This Prime Waterfront Residential Site Drew Just One Bid — But Still Set A New RCR GLS Price Record

A joint bid from Hong Leong Holdings and GuocoLand was the sole bid for a government land sale (GLS) site at Berlayer Drive, after the public tender closed on August 4. The developers had jointly submitted a $576 million bid for the 271,929 sq ft site, and the bid price translates to $1,515 psf per plot ratio (ppr).

This is the second GLS site that the government has released in the new Berlayar district, which is largely being built on the site of the former Keppel Golf Course.

Alice Tan, Head of Consultancy at Knight Frank Singapore, suggests that given the land rate of $1,515 psf ppr, the new development could see a possible launch price starting from $2,900 psf, and eventually record an average selling price of around $3,100 psf.

She adds that some premium stacked could potentially exceed that price level depending on their views, orientation and product design.

“A project at Berlayar Drive might draw some owner-occupier demand from HDB upgraders from Bukit Merah, Queenstown and nearby city-fringe estates, where HDB resale units (especially the newer units) sell at a premium, typically above $1 million,” says Tan.

The first tender for a private development plot in the new neighbourhood – at Telok Blangah Road – was awarded to Chinese developer Kingsford Group, who put in the winning bid of $918.3 million ($1,326 psf ppr) last November. The site could yield about 745 new private homes.

Initially unveiled in September 2025, the Berlayar estate will comprise a mix of public and private homes. According to the government, there will be about 7,000 new public housing units alongside 3,000 private homes.

The first Built-To-Order (BTO) development – the 880-unit Berlayar Residences – was launched during the October 2025 BTO sales exercise. Meanwhile, the 1,976-unit Berlayar Rise was launched during the recent June 2026 BTO sales exercise.

If the Hong Leong-GuocoLand joint venture (JV) is awarded the Berlayar Drive GLS site, which could yield up to 415 new private homes, it would bring the total number of confirmed condominium units to approximately 1,160 units to date.

It may be surprising to see a GLS tender to attract a seemingly lackluster tender response, especially if we consider the site’s prime waterfront location. Moreover, there have been strong takeup rates among new city-fringe projects in recent months, such as Zyon Grand and Promenade Peak in River Valley.

Stacked recently shared a case study of a buyer who purchased a two-bedroom unit at Zyon Grand.

However, most industry observers think that the single bid should not be interpreted as a lack of confidence from developers in the site’s long-term prospects.

Instead, analysts like Mohan Sandrasegeran, head of research & data analytics at SRI, suggest that developers are now taking a much more selective approach towards capital deployment and land tender participation.

“Developers today have greater flexibility in choosing from a wider range of available sites and are likely to focus on opportunities that best complement their existing landbank and development pipeline,” says Sandrasegeran.

Meanwhile, Marcus Chu, CEO of ERA Singapore, points out that the $1,515 psf ppr bid put in by Hong Leong Holdings and GuocoLand has set a new benchmark for residential GLS sites in the Rest of Central Region (RCR).

It surpasses (by about 4.1%) the previous price high of $1,455 psf ppr that had been jointly submitted by City Developments Ltd (CDL) and Woh Hup for a GLS site on Tanjong Rhu Road in February this year.

“(The Hong Leong-GuocoLand JV) appears to recognise the long-term potential of the emerging Berlayar and Keppel precincts, which are supported by planned public and private housing, new amenities and wider master-planned developments,” says Chu. He adds that the new district’s proximity to the established Bukit Merah and Telok Blangah town centres also provides immediate access to mature amenities which could provide immediate value to early movers.

Nevertheless, other market commentators pointed out that the area has a relatively shaky sales history and there are drawbacks that might turn away prospective buyers. Tricia Song, CBRE Head of Research, Singapore and Southeast Asia, says that some of the seeming drawbacks of the site include the limited number of schools in the vicinity as well as existing amenities around the site.

Song also points out that nearby comparable projects, such as the Keppel Bay projects, also saw relatively slow sales at the start of their respective sales launch. Nonetheless, she caveats her observation by saying that waterfront projects near MRT stations are rare and the high top bid signals confidence in this location.

