The recent government land sales (GLS) tender for the Bedok Rise site attracted ten bids, with the highest bid reaching S$464.8m or S$1,330 per square foot per plot ratio (psf ppr). This top bid, submitted by an undisclosed developer, surpassed expectations and marked a significant 43% increase compared to the S$930 psf ppr for the Tanah Merah Kechil Link site awarded in November 2020.
The competitive bidding reflects a growing interest from developers, as noted by Alice Tan, Head of Consultancy at Knight Frank Singapore. She highlighted that the premium mark-ups in land rates among top bidders have been increasing, with recent tenders showing a stronger willingness to push pricing boundaries. “The brisk take-up of more than 10,000 new sales in the 10 months of 2025 could have spurred developers to ratchet up efforts in dedicating more financial resources in acquiring land,” Tan stated.
The Bedok Rise site is expected to attract local homebuyers, particularly those looking to downgrade from landed properties in Bedok South and Simpang Bedok, as well as HDB upgraders from nearby estates. The site’s proximity to an MRT station and Bedok Town Centre’s retail amenities adds to its appeal.
As land prices rise, there is concern about the potential impact on future selling prices and the possibility of government cooling measures. Tan suggested that some restraint in GLS tenders could benefit the long-term health of the private home market, especially amidst global economic uncertainties.
