Just like that, S$578 million changes hands, and Sustained Land walks away with the Thomson Lane plot. No haggling at the coffee shop here, just a straight-up cheque for a 4.8-hectare piece of Upper Thomson. And honestly? That’s the price of prime land these days.
S$578 million, one cheque, one plot. That’s how prime Upper Thomson land changes hands these days.
Here’s the thing about this plot: it’s zoned residential, sits about 500 metres from Thomson MRT, and is surrounded by schools, parks, and retail. That’s the property equivalent of queuing for laksa at a famous stall, everyone wants in because the location just works. The old low-rise buildings there are getting torn down. Out with the old, in with the glass-and-steel towers.
Compare this to recent en-bloc deals. Thomson View went for S$810 million, Parcel B fetched S$779.6 million. That Thomson View deal only cleared the finish line after the High Court stepped in to approve it. So S$578 million actually looks like a bargain, relatively speaking. Land values in the area climbed 12% year-on-year. That’s steeper than COE prices during a good bidding month.
Sustained Land plans roughly 1,200 units, spread across 150,000 square metres of GFA. There’ll be a two-storey podium with shops and community spaces, plus green roofs and solar panels chasing that BCA Green Mark. Sustainability isn’t optional anymore, it’s the ticket to entry. Thomson View’s own redevelopment plan is even bigger, targeting 1,240 units once approved.
Now, the money talk: development costs are pegged at S$900 million, with a projected GDV of S$2.2 billion. That’s a 30% profit margin before tax, funded 60% by bank loans and 40% equity. Break-even expected within three years of launch. Not bad, if everything goes to plan. The River Valley Green GLS tender drew four experienced developers bidding closely within a 6% spread, a sign that institutional confidence in Singapore residential land remains firmly intact.
But nothing moves fast in Singapore property without paperwork. URA’s Land Intensification framework, Development Control Plan, Environmental Impact Assessment, the whole works. Approval could take about 12 months.
There’s a human side too. Neighbouring landowners get compensated. About 800 construction jobs will pop up, plus 150 permanent roles later. Surrounding property values might rise 5-8%. New roads and walkways should ease the traffic crunch.
Bottom line: this deal isn’t just about one plot. It’s a signal that Upper Thomson is heating up, and buyers should watch closely.
