The Urban Redevelopment Authority has just closed the land tender for a site at Telok Blangah Road under the 1H2025 Government Land Sales (GLS) programme. The site can yield approximately 745 units.

There were three bids received for this plot, which was slightly below our expectations. The highest bid was from Kingsford Huray Development Pte Ltd, at a bid price of S$918,300,400 or around S$1,326 psf ppr. This was slightly above our estimates and was 4.4 per cent higher than the next highest bid from GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd., which was S$880,000,000 or around S$1,271 psf ppr.

Various factors may have contributed to the positive response to the land tender. This is the first private residential site released as part of the redevelopment of the former Keppel Golf Course and will mark the start of the Greater Southern Waterfront transformation, where residents will enjoy a work-play-live lifestyle along the southern coast.

The land parcel is well-located, near to employment areas such as HarbourFront Centre, Mapletree Business City, and a short drive away from the CBD. It is also well-served by amenities such as VivoCity and Telok Blangah MRT station. With the upcoming development of the new Berlayar estate, new amenities will be introduced to the area – including preschools, supermarkets, eating houses, shops and clinics - will further enhance the area, offering future residents a highly convenient and well-connected living environment.

There may be limited chances for private residential developments in the Greater Southern Waterfront, as only 3,000 private homes are planned for the area. With this parcel comprising approximately 25 per cent of this supply, developers may have been keen to gain the first-mover advantage in this new precinct.

That said, while this is the first private development in the area, more land parcels are expected to be released over time. Developers may be waiting for smaller land parcels to be launched, as the large GFA and number of units for this first site will entail considerable financial outlay. The highest bid submitted in this exercise was close to S$1 billion, which is quite significant.  Moreover, as the new Berlayar estate will have approximately 10,000 homes in total, future residents may also have to contend with dust and noise in the area as the site is progressively developed to introduce more homes and amenities.

Nonetheless, we anticipate keen demand for the future project here, as it has been some time since the last private residential project was launched for sale here. The most recent new launch was The Reef at King’s Dock in 2021 and was fully sold out in September 2024. With no new launches since then, there may be some pent-up demand for homes here, especially given the excellent location and potential sea views.

Recent RCR projects, such as Zyon Grand and Promenade Peak, have launched with good performance, indicating strong demand for well-located city-fringe homes. With the relatively lower supply of RCR GLS sites released for sale throughout 2025 and, hence, fewer upcoming RCR projects to choose from in 2026, the future project here may similarly be well-received by potential homebuyers.