Gilstead Court Takes Fourth Stab at En Bloc Sale With S$198 Million Reserve Price
Owners of Gilstead Court are making another attempt at an en bloc sale, offering the freehold site in the Novena area at a reserve price of S$198 million. The price reflects about S$1,874 per square foot per plot ratio, or S$1,751 psf ppr if a 7 per cent bonus balcony plot ratio is factored in. Owners stand to receive about S$4 million each.
Reserve Price
Land Rate
Existing Units
Tender Closes
The Site and What It Can Yield
The development comprises 48 apartments across three four-storey blocks, with 24 units measuring 129 square metres and the remaining units measuring 136 sq m. Under the 2025 Master Plan, the 7,012 sq m site is zoned residential with a gross plot ratio of 1.4.
It can accommodate a five-storey boutique development of up to 98 apartments of 100 sq m each, subject to approval from the Urban Redevelopment Authority.
Nicholas Ng, head of land and collective sales at JLL, said: “With a high development baseline, no land betterment charge is payable even with the additional bonus gross floor area. This insulates the project from half-yearly land betterment charge rate revisions, with the next adjustment expected on Sep 1.”
Three Previous Attempts
Owners of Gilstead Court first attempted an en bloc sale in 2008, but failed to secure the mandatory 80 per cent consent.
In 2013, Tuan Sing agreed to acquire the development en bloc for about S$150 million. However, the deal fell through after dissenting minority owners successfully challenged the sale. The Court of Appeal found that provisions requiring non-consenting owners to bear substantial legal and administrative costs were inconsistent with the requirement that the sale be conducted in good faith.
A third en bloc attempt was launched in June 2018, this time at a higher reserve price of S$168 million, or S$1,590 psf ppr. The development was relaunched for sale in 2019 at a reduced reserve price of S$153 million, or S$1,448 psf ppr after factoring in the bonus gross floor area for balconies, amid a series of property cooling measures introduced a year earlier.
Location and Nearby Benchmarks
Located in prime District 11, Gilstead Court is close to Novena MRT station, and retail and dining options. It is also near several schools, including St Joseph’s Institution (Junior), Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School.
Nearby, recent state land tenders have attracted firm interest from developers. In November 2025, a plum Newton site garnered eight bids and was topped by HH Investment at S$566.3 million, or S$1,820 psf ppr. In June this year, a tie-up between City Developments Ltd and Hong Realty trumped three other bidders with a S$542.4 million, or S$1,865 psf ppr, offer for a Peck Hay plot.
Within the same district, Sustained Land acquired a sprawling site in Thomson Lane for S$578 million, with plans for a large residential development. A land betterment charge payable for that redevelopment, estimated at S$436 million, would take the total land cost to more than S$1 billion, or close to S$1,293 psf ppr.
The tender for Gilstead Court closes on 13 October.
Frequently Asked Questions
What is Gilstead Court asking and what do owners receive?
The reserve price is S$198 million, reflecting about S$1,874 psf ppr, or S$1,751 psf ppr with a 7 per cent bonus balcony plot ratio factored in. Owners stand to receive about S$4 million for their properties. The tender closes on 13 October.
Why have previous attempts failed?
The 2008 attempt failed to secure the mandatory 80 per cent consent. A 2013 agreement with Tuan Sing at about S$150 million collapsed after dissenting minority owners successfully challenged the sale, with the Court of Appeal finding that provisions requiring non-consenting owners to bear substantial legal and administrative costs were inconsistent with good faith. Further attempts followed in 2018 and 2019.
Why does no land betterment charge apply?
JLL says the site has a high development baseline, so no charge is payable even with the additional bonus gross floor area. This insulates the project from the half-yearly rate revisions that affect many other collective sale sites.
Is your development ready for a collective sale?
Gilstead Court is on its fourth attempt across eighteen years. The difference between a sale that completes and one that stalls usually comes down to a realistic reserve and understanding your development baseline early. Happy to look at yours.