco World tops seven bids for Lorong Puntong GLS site at $1,612 psf ppr in tender debut - **Source:** EdgeProp Singapore - **Published:** 2026-09-15T09:44:44.000Z - **Author:** Ashley Lo - **Original:** https://www.edgeprop.sg/property-news/malaysian-developer-eco-world-tops-seven-bids-lorong-puntong-gls-site-1612-psf-ppr-tender-debut - **Topics:** Government & Policy, Transactions & Deals, Regional Markets ## Featured rationale The premium bid signals developer confidence in demand from nearby upgraders and right-sizers, but may require launch prices from $3,000 psf amid competition from Thomson Reserve. ## AI summary Eco World topped seven bids for the Lorong Puntong GLS site at $208.1 million, or a record $1,612 psf ppr, 11.1% above the runner-up. ## Original article Malaysian developer Eco World Development has emerged as the top bidder for a residential site at Lorong Puntong/Sin Ming Avenue, marking its first participation in a government land sale (GLS). The tender, which closed on Sept 15, drew seven bids. Eco World submitted the highest offer of $208.1 million, or $1,612 psf per plot ratio (psf ppr). Its bid was 11.1% higher than the second-highest offer of $187.33 million, or $1,451 psf ppr, from a joint venture between Hong Leong Holdings and TID (a joint venture between Hong Leong Group and Japanese developer Mitsui Fudosan). The result signals a potential expansion of Eco World’s presence in Singapore from international property marketing into residential development. Read also: Smaller residential GLS sites released at Lorong Puntong/Sin Ming Ave and Kitchener Link The Malaysian group has been in Singapore for more than a decade, opening its first international EcoWorld Gallery here in May 2015 to market its projects. Its portfolio spans residential and commercial developments in Malaysia, London, and Sydney and Melbourne in Australia. Coming in third for the Lorong Puntong site was Malaysian developer Sunway MCL with a bid of $185.38 million, or $1,436 psf ppr. EL Development submitted the fourth-highest offer of $182.1 million, or $1,410 psf ppr. The remaining bids came from JBE Capital at $173.29 million, or $1,342 psf ppr, and a consortium comprising Santarli Realty, Heeton Holdings, Kay Lim Holdings, and Sunray Group Holdings at $168.89 million, or $1,308 psf ppr. The lowest bid, from Kheng Leong Company, stood at around $162.15 million, or $1,256 psf ppr. The seven bids were within analysts’ expectations that the tender would attract between four and eight offers. However, Eco World’s top bid exceeded their forecast land-rate range of $1,350 to $1,500 psf ppr. At $1,612 psf ppr, the offer not only exceeded expectations but also set a new record for a pure residential Rest of Central Region (RCR) plot, surpassing the $1,515 psf ppr achieved for the Berlayar Drive site in August 2026, says Tricia Song, CBRE head of research for Singapore and Southeast Asia. The Lorong Puntong/Sin Ming Avenue plot was launched for tender on June 25 as part of the 1H2026 GLS programme. Read also: Sim Lian puts in sole bid of $1,491 psf ppr for second prime condo site in new Holland Plain precinct Located within the Bishan planning area, the 46,103 sq ft site with a gross floor area of 129,093 sq ft is expected to yield about 140 residential units. "From a developer perspective, the relatively modest unit count could also help reduce sales and execution risk compared with substantially larger projects, although bidding appetite will ultimately depend on the site development parameters, prevailing market conditions and the pricing benchmarks established by competing projects in the vicinity," says Mohan Sandrasegeran, SRI head of research and data analytics. At 120m, the new project is likely to be "one of the tallest developments in the area", offering unobstructed views of Lower