Commentary on URA tender closing at Tanjong Rhu Road Residential Site

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

The tender at Tanjong Rhu Road (525 units) garnered a strong response. While it received just 5 bids, similar to the Dairy Farm Walk site on 22 Jan, the top bid price of $709.25 mil or $1,455 psf ppr was above expectations. At the top bid price of $1,455 psf ppr, this is the highest land rate for a RCR site in recent years, and the second highest on record since Jiak Kim Street – which now houses Rivière (455 units) – was awarded in Dec 2017 for $1,733 psf ppr.  

The top bid was submitted by a joint venture between CDL and Woh Hup Group, outbidding the second-placed Sunway Developments and Sinar Mas Land’s $1,419 psf ppr by 2.5% and the third highest bidder, Sim Lian Group’s $1,416 psf ppr by 2.75%. Kingsford Group placed the lowest bid of $1,235 psf ppr, 17.8% lower. The price gap between the top and last bidder of less than 20% shows some consensus on the site. Key draws of the site include: proximity of 600-700 metres to two MRT stations, its well-regarded residential enclave known for exclusivity, near to the CBD, East Coast Park, and a vibrant Kallang sports precinct.

Developers may have also been encouraged by the prospect of strong pent-up demand for the future launch as it has been more than two decades since a large-scale project – Water Place (437 units) completed in 2004 – was completed in the neighbourhood. More recent nearby launches were boutique projects – Arina East Residences (107 units) launched in Jun 2025, The Line @ Tanjong Rhu (130 units) launched in Aug 2012 and Fulcrum (128 units) launched in Apr 2012. 

While there will be new public housing clusters around this site, potentially eroding the private housing nature of Tanjong Rhu, buyers may be enticed by more amenities and future upgraders demand that usually come with HDB estates.    

Analysing comparable projects nearby, the most recent launch Arina East Residences saw a muted response during its private placement in Jun 2025, selling only 10 units, 9.3% of total 107 units at an average price of $3,008 psf. It sold a total of 25 units in 2025 at a median price of $2,939 psf. The developer has since offered some discounts to move lower-floor units and has sold 3 units at a median price of $2,784 psf in Jan 2026, based on latest caveats.

Near to Katong Park MRT but in the Mountbatten district is 99-year Liv @ MB (298 units) which saw robust take-up during its launch weekend in May 2022, moving 236 units or 79% at an average price of $2,387 psf. Fresh out of the Seller Stamp Duty period of 3 years, Liv@MB saw 12 secondary transactions in 2025 at a median price of $2,689 psf. 

Older nearby 99-year resale comparables of similar size such as Water Place, Sanctuary Green and Pebble Bay transacted at median prices of $1,637 – 1,854 psf in 2025.  

Nearby comparables

Project	No. of units sold in 2025	Median price sold in 2025	Tenure	Year completed	Total no. of units in project
ARINA EAST RESIDENCES	25	$2,939	Freehold	Uncompleted	107
LIV@MB	12	$2,689	99 yrs from 23/11/2021	2025	298
FULCRUM	7	$2,196	Freehold	2016	128
THE LINE @ TANJONG RHU	6	$2,350	Freehold	2016	130
WATER PLACE	20	$1,843	99 yrs from 02/03/1998	2004	437
SANCTUARY GREEN	23	$1,637	99 yrs from 17/03/1997	2004	522
TANJONG RIA CONDOMINIUM	9	$1,623	99 yrs from 31/05/1993	1997	168
PEBBLE BAY	19	$1,854	99 yrs from 09/03/1994	1997	510
CASUARINA COVE	6	$1,581	99 yrs from 20/10/1993	1996	160
THE WATERSIDE	9	$2,101	Freehold	1992	502
Other 99-year projects in RCR
ZYON GRAND	609	$3,039	99 yrs from 15/07/2024	Uncompleted	706
PENRITH	448	$2,792	99 yrs from 04/11/2024	Uncompleted	462
PROMENADE PEAK	385	$2,926	99 yrs from 04/11/2024	Uncompleted	596
THE SEN	80	$2,339	99 yrs from 20/01/2025	Uncompleted	347

Source: CBRE Research, realis, data downloaded as of 5 Feb 2026. We only include resale projects with at least 5 transactions in 2025.

At a top bid price of $1,455 psf ppr, we expect the developer could look to launch at an average price of $2,900 – 3,000 psf.