# Malaysian Developer Tops Lorong Puntong GLS Tender at $208M - **Source:** Stacked Homes - **Published:** 2026-09-15T13:11:05.000Z - **Author:** Sihan Chia - **Original:** https://stackedhomes.com/a-malaysian-developer-just-put-in-a-record-bid-for-this-sin-ming-gls-site-new-homes-could-launch-at-3000-3100-psf/ - **Topics:** Private Residential, New Launches, Government & Policy ## Featured rationale Aggressive bidding signals developer confidence in the location’s upgrader and right-sizer demand, but potential $3,000–$3,100 psf launch pricing could test buyer affordability. ## AI summary Eco World Development topped seven bids for the Lorong Puntong/Sin Ming Avenue GLS site at $208.099 million, or a record RCR land rate of $1,612 psf ppr. ## Original article A Malaysian property developer has submitted the top bid of $208.099 million for a government land sale (GLS) site at Sin Ming Avenue / Lorong Puntong. The tender for the residential site next to Ai Tong School and close to Bright Hill MRT station, closed on Sept 15. The relatively small development plot, which is 46,106 sq ft and could yield up to 140 new private residential units, attracted a relatively high level of developer participation. The Bursa-listed Eco World Development was one of seven property developers who participated in the GLS tender. The Malaysian developer’s top bid of $208.099 million translates to a land rate of $1,612 psf per plot ratio (ppr). This is 11.1% higher than the second-highest bid which was jointly submitted by Hong Leong Holdings and TID, who put in a $187.33 million ($1,451 psf ppr) bid. Name of tenderer | Price ($) | Price ($psf ppr) Eco World Development | 208,099,000 | 1,612 Hong Leong Holdings & TID | 187,330,000 | 1,451 Sunway MCL | 185,380,000 | 1,436 EL Development | 182,100,000 | 1,411 JBE Capital | 173,292,200 | 1,342 Santarli Realty, Heeton Holdings, Kay Lim Holdings, and Sunray Group Holdings | 168,888,000 | 1,308 Kheng Leong Co. | 162,150,000 | 1,256 This GLS site in Sin Ming has a gross plot ratio of 2.8, which means that the new development will have a maximum allowable gross floor area (GFA) of 129,102.34 sq ft. It is likely that the relatively small size of the site offered the participating developers a more palatable land-price quantum, even though a development of this size will unlikely benefit from most meaningful economies of scale when it comes to construction or development, says Wong Shanting, Head of Research at Newmark. This is why the site seemed to appeal to small- and medium-sized developers, rather than larger players in the industry, she says. Nevertheless, the site is still a catch given its strong locational attributes, such as its proximity to established schools and MRT connectivity, says Wong. She adds that land costs in recent tenders have risen significantly on the back of bullish bidding, and developers may be compelled to bid aggressively for this site as well which in turn, drives up new home prices here. “At the same time, job market weakness and the possibility of higher interest rates in the short-to-medium term could dampen buyer appetite for units at benchmark pricing levels, risking a mismatch between pricing and demand when the project eventually launches,” says Wong. If the site is awarded to Eco World Development, the developer’s top bid could translate into an expected launch price for the future development of between $3,000 psf to $3,100 psf, says Nicholas Mak, chief research officer at Mogul.sg. At that launch price range, the new development might be comparable to the new high-end private housing units launched this year, such as Dunearn House – a 99-year leasehold project in Bukit Timah in the Core Central Region (CCR) – which set an average selling price of $3,140 psf when it launched for sale in July. He also observes that this is a new record high land rate