Malaysian developer Eco World tops seven bids for Lorong Puntong GLS site at $1,612 psf ppr in tender debut

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

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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.