Loyang Valley collective sale tender closes with expressions of interest but no bids

SINGAPORE – The collective sale tender for Loyang Valley closed with no bids on Sept 9, after the 99-year leasehold development in Changi was put up for sale a third time at a reserve price of $880 million.

This time, the reserve price for the 362-unit condominium development was lowered by $100 million from its last tender in 2022.

In a statement on Sept 9, Mr Terence Lian, head of investment sales for the appointed marketing agent, Huttons Asia, said it received expressions of interest, with “negotiations already under way with interested parties”.

“The collective sale process remains active,” he said, adding that the expressions of interest received were “an encouraging sign of market appetite”.

Mr Lian said that on Aug 21, the Civil Aviation Authority of Singapore confirmed to him that the site’s building height limit will be raised from 40m to 50m, allowing for a taller redevelopment. Several parties have asked for more time to refine their proposals in the light of the updated planning parameters, he added.

Loyang Valley sits on an 840,648 sq ft, 99-year leasehold site completed in 1985, with about 56 years remaining on the lease. 

The site, which is zoned for residential use, has a gross plot ratio of 1.6. It can yield approximately 1.35 million sq ft in gross floor area upon redevelopment. A new development on the site can accommodate up to 1,249 residential units, averaging 1,076 sq ft each, subject to planning approval.

Mr Alan Cheong, executive director of research and consultancy at Savills Singapore, said that while the recent change in height limit technically allows for taller blocks, it does not increase the amount of saleable floor area.

“The positive spiel is that with an increase in height, it could generate a slight price premium for units on the higher floors. However, I believe developers may find this is not good enough to offset their fears of having to sell out a substantial number of units that can be built on the site (to avoid incurring additional buyer’s stamp duty),” he said.

Still, Mr Cheong noted that Loyang Valley will have good selling points after the Cross Island Line’s Loyang MRT station is completed.

Loyang Valley first attempted a collective sale in 2018 at $750 million, but failed to gather sufficient support. Its 2022 exercise saw stronger backing, spurred by confirmation of the Cross Island Line and growing awareness of the redevelopment potential. But the high reserve price of $980 million proved a stumbling block. No bid was received when the tender closed on Dec 15 that year.

In May 2025, Mr Lian and his team of property salespeople successfully obtained the requisite 80 per cent mandate and launched the collective sale on July 8.

In July 2025, the High Court approved the $810 million sale of Thomson View condominium – the largest residential collective sale since Chuan Park changed hands for $890 million in May 2023.

Thomson View was sold to UOL, Singapore Land and CapitaLand Development at $810 million, which is below the original reserve price of $918 million.