For context, the most recent 99-year leasehold launch in the Keppel Bay area was The Reef at King’s Dock which was launched in Jan 2021 and fully sold by Sep 2024, completed in 2024.

Secondary market transactions across the wider Keppel Bay cluster ranged from $1,751 psf at Reflections at Keppel Bay to $2,496 psf for The Reef at King’s Dock in 2026 to date. Nearby 99-year project The Interlace traded at $1,758 psf, while freehold Skyline Residences (283 units) transacted at $2,243 psf so far this year, according to data compiled by CBRE.

Banking on the transformation of this city-fringe enclave

This is also not the first time that a Hong Leong-GuocoLand JV has attempted to win a GLS site in Berlayar. The two developers also paired up and submitted – but lost out to Kingsford – the second highest bid of $880 million ($1,271 psf ppr) for the Telok Blangah GLS site.

Back then, they were just 4.4% shy of the top bid. Hopefully, it will be second-times the charm for Hong Leong and GuocoLand, if URA accepts their latest bid for this GLS site.

But their second attempt, and now top bid for the site, signals the developer’s sustained commitment to establishing a presence in one of Singapore’s most significant waterfront transformation precincts.

While the Berlayar Drive site is not particularly large, it is still one of the most closely watched residential land parcels of the year.

The site has a building height limit of five storeys, which could be regarded as either an advantage and drawback. While this restriction caps the total number of homes that the new development can contain, it could also work in buyers’ favour. The low-rise surroundings are less likely to block views of the waterfront and nearby greenery, giving future residents a more open and scenic living environment.

Crucially, the new project – if it is eventually awarded – will be among the first new residential projects within the Greater Southern Waterfront (GSW). The 30km urban transformation plan is the government’s long-term plan to transform Singapore’s southern coastline into a more vibrant waterfront district. The master plan for this 2,000-hectare project envisions new homes, offices, lifestyle amenities, parks and public spaces over the next few years.

Based on the plot size of the Berlayar Drive GLS site, the new development could yield up to 415 homes. This would make it a relatively smaller development compared to others that we have seen in the primary market recently.

But if we consider the relatively larger BTO developments being built, and some buyer’s preference for a quieter and less densely populated living environment, a smaller project could find strong footing when it launches for sale.

A more tempered approach within the Greater Southern Waterfront transformation

The tender for the third GLS site in the Berlayar estate – located along Berlayar Close – is expected to launch in December 2026. The relatively long time between GLS tenders seems to reflect the government’s measured approach towards progressively developing this part of the Greater Southern Waterfront, as opposed to introducing a large volume of housing supply at once.

In contrast, we saw how the government released several GLS sites nearly one after the other over in Lentor, which has rapidly come into its own as a new private residential estate in a short span of less than three years. The latest project there, the 499-unit Lentor Gardens Residences, was launched in July and moved 54% of its total units.

As developers continue to consider their landbanking strategies, most market analysts opine that they will balance immediate acquisition opportunities with future sites within the same precinct. As the Berlayar estate is progressively developed, even more GLS sites will be launched for sale, along with the construction of new commercial spaces and lifestyle amenities. The Berlayar precinct is expected to become an increasingly attractive neighbourhood.

Wong Shanting, Head of Research at Newmark observes that with the estate eventually serving about one‑fifth of Bukit Merah’s existing town size, future residents can be confident that a comprehensive mix of amenities will be developed. They will also enjoy access to extensive green spaces in the surrounding area including the nearby Southern Ridges and Labrador Nature Reserve.

Furthermore, future residents can expect to benefit from excellent connectivity to Telok Blangah MRT station, while being a short drive to VivoCity shopping mall, offering retail, dining, entertainment and lifestyle amenities with direct access to Sentosa.

With a rare combination of city convenience, waterfront living and access to nature, these attributes are poised to support healthy long term owner occupier demand, while enhancing the overall attractiveness of the future development.