In May 2016, Qingjian Realty acquire the former Shunfu Ville HUDC site for $638 million. The transaction was approved after more than 80% of the former owners agreed to sell. The enbloc deal was the third largest in Singapore since the Farrer Park enbloc in 2007.

The former Shunfu Ville site is approximately 398,114 sqf in size and has a plot ratio of 2.8. According to Qingjian’s general manager Li Jun: “We hope to be able to build over 1,000 homes at this site.” Qingjian believes that the project will be well received due to Bishan-Thomson area being a popular dwelling area. The land price of Jadescape is $638 million. That translates to about $747psf per plot ratio after adding lease top cost from 70 years and other developmental costs. The breakeven psf of the project was believed to be around $1,250 on average.

Currently, Jadescape condo is selling at an average price of $1,700 psf. Resale condos that are of similar features, i.e. near MRT and key amenities, such as Sky Vue and Sky Habitat at Bishan are transacting at about $1,500 psf. Centro Residences is transacting at $1,400 psf. The price of Jadescape is justifiable on the basis that it is the newest kid on the block in the vicinity with the latest gadgets while the surrounding condos are much older.