for a GLS residential site in the Rest of Central Region (RCR) and would contribute to escalating the inflation of property prices. By comparison, the top bid for the Lorong Puntong / Sin Ming site is only 0.3% lower than the $1,616.77 psf ppr that UOL Group paid for the GLS residential site at Orchard Boulevard in February 2024. Comparable GLS residential sites Source: Mogul.sg Research The Sin Ming GLS site is surrounded by several public and private housing estates, and a small landed enclave along Jalan Angklong / Jalan Tambur. Several recognisable condos are in this vicinity too, including Faber Garden Condo, Flame Tree Park, The Gardens at Bishan, and Bishan Park condo. This area is also close to Bishan-ang Mo Kio Park. This site is within 1km of the popular Ai Tong School while Ang Mo Kio Primary School, Catholic High School, and CHIJ St Nicholas Girls’ School all within one to two km radius. The area is also connected to major roads such as Upper Thomson Road and Ang Mo Kio Avenue 1, and served by bus services that ply Sin Ming Avenue and Upper Thomson Road. The focus for many homeowners will be Bright Hill MRT station on the Thomson-East Coast Line, which is set to interchange with the future Cross Island Line in 2030. Marcus Chu, CEO of ERA Singapore, expects that some of the buyers for the new development may include HDB upgraders and landed homeowners who want to remain within the Bishan-Thomson area, but are looking for a new private residential option. “For a development of about 140 units, the developer may be able to target a more focused pool of buyers who value the location and are comfortable paying a premium for a home in this established neighbourhood,” he says. The Lorong Puntong / Sin Ming Avenue GLS site is zoned for residential use and is near Ai Tong School and the Midview City industrial estate. [Map: URA] Pricing risk remains despite smaller developmental scale When the Stacked editorial team first wrote about the Lorong Puntong/Sin Ming site when it was put up for tender in June this year, there was anticipation that the site could draw multiple bids despite being a relatively smaller plot. This part of Ang Mo Kio has seen heightened interest ever since the collective sale of the former Thomson View condo, which was completed last year. A consortium of developers – UOL Group, Singapore Land, and CapitaLand Development – bought the former condo for $810 million. The new development, Thomson Reserve, is less than 500m from the latest GLS site and is expected to inject 1,240 new private homes into the neighbourhood. However, the relatively small number of new units that the latest GLS site can yield, coupled with the winning land rate, also means the developer will need to be disciplined with its pricing strategy. “A higher land cost does not necessarily translate into higher selling prices that buyers will accept. Developers will need to consider prevailing mortgage rates, buyer affordability, competing projects and the broader economic environment when determining launch prices,” says Chu. Likewise, Wong of Newmark adds that from a buyer’s perspective, smaller sites also tend to come with fewer and smaller facilities. This may deter some buyers who prefer many condo facilities. “The location also has several freehold developments; despite being older, buyers may weigh the price point when comparing an older freehold development against a newer 99-year leasehold development,” she says. What this means for future buyers in Sin Ming / Ang Mo Kio From the tender results, it is clear to us that the site’s strong locational attributes proved to be a draw for developers looking to capitalise on Bishan’s relatively limited housing supply. The general sentiment among industry insiders is that right-sizers from the nearby landed enclave may add to demand for the future project to remain within the neighbourhood. Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group notes that the last new launch in the area was boutique development Artisan 8, which launched in August 2025 with the average price sold at $2,388 psf. Prior to that was Jadescape, which launched in 2018 and has also attracted healthy resale demand and capital appreciation. At the same time, strong resale flat prices in Bishan and Ang Mo Kio could add to potential upgrader demand. From January to August 2026, median HDB resale prices of four-room and five-room flats in Bishan reached $788,000 and $970,000, respectively. In Ang Mo Kio, median resale prices reached $632,500 and $1,015,000 respectively. At such prices, homeowners may find the capital they need for a relatively comfortable upgrading. ## Chinese translation > Translation model: grok_cli ### 马来西亚发展商以新币2.08亿元拔得罗弄本东政府售地招标头筹 Eco World Development以新币2.08099亿元标价，在罗弄本东与新民大道政府售地（GLS）招标中拔得头筹，力压另外六家对手。该地段邻近碧山与光明山地铁站，预计可建约140套住宅，开盘价料将从每平方英尺新币3,000元起。 一家马来西亚房地产发展商以新币2.08099亿元的最高标价，竞投新民大道／罗弄本东的政府售地（GLS）地段。这块毗邻爱同学校、靠近光明山地铁站的住宅用地招标已于9月15日截止。 这块相对较小的发展地段占地46,106平方英尺，预计最多可建140个新私宅单位，吸引了较高的发展商参与度。在马来西亚证券交易所（Bursa）上市的Eco World Development，是参与此次政府售地招标的七家房地产发展商之一。 这家马来西亚发展商的最高标价新币2.08099亿元，相当于土地价每平方英尺容积率（ppr）新币1,612元。这比由Hong Leong Holdings与TID联合提交的次高标价新币1.8733亿元（每平方英尺容积率新币1,451元）高出11.1%。 投标者名称 | 价格（新元） | 价格（每平方英尺容积率，新元） Eco World Development | 208,099,000 | 1,612 Hong Leong Holdings & TID | 187,330,000 | 1,451 Sunway MCL | 185,380,000 | 1,436 EL Development | 182,100,000 | 1,411 JBE Capital | 173,292,200 | 1,342 Santarli Realty, Heeton Holdings, Kay Lim Holdings, and Sunray Group Holdings | 168,888,000 | 1,308 Kheng Leong Co. | 162,150,000 | 1,256 这块位于新民的政府售地总容积率为2.8，意味着新项目的最高允许总楼面面积（GFA）为129,102.34平方英尺。 Newmark研究主管Wong Shanting表示，这块地相对较小，可能让参与招标的发展商觉得土地总价更易接受，尽管这种规模的项目在建造或开发方面不太可能获得有实质意义的规模经济。 她说，这就是该地段似乎更吸引中小型发展商、而非业内大型业者的原因。不过，Wong表示，鉴于其优越的区位条件，例如靠近成熟学校和地铁连通性，该地段仍属难得之选。 她补充说，近期招标中的土地成本因踊跃出价而显著上升，发展商或许也不得不为这块地积极竞标，进而推高此处的新盘价格。 Wong说：“与此同时，就业市场疲软，以及中短期内利率可能上升，可能抑制买家对基准定价水平单位的需求，使项目最终开盘时面临定价与需求错配的风险。” Mogul.sg首席研究官Nicholas Mak表示，若该地段授予Eco World Development，发展商的最高标价可能意味着未来项目的预期开盘价介于每平方英尺新币3,000元至3,100元。 在该开盘价区间内，新项目或可与今年推出的新高端私宅单位相提并论，例如Dunearn House——一个位于核心中央区（CCR）武吉知马的99年地契项目——该项目于7月开盘时，平均售价定为每平方英尺新币3,140元。 他还观察到，这是中央区其余地区（RCR）政府售地住宅地段的土地价新高，并将助推房价通胀升级。相比之下，罗弄本东／新民地段的最高标价，仅比UOL Group于2024年2月为乌节林荫道政府售地住宅地段所支付的每平方英尺容积率新币1,616.77元低0.3%。 可比较的政府售地住宅地段 资料来源：Mogul.sg Research 新民政府售地周边环绕多个公共与私人住宅区，以及沿着Jalan Angklong／Jalan Tambur的一小片有地住宅聚落。附近还有若干知名共管公寓，包括Faber Garden Condo、Flame Tree Park、The Gardens at Bishan和Bishan Park公寓。该区也靠近碧山－宏茂桥公园。 该地段距离热门的爱同学校1公里以内，而宏茂桥小学、公教中学和圣尼各拉女校均在一至两公里半径范围内。 该区也连接汤申路上段和宏茂桥第一道等主干道，并由行驶新民大道和汤申路上段的巴士服务覆盖。许多屋主关注的焦点将是汤申－东海岸线上的光明山地铁站，该站预计将于2030年与未来的跨岛线换乘。 ERA Singapore首席执行官Marcus Chu预计，新项目的部分买家可能包括组屋提升者，以及希望留在碧山－汤申一带、但正在寻找新私宅选择的有地住宅屋主。 他说：“对于一个约140个单位的项目，发展商或许能够瞄准一批更聚焦的买家，他们看重地段，也愿意为这个成熟邻里的住宅支付溢价。” 罗弄本东／新民大道政府售地被划为住宅用途，靠近爱同学校和Midview City工业区。[地图：URA] 尽管开发规模较小，定价风险仍在 当Stacked编辑部于今年6月该地段推出招标时首次撰文介绍罗弄本东／新民地段时，外界预期尽管地块相对较小，仍可能吸引多方竞标。 宏茂桥这一带的关注度自前Thomson View共管公寓去年完成集体出售以来便持续升温。由UOL Group、Singapore Land和CapitaLand Development组成的发展商财团，以新币8.10亿元买下该前共管公寓。 新项目Thomson Reserve距离最新政府售地不足500米，预计将向该邻里注入1,240套新私宅。 不过，最新政府售地可供应的新单位数量相对较少，再叠加中标土地价，也意味着发展商必须在定价策略上保持克制。 Chu说：“更高的土地成本并不必然转化为买家愿意接受的更高售价。发展商在确定开盘价时，需要考虑当前按揭利率、买家负担能力、竞争项目以及更广泛的经济环境。” 同样，Newmark的Wong补充说，从买家角度看，较小地段往往配套设施更少、规模也更小。这可能让一些偏好丰富共管公寓设施的买家却步。“该地段也有若干永久地契项目；尽管楼龄较旧，买家在比较较旧的永久地契项目与较新的99年地契项目时，可能会权衡价格。”她说。 这对新民／宏茂桥未来买家意味着什么 从招标结果可以清楚地看出，该地段优越的区位条件，对希望把握碧山相对有限住房供应的发展商构成吸引力。业内人士的普遍看法是，附近有地住宅聚落中调整居住规模的业主，可能增加对该未来项目的需求，以便继续留在同一邻里。 Realion（OrangeTee & ETC）集团副集团首席执行官Justin Quek指出，该区上一次新盘是精品项目Artisan 8，于2025年8月开盘，平均成交价为每平方英尺新币2,388元。再之前是2018年开盘的Jadescape，同样吸引了稳健的转售需求和资本增值。 与此同时，碧山和宏茂桥强劲的组屋转售价格，可能进一步带来潜在的提升需求。 2026年1月至8月，碧山四房式和五房式组屋转售中位价分别达到新币788,000元和新币970,000元。在宏茂桥，转售中位价分别达到新币632,500元和新币1,015,000元。以这样的价格，屋主或许能获得相对从容提升所需的资金。