By HomeBuyers Singapore Editorial Team | Published: 29 July 2026 | Last Updated: 29 July 2026
Based on URA tender data, EdgeProp, Stacked Homes, and Singapore Realtors Inc. analyst commentary, July 2026.
When URA closed the Chitty Road Veerasamy Road conservation tender on 28 July 2026, it confirmed something Singapore’s property market rarely produces — a genuinely irreplaceable residential land opportunity. Eighteen pre-war conservation terrace houses in the heart of Little India’s historic district, built in 1927, now have a new owner. If you’re a buyer, investor, or anyone tracking Singapore’s conservation property market, strata landed house opportunities, or the emerging SA2 serviced apartment sector, this result deserves your full attention.
YK Land, linked to listed industrial property developer Soon Hock Group, submitted the winning bid of $35.29 million — $962 psf per plot ratio — beating six other developers in a highly contested tender that revealed dramatically different views on what this site is worth.
1. The Tender Result: What Happened on 28 July 2026
The tender for the Chitty Road Veerasamy Road conservation cluster closed on 28 July 2026, drawing seven bids. The top bid came from YK Land at $35.29 million, or $962 psf ppr — the highest of seven competing offers.
| Ranking | Tenderer | Bid Price | psf ppr |
|---|---|---|---|
| 1 | YK Land | $35,288,000 | $962 |
| 2 | Conint & SEEDoE Ventures | $23,828,558 | $650 |
| 3 | RPC One (OKP Holdings) | $23,700,000 | $646 |
| 4 | Mezzo Properties | $16,380,000 | $447 |
| 5 | Haus @ Central | $15,555,000 | $424 |
| 6 | Westwood Hostel | $12,000,000 | $327 |
| 7 | Bogen Venture | $10,600,000 | $289 |
Source: URA
YK Land’s bid was 48.1% higher than the second-highest offer from Conint and SEEDoE Ventures, an affiliate of property developer Kimen Group, who submitted $23.83 million or $650 psf ppr.
A 48% premium above the next bidder is extraordinary. In most GLS tenders, the top bid exceeds the second by 5–15%. Here the gap is nearly half the entire value of the second bid — signalling that YK Land either has a very specific redevelopment vision, or has priced in the conservation restoration premium that others weren’t willing to absorb.
2. Where Is the Site? Location Breakdown
map of Chitty Road and Veerasamy Road conservation terrace houses, Little India Singapore.
The 0.34-hectare site formerly served as living quarters for government employees. The two parallel rows of conservation terrace houses — numbers 44 to 60 Chitty Road and 42 to 58 Veerasamy Road — are interconnected by a back lane. Originally built in 1927 as municipal quarters for government employees, the 99-year leasehold site spans about 36,673 sq ft zoned for residential use.
MRT Connectivity:
Jalan Besar MRT Station on the Downtown Line is a short walk away. Additionally, Little India MRT Interchange (North East Line and Downtown Line) and Rochor MRT (Downtown Line) are within 10 minutes on foot — giving residents access to three MRT lines from a single Little India conservation property address.
What’s nearby:
- Tekka Place and Mustafa Centre for daily essentials
- Jalan Besar neighbourhood’s growing café and dining scene
- Bugis Junction and Bugis+ within one MRT stop
- Orchard Road: 4 stops via Downtown Line
- Marina Bay / CBD: 5 stops via Downtown Line
Rejuvenation is already underway in Jalan Besar and Little India, driven by both government initiatives and the organic growth of independent cafes, bars, restaurants, and alternative accommodation concepts — with increasing interest from younger people who want to stay in the district and explore the neighbourhood.
3. What Makes This Singapore Conservation Property Genuinely Unique
Among other colonial houses in the area, this site is the only one rezoned for residential use — and that single fact changes everything about its value proposition as a conservation property in Singapore.
Singapore has conservation areas across the island — Chinatown, Emerald Hill, Blair Plain, Cairnhill, Joo Chiat. But finding conservation buildings available for private residential ownership in a historic district is vanishingly rare. Most conservation commercial shophouses are zoned commercial, not residential. The Chitty Road Veerasamy Road conservation cluster is one of the only sites where a buyer can own a pre-war heritage home outright in a gazetted historic district.
