-- The tender at Bedok Rise (380 units) drew 10 bids and a top bid price of $464.8 mil ($1,330 psf ppr), above expectations. The top bid was submitted by Bellis Residential – believed to be Allgreen, narrowly outbidding the second-placed Hoi Hup’s $1,324 psf ppr by 0.4%. The price gap between the top and last bidder of less than 20% shows some consensus on the attractiveness of the site, which is probably the last piece of greenfield site around the Tanah Merah MRT station on the East-West line, within 1 km of popular Temasek Primary School and one stop away from Bedok town centre and host of retail mall and amenities.
At 10 bids, this makes Bedok Rise site the most popular land tender in 2025 to date, surpassing the 9 bids received each for Dorset Road (425 units) in October 2025 and Dunearn Road (380 units) in July 2025, and the 8 bids each received for Bayshore Road (515 units) site in March 2025 and the Bukit Timah Road site (340 units) on 11 Nov 2025.
Year-to-date bids have been relatively robust as developers may have been encouraged by 1) new home sales reaching 4-year high by October 2025; 2) significant declines in borrowing costs – 3M SORA has declined close to 180 bps since the start of the year, and mortgage rates have declined in tandem year to date; and 3) better-than-expected economic performance - MTI Singapore on Nov 21 upgraded its economic growth forecast again for 2025 to around 4% after a better-than-expected performance in the third quarter of the year of 4.2%. This is higher than the previous growth projection of 1.5 to 2.5% that was made in August, and the 0-2% that was made in April.
The top bid price of $1,330 psf ppr, while much higher than the last Tanah Merah GLS site sold in 2020, still does not trump the land rate paid for Bayshore Road’s $1,388 psf ppr in March 2025.
The last GLS site at Tanah Merah was the residential with commercial on 1st storey site Tanah Merah Kechil which received 15 bids, a top bid unit price of $930 psf ppr submitted by MCC Land during its tender closing on 29 Oct 2020 and later awarded on 13 Nov 2020. Sceneca Residence (268 units) was launched in Jan 2023 and sold 160 units (60% of total units) at an average price of $2,072 psf over its launch weekend.
Nearby projects have been relatively well-received when they were launched, with no new launch since 2023’s Sceneca Residence which is almost fully sold by Oct 2025. Nearby comparables such as Sceneca transacted a median price of $2,065 psf while secondary sales at Grandeur Park Residences, The Glades, Urban Vista, and Optima@Tanah Merah transacted at $1,481-2,003 psf.
For this Bedok Rise site, we expect the developer could look to launch the new project at an average price of $2,300-2,400 psf.
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Release ID: 89177269
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