MediaCorp English news network CNA reported that a netizen shared information about the new project on Reddit earlier this week.
According to a sign outside the construction site, the project, located next to HDB Block 25 on San Man Road, comprises five HDB blocks with a total of 984 units. The project includes communal facilities on the top floor and a seven-storey multi-storey car park with a roof garden. The project is expected to be completed in the second quarter of 2027.
However, the project does not form part of the HDB's upcoming pre-emption programme, which will be launched in May and August this year. The new pre-emption projects announced by the authority will be built in Tengah, Bedok, Kallang Whampoa, Serangoon, Choa Chu Kang, Redhill and Queenstown.
HDB earlier said it would build HDB flats as far as possible before there is demand or reservations are opened. Since May 2011, the authority has started inviting tenders for the construction of most of the pre-booked HDB projects before the results of HDB reservations are available.
The last HDB project at San Man Road was completed 35 years ago, so analysts believe that demand for pre-owned HDB flats in this location is expected to be strong.
Chief research officer of property search website Mogul.sg, Mak Chun-wing, believes that the pre-buy HDB project at San Man Road could be launched in November this year or February next year.
"This type of early construction will shorten the waiting time for pre-emption HDB applicants and I believe this new project near the Bishan area will be welcomed by home buyers."
Sidney Lee, senior research director at Hopedale Group, predicted that the new project may include community care units and two to four-bedroom HDB flats.
He estimates that the four-bedroom flats in the pre-buy HDB project at San Man Road will be priced lower than other four-bedroom flats in the area, ranging from $525,000 to $650,000.
Resale prices for four-bedroom flats in the vicinity, which are over 30 years old, will be around $600,000 to $750,000.
