Commentary on URA tender closing at Telok Blangah Road residential site

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

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.

Table: Nearby 99y-leasehold and FH comparables

	No of units sold in 2025	Median price sold in 2025	Tenure	Year completed
THE REEF AT KING'S DOCK	22	2,541	99 yrs from 12/01/2021	2024
CORALS AT KEPPEL BAY	18	2,020	99 yrs from 26/02/2007	2016
REFLECTIONS AT KEPPEL BAY	55	1,710	99 yrs from 15/03/2006	2011
CARIBBEAN AT KEPPEL BAY	35	1,925	99 yrs from 16/08/1999	2004
THE PEARL @ MOUNT FABER	6	1,587	99 yrs from 03/12/2002	2005
THE INTERLACE	36	1,635	99 yrs from 11/02/2009	2013
HARBOURLIGHTS	5	1,880	Freehold	1997
THE FORESTA @ MOUNT FABER	7	2,018	Freehold	2014
SKYLINE RESIDENCES	13	2,230	Freehold	2015

Source: CBRE Research, realis, data downloaded as of 3 Nov 2025. We only include projects with at least 5 transactions in 2025. 

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.