Pierce Reservoir, says Mark Yip, CEO of Huttons Asia. The site is within a five-minute walk of Bright Hill MRT Station on the Thomson-East Coast Line. Thomson Plaza is one MRT stop away, while dining options are available within a 10-minute walk at Midview City. Ai Tong School is located opposite the site. The last GLS residential site sold in the Bishan Planning Area was a Lorong Puntong plot southwest of the current site, awarded more than a decade ago in October 2014. “That parcel drew a robust 18 bids and was awarded to Nanshan Group for $731 psf ppr,” says CBRE’s Song. The site was later developed into the 288-unit Thomson Impressions, launched in 2015 and completed in 2018. According to CBRE Research, existing 99-year leasehold projects in the area have recorded median resale prices of between $1,485 and $2,170 psf so far in 2026. These range from Bishan Park Condominium — the oldest project, completed in 1994 — to Thomson Three, completed in 2016. Read also: Bayshore Drive mixed-use GLS site tender launched, could fetch bids up to $2 bil [object Object] The only new private residential launch in the immediate vicinity in recent years was at Artisan 8, a freehold boutique, mixed-use development which debuted in August 2025. Since then, 22 of the 34 apartments have been sold at an average of $2,388 psf, says Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group. Before that, the most recent launch in the wider Bishan area was Jadescape in 2018. Completed in 2022 and fully sold, the latest resale at the 1,206-unit Jadescape was for a 1,152 sq ft, three-bedroom unit that changed hands for $3.03 million ($2,631 psf) in August, with another similar-sized unit fetching $3.055 million ($2,652 psf) in July, which is also the highest psf price achieved at Jadescape to date. More new supply is on the way. The 1,268-unit, 99-year leasehold Thomson Reserve, located on the former Thomson View site at Bright Hill Drive, is slated for launch in 4Q2026. Jointly developed by UOL Group, Singapore Land Group and CapitaLand Development, it will be one of the largest new private residential projects launched in Singapore this year. Huttons' Yip expects the future project at Lorong Puntong to face competition from Thomson Reserve. SRI's Sandrasegeran, however, says that the Lorong Puntong site occupies a "differentiated position" within the area. The smaller development appeals to developers seeking a more manageable project with lower overall capital commitment, while future buyers may be drawn to a more intimate residential environment within an established neighbourhood. Among the 31 existing completed non-landed projects in the Bishan Planning Area, 13 projects have 140 or fewer units, representing 41.9% of all projects there, says SRI's Sandrasegeran. However, these smaller developments account for just 9.0% of the total 7,624 completed non-landed units, he notes. “The smaller project size [of the GLS site] limits the number of homes the developer needs to sell, but the land rate still requires careful pricing," says Marcus Chu, CEO of ERA Singapore. "The eventual test will be whether the unit sizes and total purchase prices match the budgets of buyers who want to live in this neighbourhood,” said Chu. Artist’s impression of mixed-use boutique development Artisan 8, which is the only new private residential project in the immediate vicinity in recent years (Photo: Apex Asia Management Group) Realion's Quek sees potential demand coming from HDB upgraders in Bishan and Ang Mo Kio. In the first eight months of 2026, median HDB resale prices of four-room and five-room flats in Bishan reached $788,000 and $970,000 respectively, while median resale prices in Ang Mo Kio reached $632,500 and $1,015,000 respectively. In addition to HDB upgraders, Quek also sees demand from right-sizers from