The tender for the Bedok Rise residential site, which closed recently, drew significant attention with 10 bids, the highest number for any land tender in 2025 so far. Bellis Residential, believed to be Allgreen, submitted the top bid of $464.8m, equivalent to $1,330 per square foot per plot ratio (psf ppr), narrowly outbidding Hoi Hup’s offer by just 0.4%. This site, located near the Tanah Merah MRT station and within proximity to Temasek Primary School, is considered the last greenfield site in the area.
The competitive bidding reflects a strong consensus on the site’s attractiveness, with the price gap between the top and last bidder being less than 20%. This tender surpassed previous bids for other sites this year, including Dorset Road and Dunearn Road. According to Tricia Song, Head of Research at CBRE Singapore and Southeast Asia, the robust bidding activity is driven by several factors: a four-year high in new home sales by October 2025, a significant decline in borrowing costs, and an upgraded economic growth forecast by Singapore’s Ministry of Trade and Industry to around 4%.
Despite the high bid, the price does not exceed the $1,388 psf ppr paid for the Bayshore Road site earlier this year. The last Government Land Sales (GLS) site at Tanah Merah was sold in 2020 for $930 psf ppr. The new project at Bedok Rise is expected to launch at an average price of $2,300 to $2,400 psf, aligning with the area’s strong market performance. Nearby developments, such as Sceneca Residence, have seen successful sales, indicating continued demand in the region.
