Thomson Reserve land cost
$1,178
psf ppr · secured November 2024
Former Thomson View site, Bright Hill Drive. $810 million collective sale.
Lorong Puntong GLS land cost
$1,612
psf ppr · awarded 15 September 2026
Lorong Puntong / Sin Ming Avenue. $208.1 million top bid by Eco World Development.
The gap
$434
psf ppr · 36.8% higher
Same planning area. Same MRT station. Same school catchment. Different year.
On 15 September 2026, the tender for a 99-year leasehold residential site at Lorong Puntong / Sin Ming Avenue closed. Malaysia’s Eco World Development emerged as the top bidder in its first participation in Singapore’s Government Land Sales programme, offering $208.1 million — $1,612 per square foot per plot ratio.
For anyone following Thomson Reserve, this is the most useful piece of market evidence to arrive all year. Not because of who won, but because of what all seven bidders were willing to pay for land roughly 600 metres away.
The result beat the analysts, not just the competition
The seven bids matched expectations of four to eight offers. The price did not. Analysts had forecast a land rate of $1,350 to $1,500 psf ppr; the winning bid cleared that range entirely. At $1,612 psf ppr, the offer set a new record for a pure residential Rest of Central Region plot, surpassing the $1,515 psf ppr achieved for the Berlayar Drive site in August 2026, according to CBRE’s head of research for Singapore and Southeast Asia.
Eco World’s bid came in 11.1% above the second-highest offer, a $187.33 million submission from a joint venture between Hong Leong Holdings and TID.
| Bidder | Bid amount | psf ppr |
|---|---|---|
| Eco World Development | $208.10m | $1,612 |
| Hong Leong Holdings / TID | $187.33m | $1,451 |
| Sunway MCL | $185.38m | $1,436 |
| EL Development | $182.10m | $1,410 |
| JBE Capital | $173.29m | $1,342 |
| Santarli / Heeton / Kay Lim / Sunray | $168.89m | $1,308 |
| Kheng Leong Company | $162.15m | $1,256 |
| Thomson Reserve — for reference | $810.00m | $1,178 |
Read the bottom of the table, not the top
The headline number is the easiest one to dismiss. A first-time entrant to Singapore’s GLS market bids aggressively to establish a foothold — that argument writes itself, and a sceptical buyer will reach for it.
So look at the lowest bid instead. Kheng Leong, a developer with decades of Singapore pricing discipline, came in last at $1,256 psf ppr. That is still 6.6% above what Thomson Reserve’s land cost. Average the seven bids and you land near $1,402 psf ppr — about 19% above $1,178.
That is the part worth holding on to. The tender did not just produce a record; it produced a floor, and every bidder set theirs above the number Thomson Reserve is working from. For a fuller treatment of how land cost feeds into launch pricing, see our breakdown of why $1,178 psf ppr sits below recent OCR launches, and the general mechanics in how land prices affect new launch condo prices.
Same neighbourhood, two different land costs
These are not distant comparables dragged in to make a point. Both sites sit in the Bishan planning area. Both are in the Rest of Central Region. Both are within walking distance of Bright Hill MRT on the Thomson-East Coast Line. Both fall inside the Ai Tong School catchment — the GLS site sits directly opposite the school, while Thomson Reserve is within the 1km priority registration zone.
The variable is timing. Thomson Reserve’s land was agreed through a collective sale in November 2024, at $810 million, inclusive of land betterment charges for intensification of land use and a lease upgrading premium for a fresh 99-year lease. The Lorong Puntong parcel was priced by the open market 22 months later, in a firmer one.
A buyer at Thomson Reserve this October is buying on a 2024 land basis into a 2026 market. For the school-catchment detail, see our guide to Ai Tong School and the 1km priority zone.
What it implies for pricing
Land cost sets a floor, not a price. But consultants have already run the arithmetic on the GLS site: the head of research at Newmark estimates the future development could launch from $3,000 psf, and PropNex’s head of content and research expects selling prices potentially above $3,000 psf, in line with CBRE’s forecast.
