-- The maiden private residential site to kick-start the Greater Southern Waterfront area received lukewarm response with just 3 bids though bid prices are bunched within a tight 7% range, showing consensus on pricing.
Telok Blangah Road received 3 bids and a top bid price of $918.30 mil or $1,326 psf ppr in line with expectations, submitted by Kingsford Group. This was 4.4% higher than the second highest bid of $1,271 psf ppr submitted by GuocoLand/Hong Leong Holdings and 6.4% higher than the third highest bid placed by Frasers Property/Soilbuild Group.
Telok Blangah Road is the first GLS plot launched on the former Keppel golf course site, named “Berlayar estate” which is part of the URA’s Greater Southern Waterfront transformation plan. When completed, the area will provide 10,000 new homes, including 7,000 public housing flats and 3,000 private units. In October, Berlayar estate’s first Build-to-Order (BTO) public housing project, named Berlayar Residences (880 units), was launched for application and received overwhelming response.
Compared to some other sites that similarly kick-started new precincts earmarked for transformation such as Bayshore Road (515 units) which drew 8 bids and was awarded for a top bid price of $1,388 psf ppr to Sing-Haiyi in Mar 2025; and Dunearn Road site (former Turf City, 380 units) which drew 9 bids and awarded for a top bid price of $1,410psf ppr in July 2025, Telok Blangah Road’s tender appear to draw less interest and a slightly lower land price. The tamer interest could be due to its facing a highway, abundant future competitive supply including public housing, and perhaps a lack of primary schools within 1km.
Nonetheless the estate is near to CBD, of reasonable walking distance to Telok Blangah MRT station and one MRT stop away from Vivocity and Mapletree Tree Business City.
The most recent 99-year leasehold launch in the Keppel Bay area was The Reef at King’s Dock (429 units) which was launched in Jan 2021 and fully sold by Sep 2024, completed in 2024. Projects in Keppel Bay transacted at $1,710 psf for Reflections at Keppel Bay to $2,541 psf for The Reef at King’s Dock in 2025 to date. Nearby 99-year projects such as The Pearl at Mount Faber and The Interlace traded at $1,587-$1,635 psf, while freehold ones traded at $1,880 to $2,230psf so far this year.
At the top bid price of $1,326 psf ppr, developers could look to launch a project at an average price of $2,700 – 2,800 psf.
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Release ID: 89175030
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