Commentary on the Closing of the Tender for GLS Site at Tanjong Rhu

SINGAPORE, 22 January 2026 -  The tender for the Government Land Sale (GLS) site at Tanjong Rhu closed on 5 February 2026. It drew attention from five bidders, with the top bid of $709.3 million (or $1,455 psf ppr) submitted by CDL Constellation Pte. Ltd. and Bedrock Ventures Pte. Ltd.

“While the field of five bidders signals strong developer confidence, even if it is lower than the field of nine bidders seen at the earlier Dorset Road site, also within the Kallang planning area. It shows that developers are keen to This optimism is reflected in the land rate of $1,455 psf ppr based on the top bid put in by CDL Constellation Pte. Ltd. and Bedrock Ventures Pte. Ltd.," said Marcus Chu, Chief Executive Officer, ERA Singapore.

“Notably, the submitted land rate of $1,455 psf ppr is notably 8.7% higher than the $1,338 psf ppr for Dorset Road in October last year. It also tops the $1,402 psf ppr achieved at Marina Gardens Lane in 2023 by 3.8%, marking a new record land rate for a Rest of Central Region (RCR) GLS site.”

“The tight 2.5% margin between the top two bids signals strong competition for the site, reflecting developers’ confidence in the estate’s underlying potential. Meanwhile, the gap between the lowest and highest bids, at 17.8%, may also reflect mixed market sentiments among participating bidders.”

“CDL Constellation Pte. Ltd. and Bedrock Ventures Pte. Ltd's top bid reflects strong confidence in the growth potential of the Kallang precinct. Under the Kallang Alive Masterplan, the area is set to be transformed with modern sports infrastructure that will complement new HDB estates along the Geylang River.”

“The healthy bidder turnout comes as no surprise as this site offers a rare chance for developers to replenish their bank in a neighbourhood that has not seen a GLS launch in over a decade. The last private residential development launched in the vicinity was The Line @ Tanjong Rhu, a 130-unit freehold condominium in 2012.”

Buyer Demand 

“This site is expected to appeal to a broad pool of buyers, anchored by owner-occupiers who value city-fringe living, strong connectivity and a waterfront lifestyle. Potential demand is likely to come from HDB upgraders in Kallang, which has seen a steady number of million-dollar flat transactions. Owners of older private condominiums in the area may also be keen to move into a newer development with a fresh lease, within a familiar neighbourhood.

At the same time, surrounding private residential developments are largely over a decade old, which could give rise to pent-up demand from existing residents seeking more modern layouts, facilities and longer remaining lease tenures. With limited recent private launches in Tanjong Rhu, buyers looking to refresh their housing options within the precinct may see this future development as a good opportunity.

Most condominiums near Tanjong Rhu are either older freehold projects or small boutique developments. With 525 units, the site’s future leasehold development offers a sizable and attractive alternative for buyers, whether for investment or owner-occupation.” 

Location Attributes 

“The site is well-positioned to attract family buyers and long-term residents, supported by its proximity to established schools such as Dunman High School and Chung Cheng High School. These attributes continue to underpin stable owner-occupier demand in the area, particularly among young families.

Beyond schools, the waterfront setting and access to park connectors along the Geylang River enhance the site’s lifestyle appeal, particularly for buyers who prioritise outdoor recreation and wellness. Combined with nearby amenities at Kallang Wave Mall and the Singapore Sports Hub, the location offers a balanced live-work-play environment that appeals to both families and professionals.”

Outlook 

“From a buyer perspective, interest in the future development is also shaped by the longer-term transformation of the Kallang precinct under the Kallang Alive Master Plan. The planned enhancements to sports, lifestyle and waterfront offerings are expected to progressively strengthen the area’s liveability and attractiveness over time.

Against this backdrop, buyer demand is likely to remain resilient, supported by a combination of genuine owner-occupier needs, limited new supply in the immediate vicinity and the appeal of a well-connected waterfront location near the city centre. These factors are expected to underpin sustained interest once the site is developed and brought to market.”

“Additionally, buyers’ confidence remains high due to an easing in citizen and resident unemployment rates, according to the Labour Market Advance Release." 

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

Disclaimer

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