The Urban Redevelopment Authority (URA) has announced the results of the government land sales (GLS) tender for the Telok Blangah Road site, with Kingsford Development securing the top bid of $918m. This translates to a land rate of $1,326 per square foot per plot ratio (psf ppr), surpassing the second-highest bid by 4.4%. The site is expected to deliver approximately 745 new private homes, contributing to the Greater Southern Waterfront’s development.
The tender attracted three bids, a moderate response attributed to the significant financial commitment required for the large-scale development. Wong Siew Ying, Head of Research and Content at PropNex, noted that developers might be focusing on other upcoming GLS plots. Historically, sites with land prices exceeding $800m have seen limited bids, typically ranging from one to four.
The Telok Blangah Road site boasts strong locational advantages, being close to the Telok Blangah MRT station, the city centre, and commercial amenities like VivoCity mall. Developers are keen to gain a first-mover advantage in this new housing precinct, potentially setting the tone for pricing and capturing early demand.
The future project is anticipated to attract interest from a diverse range of buyers, including HDB upgraders from nearby estates and investors due to its proximity to the central business district and employment hubs. The average selling price is estimated to be above $2,800 psf.
Looking forward, land bidding activity is expected to remain robust, driven by improved buyer sentiment and upcoming GLS site tenders. Developers are likely to replenish their land inventory following strong primary market sales this year, with 10,227 new private homes sold by October 2025.
