Two land stories are playing out at the same time in the prime districts this month. On Gilstead Road, the owners of freehold Gilstead Court are making their fourth attempt at a collective sale, with the tender closing on 13 October 2026. And on 29 October, tenders close for a new Government Land Sales (GLS) site at Orchard Boulevard. Together they show how developers are being asked to price land in Newton, Novena and Orchard right now.
At the time of writing, no result for the Gilstead Court tender had been reported. This article sets out what is on the table and what the recent land sales nearby suggest, so you can read the outcome when it comes.
Gilstead Court: the fourth attempt
According to Stacked Homes, the owners of Gilstead Court, a 48-unit freehold development at 52 Gilstead Road in District 11, have launched a collective sale by public tender at a reserve price of $198 million. JLL is the sole marketing agent. The key numbers reported:
| Gilstead Court | Detail |
|---|---|
| Reserve price | $198 million |
| Land rate on gross floor area (GFA) of 105,671 sq ft | $1,874 psf per plot ratio (ppr) |
| Land rate including 7% balcony bonus GFA | $1,751 psf ppr |
| Site area / gross plot ratio | 75,479 sq ft / 1.4 |
| Possible redevelopment (JLL) | About 98 units, average 1,076 sq ft |
| Existing development | Three 4-storey blocks, 48 three-bedroom units, completed 1978 |
| Tender closes | 13 October 2026 |
JLL said it took about six months for more than 80% of owners, by share value and floor area, to agree to the latest attempt. Stacked Homes notes this is the fourth try since 2005.
Why the earlier attempts did not close
- 2013: 43 of 48 owners backed a $150.17 million offer from an entity linked to Tuan Sing Holdings. After the High Court approved it, the Court of Appeal cancelled the sale in October 2015, ruling it had not been carried out in good faith. The case, Lim Li Meng Dominic v Ching Pui Sim Sally, became a reference point for later collective sales.
- 2018: a tender at $168 million ($1,590 psf ppr) closed on 10 July with no bid. Four days earlier the Government had raised ABSD and tightened loan limits.
- 2019: a supplementary agreement cut the reserve to $153 million ($1,448 psf ppr), but the tender that closed on 27 February 2019 was also unsuccessful.
The current reserve is roughly 29% above the 2019 figure, according to Stacked Homes.
The yardsticks: Bukit Timah Road and Peck Hay Road
JLL compares the reserve with two recent GLS sites nearby: the Bukit Timah Road site next to Newton MRT, awarded to HH Investment at $1,820 psf ppr, and the Peck Hay Road site, awarded to CDL and Hong Realty at $1,865 psf ppr. At $1,874 psf ppr (before the balcony bonus), Gilstead Court's reserve sits just above both.
The Peck Hay Road tender is worth a closer look. The Edge Singapore reported that the CDL and Hong Leong joint venture bid $542.4 million for the site, which drew four bids when the tender closed on 11 June. The top bid was 8% above the second-highest, from Sunway MCL and CSC Land Group (Singapore), and 18% above the third and fourth. PropNex data cited by the report make it the second-highest land rate for a residential GLS site in the Core Central Region, after Cuscaden Road at $2,377 psf ppr in 2018.
The venture plans a 39-storey tower of around 380 homes, more than the 315 units URA indicated at launch. DBS Group Research estimated the developer's breakeven at around $3,200 to $3,300 psf, implying launch prices "could be in the mid- to high-$3,000 psf range". DBS also said the lower turnout, four bids against eight for Bukit Timah Road, was likely due to a higher land cost benchmark and additional development costs.
Marcus Chu, CEO of ERA Singapore, told The Edge Singapore the area has a supply shortage because of the lack of GLS sites in recent years, leading to pent-up demand for non-landed homes in Bukit Timah and Newton.
The catch: land rate is not the whole story
Stacked Homes points out that the headline land rate flatters the comparison. Both GLS sites have a plot ratio of 4.9, which lets developers build over 300 units each. Gilstead Court's plot ratio is 1.4, so any redevelopment would be smaller and lower-density. JLL's Nicholas Ng said that if sold, it is more likely to be redeveloped into low-density apartments or strata-landed units. The freehold tenure is the counter-argument, against 99 years on the GLS sites.
For context on what a small freehold project can achieve on this road, Stacked Homes notes that 32 Gilstead sold all 14 units at a median of $3,455 psf, though with much larger apartments of over 4,200 sq ft. JLL's Nicholas Ng cited that sell-out, alongside robust interest in nearby GLS tenders, as a sign of demand for homes in the area.
Next: the Orchard Boulevard GLS site
On 13 August, URA released two residential sites under the 2H2026 Confirmed List: Marina Gardens Lane, near Marina South MRT, and Orchard Boulevard, near Orchard Boulevard MRT. They can potentially yield about 390 and 110 homes respectively. The Marina Gardens Lane tender closes at 12 noon on 15 October and the Orchard Boulevard tender at 12 noon on 29 October. URA says these form part of the 4,745 units on the 2H2026 Confirmed List, more than 50% above the annual average Confirmed List supply over the past 10 years.
The Orchard Boulevard result, due after the Gilstead Court tender closes, will be the next data point for prime-district land pricing.
What buyers can take from this
- Land prices set the floor for launch prices. If Peck Hay Road's land cost points to launches in the mid- to high-$3,000 psf range, as DBS estimated, that is the benchmark newer prime projects will be measured against. For recent price data, see our look at the Q2 2026 prime condo prices.
- Supply near Newton is increasing. The Peck Hay Road plan is part of a wider URA plan for about 5,000 new homes around Newton Circus, Scotts Road and Monk's Hill. Our earlier piece on homes and amenities planned for Newton covers the area.
- An en bloc is not a done deal until it is sold. Three earlier attempts at Gilstead Court failed, and a result at or above the reserve is not guaranteed. Residents of older freehold blocks and buyers watching the area should wait for the actual outcome.
For background on the road itself, see our FAQ for 32 Gilstead; the project is fully sold. More news is in our news section. If you are looking at similar areas, current launches include Dunearn House, Chancery Hill Collection and The Serra Residences in District 11, UpperHouse at Orchard, 21 Anderson and Amberwood at Holland in District 10, and River Modern in District 9. WhatsApp us for price lists, floor plans and showflat appointments.
This article is for general information only and is not financial or investment advice. Figures are from the sources below as at their publication dates; tender outcomes may differ from what is described here.
Sources
- Stacked Homes, Gilstead Court Launches Fourth Collective Sale Tender at $198M, 31 August 2026
- The Edge Singapore, CDL, Hong Leong JV tops bids for Peck Hay Road GLS site with second-highest residential bid on record, 12 June 2026
- URA, URA releases two sale sites at Marina Gardens Lane and Orchard Boulevard, 13 August 2026
