The recent Government Land Sales (GLS) tender for a mixed-residential and commercial site at Hougang Avenue 10/Hougang Central has closed with a top bid of S$1.5b. This bid, submitted by an undisclosed developer, is 2.1% higher than the second-highest bid of S$1.47b. The site, strategically located above Hougang MRT station on the North-East Line, is poised to become a significant draw for homebuyers, particularly HDB upgraders from nearby estates.
The development’s appeal is bolstered by its integration with a future bus interchange and the upcoming Cross Island Line, enhancing connectivity to Singapore’s city centre and other regions. Leonard Tay, Head of Research at Knight Frank Singapore, noted that such integrated developments typically attract interest due to their convenience and accessibility. “The mixed-use nature of the site allows for the creation of a suburban neighbourhood, that would become even more of a human activity magnet for Hougang,” he stated.
The project will feature a substantial retail component, potentially exceeding 400,000 square feet in gross floor area, surpassing the nearby Hougang Mall. This retail space is expected to enhance the area’s liveability by offering curated food and beverage options, daily necessities, and community-oriented services.
With the top bid reflecting a land rate of S$1,179 per square foot per plot ratio, the potential selling price for residential units could start from S$2,500 per square foot, with average prices possibly exceeding S$2,600 per square foot. The development’s comprehensive amenities and strategic location are anticipated to attract buyers from across Singapore, further cementing Hougang’s status as a vibrant suburban hub.
