Loyang Valley condo sold for $880m to SingHaiyi-led consortium
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It was third-time lucky for the 362-unit, 99-year leasehold condominium, with owners set to receive between $1.67 million and $3.91 million for their properties.
PHOTO: ST FILE
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SINGAPORE – Changi condominium Loyang Valley was sold to a SingHaiyi Group-led consortium for $880 million on April 17 – the biggest residential collective sale since the $810 million Thomson View deal in 2025, The Straits Times has learnt.
It was third time lucky for the 362-unit, 99-year leasehold condominium, with owners set to receive between $1.67 million and $3.91 million for their properties, said marketing agent Huttons.
The properties range from 1,001 sq ft for the smallest two-bedroom units to 3,272 sq ft for the four-bedroom apartments.
The public tender for Loyang Valley at $880 million, which was about $100 million lower than its previous one in 2022, closed on Feb 10 without any bids.
But when the site was offered for sale via private treaty, it saw interest from seven developers.
The sale concluded successfully following “timely guidance from the authorities, which provided greater certainty for all parties and was instrumental in allowing the deal to move forward”, Mr Terence Lian, head of investment sales at Huttons, told ST.
“Beyond this transaction, continued clarity and collaboration in regulatory requirements will be key to strengthening market confidence and enabling smoother collective sale processes, ultimately unlocking value for owners and supporting Singapore’s long-term urban renewal objectives,” Mr Lian said.
Mr Gallant Tang, chief executive of SingHaiyi, said: “SingHaiyi is pursuing the Loyang Valley site because, like Vela Bay, which is experiencing strong interest, the site is anchored by strong East Coast fundamentals and has clear and compelling long-term potential.”
Previews for SingHaiyi’s 515-unit condominium Vela Bay in Bayshore began on April 11, with prices starting above $1.2 million. Sales bookings will start on April 25.
The new Loyang Valley project is poised to benefit from the broader transformation of the eastern region, including the expansion of Changi Airport, development of the Changi East Urban District, and the growth of nearby aviation and logistics hubs.
Major infrastructural and industrial developments are expected in the Changi East area, including the Loyang Viaduct and the Cross Island Line, with a new Loyang MRT station next to the new condo.
“Just as importantly, the site has over 840,000 sq ft of land, which gives us a rare opportunity to create a distinctive living concept,” Mr Tang said.
Built in 1985, Loyang Valley has about 55 years left on its 99-year lease.
The site, which is zoned for residential use, has a gross plot ratio of 1.6. It can yield about 1.35 million sq ft in gross floor area upon redevelopment. Subject to planning approval, developers may build around 1,249 dwelling units, averaging 1,076 sq ft each.
Located on a 840,648 sq ft plot of land, the $880 million guide price works out to a land cost of $959 per sq ft per plot ratio.
This is inclusive of an estimated land betterment charge of about $226 million and a lease upgrading premium of around $246 million, after factoring in a 7 per cent bonus balcony gross floor area.
Excluding the Loyang Valley sale, the collective sales market has been subdued with only two transactions so far in 2026.
A rear block of The Centrepoint was sold to a Frasers Property unit on Feb 26 for $391.9 million.
Kewalram House, a non-JTC industrial development, was sold to a subsidiary of industrial developer Soon Hock Enterprise for $120.5 million in March.
One of the largest commercial collective sales exercises in recent years was the collective sale attempt of City Plaza in Paya Lebar, which got off the ground after more than 80 per cent of owners in February threw their weight behind a $970 million offer for the 18-storey freehold mixed-use project.
In July 2025, the High Court approved the $810 million Thomson View sale to UOL and CapitaLand Development.
Other residential collective sales that year were of a smaller scale, including the 24-unit River Valley Apartments that sold for $56 million to a family office.
Chiku Mansions, a four-storey walk-up block with nine apartments, was sold to Macly Group for more than $22 million in September 2025.
Starpoint, a freehold residential development in Pasir Panjang, was sold for $55.3 million to education service provider Stalford International Education in November 2025.