Under URA conservation guidelines, owners must:
- Preserve external facades and architectural features of the 1927 terrace houses
- Obtain URA written permission before any alterations affecting conservation elements
- Maintain materials and finishes consistent with the historic district character
- Adhere to guidelines on signage, colours, and landscaping within the conservation zone
These obligations add cost but permanently protect the heritage character — which is precisely what makes conservation property in Singapore valuable long-term.
4. Two Possible Outcomes — Strata Landed or SA2 Serviced Apartments?
Unlike a standard GLS residential site, this tender allows two fundamentally different development outcomes. The developer’s choice will shape what kind of buyer or investor this opportunity suits.
Option A — 18 Strata Landed Conservation Terrace Houses
This would create 18 privately owned heritage homes in the heart of Little India’s historic district. Singapore strata landed houses are among the most sought-after and scarce residential products in the market — and conservation strata landed houses in a gazetted historic district are practically unheard of.
Comparable conservation strata landed products to benchmark against:
| Property Type | Tenure | Location | Approx Price |
|---|---|---|---|
| Chitty Road (future) | 99-year | Little India | Est. $4.5M–$7M |
| Emerald Hill conservation terrace | Freehold | Orchard | $8M–$15M |
| Blair Plain conservation house | Freehold | Tanjong Pagar | $6M–$12M |
| Joo Chiat conservation terrace | Freehold | East Coast | $4M–$8M |
Note: Chitty Road will be 99-year leasehold — expect a discount to freehold equivalents — but the Little India Historic District location and strata ownership structure create a unique product position.
Option B — 36 Long-Stay Serviced Apartments (SA2 Framework)
Alternatively, the buildings could be repositioned as 36 units under the Serviced Apartments II (SA2) framework — a pilot long-stay serviced apartment product introduced by the government in 2023, requiring a minimum stay of three months.
SA2 serviced apartments in this Little India conservation property location would target:
- Expatriate professionals on medium-term Singapore assignments
- Digital nomads seeking central Singapore long-stay accommodation
- Professionals priced out of typical Orchard/River Valley serviced apartments
Monthly rental potential based on comparable central Singapore SA2 product: $4,500–$7,500 per unit depending on size and fitout quality.
5. What Will It Cost? Original Financial Analysis
Working backwards from the land cost to understand likely buyer pricing for the strata landed conservation terrace house option:
| Cost Component | Estimate (per unit) |
|---|---|
| Land cost | ~$1.96M |
| Restoration cost (~$800 psf avg on 1,800 sqft) | ~$1.44M |
| Developer margin (15–20%) | ~$0.5M–$0.7M |
| Estimated sale price per unit | $4.5M – $7M |
For a buyer of one strata landed conservation terrace house:
| Item | Amount |
|---|---|
| Estimated purchase price | $5M – $7M |
| 25% downpayment (1st property) | $1.25M – $1.75M |
| Buyer Stamp Duty (BSD) | ~$174K – $254K |
| ABSD (2nd property, Singapore Citizen, 20%) | $1M – $1.4M |
| Total cash needed (2nd property buyer) | ~$2.4M – $3.4M |
| Est. monthly repayment (25yr, 3.5%) | ~$17,800 – $24,900 |
All figures are estimates. Final pricing subject to developer confirmation, restoration costs, and market conditions at time of launch. This does not constitute financial advice.
6. Should I Wait for This or Look at Other Conservation Properties Now?
| Your Situation | Recommendation |
|---|---|
| Budget under $3M | This project is outside your range — explore resale conservation shophouses in Joo Chiat or Tanjong Pagar instead |
| Budget $5M–$8M, want heritage home | Register interest — very few alternatives offer strata ownership of conservation property in a Singapore historic district |
| Investor seeking SA2 rental yield | Monitor developer’s announcement — if SA2, this is a strong early-mover opportunity in a growing sector |
| Need property within 2 years | Look elsewhere — conservation restoration timeline is 3–5 years minimum |
| Comparing to Emerald Hill or Blair Plain | Chitty Road is 99-year leasehold vs freehold alternatives — factor 15–20% discount to freehold equivalent pricing |
| First-time buyer | This is not the right entry product — consider new launch condos in District 9 or 15 instead |
The honest answer: if your budget, timeline, and appetite for a genuinely rare heritage asset all align — there is nothing else like this in Singapore. If any of those three factors don’t fit, the alternatives are numerous and more straightforward.
