Freehold development Hong Heng Garden up for collective sale at $130 mil
Strong nearby new-home demand and the future Upper Thomson mixed-use project may support developer interest, although an unsuccessful neighbouring collective sale signals pricing sensitivity.
Freehold Hong Heng Garden launched its first collective sale tender at $130 million, equivalent to $1,128 psf ppr including 7% bonus GFA.
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Hong Heng Garden, a freehold residential development at 33 Sembawang Road in the Springleaf-Upper Thomson area, has been launched for collective sale by public tender. The low-rise development, which comprises 27 apartments and four shop units, has a reserve price of $130 million.
Hong Heng Garden occupies a site spanning approximately 87,545 sq ft. The land is zoned for residential use with a plot ratio of 1.4, which means it can yield an estimated GFA of approximately 122,563 sq ft.
This is the development’s first collective sale launch, according to marketing agent ETC, a member of Realion Group. The reserve price of $130 million works out to a land rate of $1,128 psf per plot ratio, including a 7% bonus floor area (GFA), the firm added.
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The site is roughly a 10-minute walk from Springleaf MRT Station (Thomson-East Coast Line). It is also close to recreational amenities including Upper Seletar Reservoir Park and Springleaf Nature Park.
Retail offerings nearby include shops along Sembawang Road and Upper Thomson Road, while malls such as Causeway Point and Lentor Modern are around a 10-minute drive away.
Hong Heng Garden sits within a residential enclave predominantly comprised of landed housing and low-rise developments. The latter includes Hong Heng Mansions, located across the road from Hong Heng Garden. Owners of Hong Heng Mansions had launched the freehold condo for collective sale in February 2023 with a reserve price of $133 million, but did not find a buyer.
Hong Heng Garden's launch comes as demand for homes in the Outside Central Region (OCR) remains strong and healthy, said Swee Shou Fern, head of investment advisory at ETC.
She points to the August 2025 launch of Springleaf Residence as a recent benchmark. The 99-year leasehold, 941-unit development by GuocoLand and Hong Leong Holdings moved 92% of units during the first two days of launch at an average price of $2,175 psf.
Swee also expects the site to benefit from the upcoming mixed-use development at the Upper Thomson Road Parcel A Government Land Sale plot, which will add more amenities in the vicinity.
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Located next to Springleaf Residence, the plot was awarded to Wee Hur Holdings and its largest shareholder, the Goh family-controlled GSC Holdings, in October of last year for $613.94 million, or $1,062 psf ppr. Wee Hur beat four other bidders for the site, which can yield around 595 residential units and 21,527 sq ft of ground-floor commercial space.
The tender will close at 3pm on Sept 23.
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