The consortium, comprising CapitaLand Development, UOL, Singapore Land, and Kheng Leong under the Horizon Residential vehicle, submitted a top bid of S$1.5 billion, translating to S$1,179 per square foot per plot ratio, for the 4.7-hectare site above Hougang MRT station. The tender, which closed on December 16, 2025, attracted three bids total, with Sim Lian Group placing second at S$1.47 billion or S$1,155 psf ppr, and a Frasers Property-led consortium submitting the third bid at S$1.4 billion or S$1,101 psf ppr.
The winning bid exceeded analyst expectations appreciably, as market projections had estimated land values between S$800 and S$1,000 psf ppr for the mixed-use parcel. The site, launched for tender on May 29, 2025, carries a 99-year leasehold tenure and a gross plot ratio of 2.5, with development plans encompassing approximately 835 residential units alongside over 430,000 square feet of commercial space. The retail component, spanning roughly 40,000 square metres, will create the first major mall in the Hougang area, nearly doubling the approximately 21,000 square metres offered by the existing Hougang Mall nearby. This land release initiative aligns with government efforts to ensure steady housing supply and prevent market overheating.
The winning bid surpassed analyst projections by nearly 18 percent above the upper range of market expectations.
The CapitaLand-UOL partnership has demonstrated prior success in large-scale mixed-use developments, having jointly secured a Tampines site in 2023 for S$1.21 billion or S$885 psf ppr. That collaboration produced Parktown Residence, a 1,193-unit project that achieved 87 percent sales at an average price of S$2,360 psf, indicating robust market reception for the consortium’s integrated developments.
The Hougang Central site presents complex construction requirements given its integration with the existing Hougang MRT station and the mandatory incorporation of Hougang Central Bus Interchange. Connectivity will be further enhanced when the Cross Island Line commences operations by 2030, linking the development to Jurong Lake District and Changi. The project, with an estimated completion around 2029, represents the first new launch in Hougang since The Florence Residences in 2019 and the first Government Land Sales site in the area since the Upper Serangoon Road plot that became Stars of Kovan in 2014. The development stands to benefit from pent-up demand in the area, as Hougang has seen no new non-boutique condominium launches for over five years.
