Tanjong Rhu Road - Government Land Sale (GLS) Site Analysis

URA launched the tender for the Government Land Sale (GLS) parcel at Tanjong Rhu Road (Site) for a residential development on 26 November 2025. 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.

Tanjong Rhu is a well-regarded residential enclave known for its tranquil surroundings and predominance of private homes. The area offers a scenic waterfront setting, against a mix of mass-market condominiums and apartments. Its proximity to the city centre, coupled with opening of the MRT stations, enhances Tanjong Rhu’s attractiveness as a residential precinct.

Site Details

Table 1: Details of the GLS site

Source: URA, ERA Research and Market Intelligence.

Figure 1: Map of Tanjong Rhu 

Locational Attributes

Neighbourhood amenities

The site is located near the Kallang Alive Master Plan, which is set to transform the area into one of Singapore’s key hubs for sports and recreational activities, alongside upcoming residential precincts. It enjoys close proximity to the Singapore Sports Hub, offering direct access to premier facilities such as the National Stadium, Singapore Indoor Stadium, OCBC Aquatic Centre, and Water Sports Centre. These venues regularly host international sporting events, concerts, and community activities, fostering an active and vibrant lifestyle. 

For daily conveniences and leisure, the site is located a short drive to Kallang Wave Mall that provides a large variety of supermarkets, eateries, fitness centres and entertainment outlets. Additionally, the waterfront promenade and park connectors along the Geylang River are within walking distance, offering recreational opportunities like jogging and cycling. The locale is well-served by reputable schools such as Dunman High School, Chung Cheng High School, and Broadrick Secondary School. 

Figure 2: Kallang Alive Masterplan

Connectivity

Figure 3: Site is located a 10-mins walk to two TEL stations

The site enjoys excellent connectivity, located in close proximity to Stadium MRT and strategically positioned between two newly opened Thomson–East Coast Line (TEL) stations—Tanjong Rhu MRT and Katong Park MRT. This prime location offers enhanced public transport access, ensuring seamless connectivity to the city centre and the wider MRT network. In addition, the area is well-served by multiple bus routes and boasts direct access to major expressways such as the East Coast Parkway (ECP), Kallang–Paya Lebar Expressway (KPE), and Nicoll Highway. 

Price and Market Trends

HDB 

For now, there are no immediate Housing and Development Board (HDB) catchment. But in June 2024, Tanjong Rhu saw its first Build-to-Order (BTO) launch, Tanjong Rhu Riverfront I & II, located just across the Site. Both projects yield a total of 2,063 of 2-room Flexi, 3-, and 4-room HDB flats across 11 blocks. The BTO projects are slated for completion in 2029 and will feature amenities such as eateries, a supermarket, and a preschool. 

Figure 4: Upcoming BTOs

Subsequently in Feb 2025, HDB offered Tanjong Rhu Parc Front, slated to complete by 2029, which will yield 812 flats. All three projects are classified as 'Prime' flats and will be subject to a 10-year Minimum Occupation Period (MOP), a resale subsidy clawback, and an income cap of $14,000 for resale buyers. All of these sites will provide a future exit strategy for homebuyers of the upcoming projects. 

Given its location within an established residential enclave, residents living in the Kallang-Whampoa HDB estate (such as in Boon Keng and Kallang Bahru). 

Potential HDB upgrader demand from towns with high resale flat prices

Kallang has been known to have transactions over $1m due to its prime location and amenities offered as a mature estate. This has ramped up significantly since 2Q 2024. Kallang/Whampoa is one of the top towns in Singapore for annual million-dollar flat transactions.

Chart 1: No. of Million Dollar Flat Transactions in Kallang/Whampoa

Chart 2: Median Transacted HDB Flat Prices in Kallang/Whampoa

Condominium owners in the Outside Central Region (OCR) such as in Tampines, Bedok, Geylang and Serangoon who want to move closer to the city could look to a new launch in Kallang.

Potential demand could also come from younger residents in the area, seeking housing options to accommodate the needs of starting a new family while maintaining proximity to their main family nucleus. Residential developments in the vicinity are also aged at least at least 12 years. Pent-up demand from residents of older condos nearby can be expected with some looking to refresh leases of their homes.

There could be pent-up demand for condominiums in Kallang considering the lack of resale options and new launches. 

Price and Market Trends

Over the past two years, new launches have contributed to rising non-landed home prices in the RCR and D15. Typically, new developments set benchmark pricing that lifts the value of surrounding homes. By contrast, the Kallang Planning Area saw more subdued home price growth compared to the broader RCR trend.

Table 2: Median Prices Non-Landed Private Homes in the Vicinity

Over the past two years, District 15 has seen four private new home launches. Notably, Arina East Residences is located in Tanjong Rhu, the same area as the upcoming site.

Table 3: Comparable new private residential properties in District 15 with at least 100 units

Potential demand from older condo residents and HDB upgraders looking to capitalise on the growth potential in the vicinity

Potential demand may also stem from HDB upgraders in the vicinity who wish to remain close to their primary family nucleus. Residential developments in the Tanjong Rhu area are relatively older, and we anticipate some level of pent-up demand from nearby residents. In particular, homeowners in ageing condominiums may be looking to refresh the lease profile of their properties through a move to newer developments. This is all while looking to capitalise on the upcoming master plan development which is expected to lend some support to future price appreciation in the area. 

Recent Land Sale Performance

In 2025, we have seen some interesting developments on the GLS front. In 1H 2025, we saw one site - Media Circle (Parcel B) site closing with no bids received. For sites that closed in 2H 2025, the thirteen sites saw an average of 5.5 bids per site. Developers’ aggressiveness for sites was buoyed by the high take up rates of launches. 2025 saw new benchmark prices for the CCR, when the Bukit Timah Road site was awarded for $1,820 psf ppr. Furthermore, Bayshore Road (OCR) was also awarded for $1,388 psf ppr, a record for the OCR.

This momentum extended into 2026 when the tender of the first land parcel, an Executive Condominium (EC) site at Woodlands Drive 17 site closed with three bids. The highest bid submitted was $984 psf ppr, a record for EC sites. Another site at Dairy Farm Walk also saw a modest, but healthy turnout of five bidders. It saw a top bid of $427 million, or $962 ppr. 

Conclusion

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.

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.

Outlook

Despite challenges faced by global markets, Singapore’s residential market maintains a largely positive outlook for the foreseeable future. Over the years, Singapore has built a name for itself as a reputable wealth hub in the region, with local real estate being perceived as a quality asset offering stable rental yield for investors.

Singapore’s residential market is entering a renewed phase of optimism, underpinned by the exceptional sales performance of 2025’s launches, when developers sold 10,815 new private homes (excluding Executive Condominiums (EC)). This was a significant 67.2% jump over the full-year count of 6,469 units for 2024. This momentum is likely to spur more developers to proactively replenish their land banks as they position themselves to capture the next wave of buyer demand.

Excluding ECs, four GLS private sites and 1 EC site currently remain open for tender, supplemented by another seven private residential plots on the 1H 2026 Confirmed List. By providing a diverse mix of sites across market segments, this pipeline ensures a consistent private housing supply, while supporting the Government’s efforts to stabilise land prices.