Chitty Road: Seven Bids for Little India, and a 48% Gap

7 August 2026Blog District 8 RCR

The Chitty Road and Veerasamy Road conservation site, outlined in red in Little India

On 7 August the Urban Redevelopment Authority awarded the Chitty Road and Veerasamy Road conservation cluster in Little India to YK Land, a subsidiary of the Soon Hock Group, for $35,288,000.

Seven developers bid. The winner paid 48% more than the second, and more than three times the lowest bid. On a site this small, that spread is the story.

What URA awarded


Site area	3,407 m² (0.34 hectares)
Maximum gross floor area	Not published — conservation cluster
Allowable development	Residential (non-landed)
Tenure	99 years
Tendered price	$35,288,000 — about $962 per square foot of land area
Tender launched	5 March 2026
Tender closed	28 July 2026
URA expected completion	2032

Source: Urban Redevelopment Authority, 7 August 2026.

A note on the rate. Every other land sale on this site is quoted per square foot per plot ratio, because URA publishes a maximum gross floor area to divide by. Here it does not — a conservation cluster is bound by the shophouses already standing, not by a plot ratio. So the honest figure is the land rate: about $962 per square foot of site area, against roughly $650 for the second bid.

Seven bids, and a very wide spread

	Tenderer	Bid
1	YK Land (Soon Hock Group)	$35,288,000 — about $962 psf of land
2	Conint and SEEDoE Ventures	$23,800,000 — about $650 psf of land

A 48% gap between first and second is not a market pricing a site. It is one buyer who wants this particular thing and six who were being careful. Conservation projects are like that: the value is in what one developer believes they can make of the shophouses, and no two developers believe the same.

What can be built

URA’s own estimate is 18 strata landed houses or 36 long-stay serviced apartments — which is to say, something small, restored, and unlike anything else being sold in Singapore right now.

Why anyone pays a premium for Little India

Conservation shophouses are the one part of the Singapore market that cannot be replicated. The government is not making more of them, the facades are protected, and the buyer pool — owner-occupiers who want a heritage address, and investors who want an asset with no comparable supply — is small but has no substitute.

What I would take from this

If you are watching conservation stock, seven bids is a strong turnout for a $35 million site, and the 48% gap tells you how differently developers value this category.

If you are a buyer waiting for this, it is 18 to 36 units. Whatever comes to market will be scarce by design, and priced accordingly.

If you own in the Rochor area, this is public confirmation that the conservation pocket is being actively bid for, not just held.

Common questions

Who won the Chitty Road site?

YK Land, a subsidiary of the Soon Hock Group, at $35,288,000. It was the highest of seven bids and 48% above the second-placed bid.

Why is the price not quoted per plot ratio?

URA published no maximum gross floor area for this site. It is a conservation cluster, constrained by the existing shophouses rather than by a plot ratio, so the meaningful figure is the land rate — about $962 per square foot of site area.

What can be built there?

URA estimates the 3,407 square metre site can take about 18 strata landed houses or 36 long-stay serviced apartments, on a 99-year lease, with completion expected in 2032.