That figure is now the forward benchmark for a new launch in this neighbourhood. Whatever Thomson Reserve prices at when it previews in October 2026, it will be read against a site next door whose land alone cost 36.8% more.
For context, here is where the surrounding 99-year leasehold stock actually trades today.
| Project | Completed | Median psf, 2026 YTD |
|---|---|---|
| Thomson Three | 2016 | $2,170 |
| Thomson Impressions | 2018 | $2,146 |
| Thomson Grand | 2015 | $1,882 |
| The Gardens at Bishan | 2004 | $1,823 |
| Bishan Park Condominium | 1994 | $1,485 |
At the 1,206-unit JadeScape in the wider Bishan area, a 1,152 sq ft three-bedroom unit changed hands for $3.03 million ($2,631 psf) in August 2026, after a similar-sized unit fetched $3.055 million ($2,652 psf) in July — the highest psf price achieved at the project to date.
The supply picture works in Thomson Reserve’s favour
The competing project will be small, and it will be late.
The Lorong Puntong site spans 46,103 sq ft with a maximum permissible gross floor area of 129,093 sq ft, and is expected to yield about 140 residential units. A site awarded in September 2026 typically reaches the market around 2028.
- 2018JadeScape launches — the last new launch condominium in District 20, and the first of its scale in the district.
- OCTOBER 2026Thomson Reserve previews. 1,268 units on a 51,567 sqm site at Bright Hill Drive, by UOL Group, Singapore Land Group and CapitaLand Development.
- AROUND 2028The Lorong Puntong project is expected to reach the market — roughly 140 units, on land that cost 36.8% more.
The practical sequence matters. Thomson Reserve launches into a district where the last new launch was eight years ago, runs its sales campaign with no new private competition in the immediate vicinity, and is then followed by a boutique project carrying a materially higher land cost. Our review of how nearby launches have performed sets out the local track record.
The 2014 precedent
The last GLS residential site sold in the Bishan planning area was a Lorong Puntong plot awarded in October 2014. It drew 18 bids and went to Nanshan Group at $731 psf ppr. That site became the 288-unit Thomson Impressions, launched in 2015 and completed in 2018.
Bishan land has moved from $731 to $1,612 psf ppr in twelve years — a 120% increase. Thomson Impressions itself now records a median resale price of $2,146 psf in 2026 year to date.
What we are watching, honestly
Two things that cut the other way
- Scale. Thomson Reserve is a 1,268-unit development. A project that size takes time to absorb, and buyers should expect a longer sell-through than a boutique launch. Stack, facing and floor selection matter more in a large project, not less.
- The GLS site has real merits. At 120m it is likely to be one of the tallest developments in the area, with unobstructed views towards Lower Peirce Reservoir, according to the CEO of Huttons Asia. SRI’s head of research and data analytics argues the smaller project occupies a differentiated position, with future buyers potentially drawn to a more intimate residential setting. Huttons also expects the future Lorong Puntong project to face competition from Thomson Reserve — the pressure runs in both directions.
And one thing the tender does not do: it does not guarantee any launch price. Developers price to the market in front of them, not to their land cost. What the result establishes is what seven developers were willing to pay for the right to build here in September 2026. That is the signal. Thomson Reserve’s own pricing will be released at preview, and we will publish it in our latest updates as soon as it is confirmed.
Frequently asked questions
What is the land cost difference between Thomson Reserve and the Lorong Puntong GLS site?
Will Thomson Reserve be cheaper than the future Lorong Puntong project?
Who is Eco World Development?
When will the Lorong Puntong project launch?
Does a higher land price next door mean Thomson Reserve will be worth more?
Thomson Reserve — register your interest
Preview is targeted for October 2026 at Bright Hill Drive, District 20. Send us your preferred unit type and our team will share the floor plans, stack analysis and developer pricing the moment they are released.
Sources: URA tender results and consultant commentary as reported by EdgeProp Singapore, 15 September 2026; Edmund Tie & Company collective sale announcement for Thomson View Condominium; CBRE Research and Realis resale data as at 14 September 2026. Land rates, bid amounts and unit yields are as reported at the time of publication. Thomson Reserve pricing, unit mix and launch dates remain subject to developer confirmation.