Register your early interest today — be first to know when development direction, pricing, and availability are confirmed.👉 Register Interest at OfficialLaunch.com.sg or WhatsApp 8666 3339
7. Timeline — What Happens Between Now and Launch
| Stage | Expected Timing |
|---|---|
| Tender award formally confirmed | August 2026 |
| Developer announces development direction (strata landed vs SA2) | Late 2026 |
| URA conservation plan submission and approval | 2027 |
| Restoration works commence | 2027–2028 |
| Preview and sales launch | 2028–2029 (est.) |
| Completion / TOP | 2029–2031 (est.) |
What to do at each stage:
- Now: Register interest to receive first notification when direction is confirmed
- Late 2026: Once developer confirms strata landed vs SA2 — assess if the product fits your profile and financial position
- 2027: If strata landed confirmed — begin financial planning and get an In-Principle Approval (IPA) from your bank
- 2028: Attend preview — conservation properties of this nature typically sell to a small, targeted buyer pool quickly
Frequently Asked Questions
What is the Chitty Road Veerasamy Road conservation GLS result?
YK Land, linked to Soon Hock Group, submitted the winning bid of $35.29 million ($962 psf ppr) on 28 July 2026 — 48.1% above the second-highest bid of $650 psf ppr. Seven developers submitted bids in total for the 18 conservation terrace houses site in Little India.
What will the Chitty Road conservation site become — strata landed or serviced apartments?
The developer has two options: 18 strata landed conservation terrace houses for private ownership, or 36 long-stay serviced apartments under Singapore’s SA2 framework with a minimum 3-month stay. The developer’s confirmed direction will be announced after URA consultation.
Is the Chitty Road Veerasamy Road conservation site freehold or leasehold?
The site is 99-year leasehold despite being a conservation property. Buyers should factor in leasehold depreciation when comparing pricing to freehold conservation alternatives in Emerald Hill, Blair Plain, or Joo Chiat.
What MRT stations are near Chitty Road and Veerasamy Road?
Jalan Besar MRT (Downtown Line) is the closest station, a short walk away. Little India MRT Interchange (North East and Downtown Lines) and Rochor MRT (Downtown Line) are also within walking distance — providing three-line MRT access from one Little India conservation property address.
What are the URA conservation obligations for buyers?
Under URA conservation guidelines, owners must preserve external facades and architectural features of the 1927 terrace houses, obtain URA written permission before alterations affecting conservation elements, and maintain materials and finishes consistent with the historic district character.
How many units will the Chitty Road conservation project have?
Either 18 strata landed conservation terrace houses or 36 long-stay SA2 serviced apartments — depending on the developer’s confirmed redevelopment direction.
What is the expected price of the Chitty Road strata landed conservation homes?
Based on land cost of $962 psf ppr plus estimated restoration costs of $600–$1,000 psf and developer margin, expected pricing is approximately $4.5M–$7M per unit. Final pricing will only be confirmed when the developer launches for sale, estimated 2028–2029.
Why was there such a large gap between the top two bids?
Singapore Realtors Inc. analyst Mohan Sandrasegeran attributes the 48% spread to differing developer assumptions about restoration costs, redevelopment strategy (strata landed vs SA2 serviced apartments), and target end-buyer profile — the dual-use flexibility created fundamentally different land valuations between the seven bidders.
Singapore’s rarest residential land opportunity. Be first notified when development plans, pricing, and sales dates are confirmed.👉 Register at OfficialLaunch.com.sg or WhatsApp 8666 3339 for a private consultation.
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HomeBuyers Singapore Editorial Team
Singapore property guides, GLS analysis, and new launch reviews — written for buyers, not developers. All figures are estimates based on publicly available URA tender data and analyst commentary. This article does not constitute financial advice. Consult a licensed property agent for personalised guidance.
