Commentary on the Closing of Bedok Rise GLS Site

SINGAPORE, 27 November 2025 - “The strong turnout of ten bidders indicates increased developer confidence, supported by the solid sales performance of recent OCR launches and a more favourable interest rate environment. This reflects optimism that demand for well-located projects will stay resilient, as seen in the healthy take-up at recent launches.”

“At $464.8 million ($1,330 psf ppr), the top bid submitted by Allgreen Properties’ Bellis Residential Pte. Ltd. is 0.4% higher than the second-highest bid from Hoi Hup Realty Pte Ltd, which stands at $462.8 million ($1,324 psf ppr). The narrow difference between the two bids indicates the developer’s strong determination to acquire what they consider a strategic site, given the high potential of its well-connected location. Their aggressive bid also demonstrates firm confidence in the site’s prospects, as it is the last GLS site with direct access to Tanah Merah MRT station,” said Marcus Chu, Chief Executive Officer (CEO), ERA Singapore. 

“With a small to mid-sized development accommodating up to 380 units, the site offers Bellis Residential Pte Ltd an attractive entry into the OCR market at a manageable size of less than $465 million, which entails lower risks.”

“The land rate of $1,330 psf ppr is among the highest GLS bids for a residential-only site in the OCR, only surpassed by the Bayshore Road GLS and both sites at Chuan Grove awarded in 2025. Based on the land cost, the future project could be launched at an average price of at least $2,500 psf.”

“The last GLS site in the vicinity at Tanah Merah Kecil Link (now Sceneca Residence) was awarded in November 2020 for $930 psf ppr, drawing 15 bidders then. The Bedok Rise site’s strong 10-bid turnout reflects ongoing developer interest in this well-connected precinct. The Tanah Merah Kechil Link site was launched in the first half of 2020, during the COVID-19 period, when there was a shortage of available GLS sites, and only three residential sites were tendered. This limited supply prompted developers to actively replenish their land banks. Unlike in 2020, today’s GLS programme offers a broader range of residential sites, providing developers with more options across the island. Despite this more diversified supply landscape, the Bedok Rise tender still attracted healthy competition, underscoring sustained confidence in the area’s potential.”

Buyer Demand

“The strong uptake of OCR projects in 2025, including Parktown Residence, Springleaf Residence, and Lentor Central Residences, indicates high buyer interest in OCR properties and steady demand in the segment. We could observe similar robust interest among homebuyers eyeing this future development.”

“The scarcity of GLS sites nearby in recent years has led to a shortage of new homes. This may indicate pent-up demand for non-landed homes in Tanah Merah, which is strategically close to Singapore’s Eastern Gateway, including Tampines Regional Centre, Changi Business Park, and Changi Airport. Furthermore, being the last site with direct access to Tanah Merah could point to strong demand from both homeowners and investors.”

“Tanah Merah MRT is scheduled to become an interchange with the Thomson-East Coast Line (TEL) by mid-2030. With the existing East-West Line, residents will be only two stops from Jewel Changi Airport for a variety of food options and retail needs. Being served by two MRT lines also improves its connectivity to more parts of Singapore.”

Outlook

“Singapore’s residential market is entering a renewed phase of optimism, supported by the outstanding sales performance of 2025’s launches. We anticipate more developers will actively replenish their land banks, positioning themselves effectively to seize the next wave of buyer demand.”

“Currently, excluding Executive Condominiums, five GLS sites remain open for tender, with another three sites on the 2H 2025 Confirmed List set to be opened for tender. Developers who are unsuccessful in their current bids may consider other opportunities, including the ongoing tenders at Dover Drive (previously Dover Road), Tanjong Rhu Road and Dairy Farm Walk.”

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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