By recent benchmarks, this represents a relatively attractive entry price. Depending on eventual margins, part of this cost advantage could potentially be passed on to buyers.
For context, government land sales sites in the Outside Central Region (OCR) since 2024 have transacted within a broad band from $792 psf ppr at Canberra Crescent to $1,388 psf ppr at Vela Bay. Across 16 such sites analysed by The Edge Singapore, the average land rate stands at $1,086 psf ppr.
Against this backdrop, Loyang Valley’s $936 psf ppr acquisition reflects a meaningful discount to the recent OCR average.
After factoring in construction costs, financing costs (assumed at 5%) and other development-related expenses, we estimate an average breakeven price of around $1,800 psf. Applying an approximately 20% margin suggests an indicative average selling price above $2,100 psf.
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At that level, pricing appears relatively palatable, coming in close to the recent launch of Tengah Garden Residences, which sold 853 units — or 99% of its total — at an average of $2,120 psf during its April 25–26 launch weekend.
Some industry players have drawn parallels between SingHaiyi’s Loyang Valley redevelopment and the strong performance of Tengah Garden Residences. On the surface, the comparison is compelling — with both projects located in transforming areas and set to benefit from improved MRT connectivity.
Tengah Garden Residences is expected to obtain its Temporary Occupation Permit in 2029, after the adjacent Hong Kah MRT Station on the Jurong Region Line opens in mid-2028. Loyang Valley is situated adjacent to the future Loyang MRT Station on the Cross Island Line, slated for completion in 2030.
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But the comparison only goes so far. Tengah is a clean slate — a masterplanned “Forest Town” and smart HDB township — where buyers underwrite a future vision not unlike that of Punggol some two decades ago.
Loyang, by contrast, is not a frontier town waiting to be built. It is a relatively mature, low-density enclave. Its character is shaped by nearby aviation and industrial clusters in Changi, as well as surrounding landed housing estates.
Median prices underscore how far District 17 (D17) — where Loyang is situated — has already come. D17 median psf prices climbed from $813 psf in 2016 to $1,256 psf in early 2026, with resale transactions showing a similar trajectory.
New launches have also surged past $2,000 psf since 2024. Kassia, a new project located in Pasir Ris and launched in 2024, is about 80% sold at a median psf price of $2,082 psf in 2026.
Yet Kassia’s success comes with an important caveat — it is a boutique project with just 276 units. This means its sell‑through reflects limited supply rather than broad‑based demand.
The Loyang Valley redevelopment, by contrast, could potentially yield more than 1,200 units. It is a scale that allows SingHaiyi not only to capture demand for a large development but to set the pricing benchmark for D17.
Meanwhile, projects like Tengah Garden Residences benefitted from the narratives of first-mover advantage, limited competing supply and potentially becoming “the new Punggol”.
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However, Loyang lacks that same catalyst. Demand here is likely to be more fragmented, driven instead by affordability, proximity to Changi and incremental improvements in connectivity rather than any “new town” narrative.
So is the Loyang Valley en bloc a “blue ocean” or an empty one? In reality, it sits somewhere in between; it is neither a true blue ocean with untapped demand nor a township-scale transformation story. It is also not an empty market devoid of buyers.
Instead, Loyang occupies a more nuanced middle ground — a “grey ocean” — where demand is likely to be more selective, skewing toward specific buyer profiles such as dual-income-no-kids (DINKs), retirees or empty nesters. Its appeal to family buyers may also be constrained by the absence of schools within a 1km to 2km radius of the site.
