18/09/2026
When $2,500โ$2,900 PSF Starts Looking โCheapโ
Seven properties seized in Singaporeโs S$3 billion money-laundering case went under the hammer โ and none sold.
But the bidding levels caught my attention.
At freehold Gramercy Park in District 10:
โข 1,292 sq ft 2+Study: highest bid $3.75M / ~$2,902 psf
โข 2,659 sq ft 4BR: highest bid $6.7M / ~$2,520 psf
Both were withdrawn after failing to meet reserve prices.
On PSF alone, those numbers suddenly donโt look that extreme when compared with where new land and launch prices are heading.
Amberwood at Holland
Land: $1,432 psf ppr
Launch: from about $2,945 psf, with the developer indicating a cap around $3,198 psf.
Thomson Reserve
En-bloc land cost was much lower at around $1,178 psf ppr. But I would not assume that means a cheap launch. With nearby Jadescape resale 3BR transactions already reaching the $2.6xx psf region, a safer working expectation for Thomson Reserve is around $2,6xxโ$2,9xx psf.
New Upper Changi Road GLS
Land: $1,537 psf ppr.
Analyst estimates range from around $2,850โ$2,950 psf to $3,100โ$3,200 psf, depending on assumptions.
Lorong Puntong / Sin Ming Avenue GLS
Top bid: $1,612 psf ppr โ a new RCR benchmark.
CBRE expects the future project could launch at an average above $3,000 psf.
So hereโs the interesting part:
A freehold D10 home at $2,500โ$2,900 psf can look relatively attractive beside tomorrowโs new-launch pricing.
But thereโs a catch.
PSF may be cheap. Quantum isnโt.
That 2,659 sq ft Gramercy Park unit may be only ~$2,520 psf โ but you still need $6.7M.
Thatโs why large luxury units can struggle even when their PSF looks compelling.
Sometimes the property isnโt expensive per square foot.
Itโs simply too much square footage.