Commentary on URA tender closing at Berlayar Drive

By Tricia Song (宋明蔚), Head of Research, Singapore and Southeast Asia, CBRE

Amid renewed tensions in the Middle East and slower sales at July’s launches, the tender for the second site in the Berlayar estate at Berlayar Drive (415 units) saw muted developer participation with just 1 bidder but with a record top bid price for a pure residential Rest of Central Region (RCR) plot. This follows the trend of subsequent Government Land Sales (GLS) tenders in the same precinct seeing lower participation in view of competitive supply from prior sites but setting new benchmark prices, reflective of developer conviction in the growth potential of the locations.

The tender for the residential site at Berlayar Drive (415 units) drew just 1 bid, below our expectations, yet the top bid price of $576.78 mil or $1,515 psf ppr was well above expectations and sets a new benchmark land rate for a pure residential RCR plot, surpassing the $1,455 psf ppr set at Tanjong Rhu Road in Feb 2026 and only below the $1,556 psf ppr and $1,733 psf ppr for Dover Drive and Jiak Kim Street which are both residential sites with commercial at the 1st storey.

The lone bid was submitted by a tie-up between Hong Leong Holdings and GuocoLand who also submitted a bid of $1,271 psf ppr at the tender for the first plot at Telok Blangah Road (745 units), narrowly losing to Kingsford Group’s top bid of $1,326 psf ppr by 4.4%. This time, the joint developers have returned to pay 14.3% higher than Kingsford’s top bid for the smaller, lower-density parcel at Berlayar Drive.

Berlayar Drive (415 units) is the 2nd plot to be launched in the new Berlayar estate on the site of the former Keppel Club golf course, which was vacated in 2022. The 48-hectare estate is planned to provide 10,000 new homes, including approximately 3,000 private units, as part of the Greater Southern Waterfront transformation. At 271,932 sq ft with a gross plot ratio of 1.4 and a maximum gross floor area of 380,712 sq ft, the site is materially smaller and lower in density than the first plot at Telok Blangah Road (745 units), and is located away from the highway and closer to Labrador Nature Reserve.

The key draw of the site is its potential for unblocked waterfront views to the south towards Keppel Bay and Sentosa and proximity to Telok Blangah MRT station (about 450m away) while being away from highway and road noise. Harbourfront and Mapletree Business City, both one MRT stop away, form a sizeable employment node that could support rental demand from expatriate and local professionals, and the mature HDB estates of Bukit Merah and Queenstown provide a ready pool of upgraders. For buyers who value the outdoors, Mount Faber, Telok Blangah Hill Park and Labrador Nature Reserve are also all within reach.

The fewer bids may stem from the seeming drawbacks of the site which include limited schools and amenities around the project currently. Nearby comparable projects such as the Keppel Bay projects had also seen relatively slow sales earlier. Nonetheless, waterfront projects near MRT stations are rare and the high top bid signals confidence in this location. 

Nearby 99y-leasehold and FH comparables

Project	No. of units sold in 2026 YTD	Median price sold in 2026 YTD	Tenure	Year completed	Total no. of units in project
THE REEF AT KING'S DOCK	15	$2,496	99 yrs from 12/01/2021	2024	429
CORALS AT KEPPEL BAY	6	$2,084	99 yrs from 26/02/2007	2016	366
REFLECTIONS AT KEPPEL BAY	35	$1,751	99 yrs from 15/03/2006	2011	1,129
CARIBBEAN AT KEPPEL BAY	22	$1,973	99 yrs from 16/08/1999	2004	969
THE INTERLACE	15	$1,758	99 yrs from 11/02/2009	2013	1,040
SKYLINE RESIDENCES	6	$2,243	Freehold	2015	283

Source: CBRE Research, realis, data downloaded as of 3 Aug 2026. We only include projects with at least 5 transactions in 2026.

The most recent 99-year leasehold launch in the Keppel Bay area was The Reef at King’s Dock which was launched in Jan 2021 and fully sold by Sep 2024, completed in 2024.

Secondary market transactions across the wider Keppel Bay cluster ranged from $1,751 psf at Reflections at Keppel Bay to $2,496 psf for The Reef at King’s Dock in 2026 to date. Nearby 99-year project The Interlace traded at $1,758 psf, while freehold Skyline Residences (283 units) transacted at $2,243 psf so far this year.

As the second project in the new Berlayar estate, the joint developers would likely take cue from launch pricing at the first Telok Blangah Road site. At a top bid price of $1,515 psf ppr, we expect the joint developers could look to launch at an average price of $2,800 – 2,900 psf.