Property Herald: Telok Blangah Road GLS tender: Fewer bids, but price reflects developer’s confidence
- Mogul Research Dept
- 6 hours ago
- 3 min read
Introduction
The Government Land Sales (GLS) tender for the condominium site at Telok Blangah Road (the subject site) closed today attracting three bids from property developers.
Description of subject site
The residential development site measures 147,346 sq ft. With a gross plot ratio of 4.7 times, it could yield 745 condominium units.
The subject site is the second GLS residential site at Telok Blangah Road that the government is offering for sale. In 1989, the government sold a 99-year leasehold site that was developed into the 154-unit Harbour View Towers.
This is the first GLS plot in Telok Blangah to be offered for sale in over 35 years, marking the start of private housing within the Greater Southern Waterfront (GSW) and renewing housing developers’ interest in Singapore’s southern districts.
Flanked by the Telok Blangah MRT Stations and bus stops along Telok Blangah Road, it offers direct access to the CBD, Sentosa, and Mapletree Business City.
The subject site is one of the first large private residential plots within the Greater Southern Waterfront (GSW), the site will play a defining role in shaping Singapore’s southern transformation over the next decade.
Analysis of tender bids
The GLS tender for the subject site closed with only three bids, which is the lowest number of bids for a residential GLS tender that is launched so far this year. Among the residential GLS sites that are launched in 2025, the tenders garner an average of 6 bids each.
The lower-than-expected number of bids could be due to the large quantum of the land price required to secure the site. We estimated the land value to be north of $900 million. Not many developers would want to put so many of their financial eggs in one basket and even fewer have pockets deep enough to bid on this site alone without any JV partners.
If the GFA of this site is about half of the current size, the number of bids from developers could easily double.
Secondly, there are other vacant residential land parcels on the site of the former Keppel Club which the government could either offer for sale in future GLS tenders or build HDB flats. Several of the other residential sites offer unblocked view of the southern sea. Hence, property developers could be saving their resources for future GLS tenders of the other sites.
Analysis of land price
The top bid of $918.3 million, submitted by Kingsford Huray Development Pte Ltd, translate to a land rate of S$1,325.97 per square foot per plot ratio (psf ppr), which is within the $1,300 to $1,380 psf ppr price range of comparable GLS residential sites that were sold recently. It also reflected the confidence that the top bidder has in the development potential of the subject site.
Table 1: Comparable GLS tenders
Source: Mogul.sg Research
Neighbourhood and Demographics
The Telok Blangah site sits within a mature housing enclave with strong transport connectivity and family-friendly amenities. Within a 2-km radius lie several reputable schools:
Table 2: Primary schools within a 2-km radius from the Telok Blangah Road GLS site
Source: Mogul.sg Research
With three popular schools nearby — Radin Mas, CHIJ (Kellock), and Gan Eng Seng — the site naturally appeals to family buyers prioritising proximity to education.
Conclusion
Beyond its immediate sale outcome, the Telok Blangah Road GLS tender is a milestone for Singapore’s southern transformation. As the first private housing plot under the GSW, it sets the tone for future residential sites in the Keppel vicinity.
Its results will serve as a market benchmark for developer confidence and pricing in the new southern precinct, revealing how much optimism is already priced into land values and how developers are positioning for future demand.
The top bid of $1,326 psf ppr would set the benchmark for the future GLS tenders of residential sites in the Telok Blangah/ Harbour Front area. Based on this land rate, the future condo project on the subject site could potentially be launched at $2,650 to $2,900 psf.
Comments