nearby landed homes, which may add to future demand for the project and help them remain in the neighbourhood. Based on the bid price of $1,612 psf ppr, Wong Shanting, head of research at Newmark, estimates the future development could launch at prices from $3,000 psf. Wong Siew Ying, PropNex head of content and research, estimates that the selling price of the new project “may potentially be above $3,000 psf”. This is also in line with CBRE’s forecast. ## Chinese translation > Translation model: grok_cli ### 马来西亚发展商Eco World首次参与招标，以每平方英尺容积率新币1,612元在Lorong Puntong政府售地七份标书中夺得最高价 按每平方英尺容积率新币1,612元的出价，部分房地产顾问估计新项目售价将从每平方英尺新币3,000元起 马来西亚发展商Eco World Development已成为Lorong Puntong/Sin Ming Avenue一处住宅地段的最高出价者，标志着其首次参与政府土地销售（GLS）。 该招标于9月15日截止，共吸引七份标书。Eco World提交了最高出价新币2.081亿元，即每平方英尺容积率（psf ppr）新币1,612元。其出价比第二高标高出11.1%，后者为Hong Leong Holdings与TID（Hong Leong Group与日本发展商Mitsui Fudosan的合资公司）合资提出的新币1.8733亿元，即每平方英尺容积率新币1,451元。 这一结果预示Eco World在新加坡的业务，有可能从国际房产营销扩展到住宅开发。 另读：Lorong Puntong/Sin Ming Ave与Kitchener Link释出较小的住宅政府售地地段 这家马来西亚集团进入新加坡已逾十年，于2015年5月在此开设首家国际EcoWorld Gallery以营销其项目。其投资组合涵盖马来西亚、伦敦，以及澳大利亚悉尼与墨尔本的住宅和商业项目。 Lorong Puntong地段第三高出价来自马来西亚发展商Sunway MCL，出价为新币1.8538亿元，即每平方英尺容积率新币1,436元。 EL Development提交了第四高出价，为新币1.821亿元，即每平方英尺容积率新币1,410元。 其余出价分别来自JBE Capital的新币1.7329亿元，即每平方英尺容积率新币1,342元，以及由Santarli Realty、Heeton Holdings、Kay Lim Holdings和Sunray Group Holdings组成的财团，出价新币1.6889亿元，即每平方英尺容积率新币1,308元。 最低出价来自Kheng Leong Company，约为新币1.6215亿元，即每平方英尺容积率新币1,256元。 七份标书符合分析师关于此次招标将吸引四至八份出价的预期。不过，Eco World的最高出价超出了他们预测的每平方英尺容积率新币1,350元至1,500元的地价区间。 CBRE新加坡及东南亚研究主管Tricia Song表示，以每平方英尺容积率新币1,612元计算，该出价不仅超出预期，还创下纯住宅中央区其余地区（RCR）地段的新纪录，超过2026年8月Berlayar Drive地段录得的每平方英尺容积率新币1,515元。 Lorong Puntong/Sin Ming Avenue地段于6月25日推出招标，属2026年上半年政府售地计划的一部分。 另读：Sim Lian以每平方英尺容积率新币1,491元独家出价竞标Holland Plain新区域第二个优质公寓地段 该地段位于碧山规划区，占地46,103平方英尺，总楼面面积129,093平方英尺，预计可建约140个住宅单位。 SRI研究与数据分析主管Mohan Sandrasegeran表示：“从发展商角度看，相对不多的单位数量，相较规模大得多的项目，也可能有助于降低销售与执行风险，不过竞标意欲最终仍取决于地段开发参数、当前市场状况，以及附近竞争项目所确立的定价基准。” Huttons Asia首席执行官Mark Yip表示，新项目高达120米，很可能成为“该地区最高的项目之一”，可享Lower Pierce Reservoir无遮挡景观。 该地段步行五分钟可达汤申-东海岸线上的Bright Hill地铁站。Thomson Plaza距离一站地铁，步行10分钟内可在Midview City找到餐饮选择。Ai Tong School位于地段对面。 碧山规划区上一次售出的政府售地住宅地段，是现址西南侧的一处Lorong Puntong地段，于十多年前的2014年10月批出。CBRE的Song表示：“该地段吸引了踊跃的18份标书，由Nanshan Group以每平方英尺容积率新币731元中标。”该地段后来开发为拥有288个单位的Thomson Impressions，于2015年开盘、2018年竣工。 根据CBRE Research，该地区现有99年地契项目在2026年迄今录得的转售价中位数介于每平方英尺新币1,485元至2,170元。这些项目从最老、1994年竣工的Bishan Park Condominium，到2016年竣工的Thomson Three不等。 另读：Bayshore Drive综合用途政府售地招标启动，出价或高达新币20亿元 [object Object] 近年来附近唯一的新私宅开盘是Artisan 8，这是一个永久地契精品综合用途项目，于2025年8月亮相。Realion（OrangeTee & ETC）集团副集团首席执行官Justin Quek表示，此后34个公寓单位中已售出22个，均价为每平方英尺新币2,388元。 在此之前，碧山更大范围内最近一次开盘是2018年的Jadescape。该项目于2022年竣工并已全部售出；拥有1,206个单位的Jadescape最近一宗转售，是一套1,152平方英尺的三房单位于8月以新币303万元（每平方英尺新币2,631元）易手，另一套面积相近的单位则于7月以新币305.5万元（每平方英尺新币2,652元）成交，这也是Jadescape迄今录得的最高每平方英尺成交价。 更多新供应即将到来。位于Bright Hill Drive前Thomson View地段、拥有1,268个单位的99年地契项目Thomson Reserve，计划于2026年第四季度开盘。该项目由UOL Group、Singapore Land Group与CapitaLand Development联合开发，将成为新加坡今年推出的最大型新私宅项目之一。 Huttons的Yip预计，未来Lorong Puntong项目将面临来自Thomson Reserve的竞争。 不过，SRI的Sandrasegeran表示，Lorong Puntong地段在该地区占据“差异化定位”。较小的开发规模吸引寻求更易管理、整体资金投入更低项目的发展商，而未来买家则可能被成熟社区中更私密的居住环境所吸引。 SRI的Sandrasegeran表示，在碧山规划区现有31个已竣工非有地项目中，有13个项目单位数为140个或更少，占当地全部项目的41.9%。不过他指出，这些较小项目仅占已竣工非有地单位总数7,624个中的9.0%。 ERA新加坡首席执行官Marcus Chu表示：“（该政府售地地段）较小的项目规模限制了发展商需要售出的住房数量，但地价仍需审慎定价。”“最终考验在于，单位面积与总买价是否符合希望住在这个社区的买家预算。”Chu说。 综合用途精品项目Artisan 8效果图，该项目是近年来附近唯一的新私宅项目（照片：Apex Asia Management Group） Realion的Quek认为，潜在需求可能来自碧山与宏茂桥的组屋提升买家。2026年前八个月，碧山四房式与五房式组屋转售价中位数分别达新币788,000元与新币970,000元，宏茂桥转售价中位数则分别达新币632,500元与新币1,015,000元。除组屋提升买家外，Quek也看到来自附近有地住宅缩小居住面积者的需求，这可能增加该项目的未来需求，并帮助他们继续留在该社区。 基于每平方英尺容积率新币1,612元的出价，Newmark研究主管Wong Shanting估计，未来项目开盘价可能从每平方英尺新币3,000元起。 PropNex内容与研究主管Wong Siew Ying估计，新项目售价“有可能高于每平方英尺新币3,000元”。这也与CBRE的预测一致。