CDL-Woh Hup JV submits top bid of $1,455 psf ppr for Tanjong Rhu Road GLS site
The Tanjong Rhu Road GLS site was awarded to the top bidder, a joint venture between City Developments Ltd (CDL) and Woh Hup for $1,455 psf ppr on Feb 5. (Photo: EdgeProp Landlens)
The tender for a Government Land Sale (GLS) site at Tanjong Rhu Road closed on Feb 5, drawing five bids. A joint venture (JV) between City Developments Ltd (CDL) and Woh Hup emerged as the highest bidder, submitting an offer of $709.3 million, which translates to $1,455 psf per plot ratio (psf ppr).
It marks the first joint venture between CDL and Woh Hup in a 90:10 split. If awarded the site, the joint venture partners will explore a residential development comprising about 520 units across three high-rise 26-storey residential blocks, according to CDL in an announcement. The project will include an integrated early childhood development centre, with units oriented in a north-south direction to maximise views of The Kallang, Marina Bay, and the sea.
"We are pleased to have emerged as the top bidder for the highly sought-after Tanjong Rhu Road site and at such a narrow margin over the next bidder," says Sherman Kwek, CDL group CEO.
Peak RCR land rates
CDL and Woh Hup’s joint bid for the Tanjong Rhu Road site is 2.5% more than the second-highest offer of $691.9 million ($1,419 psf ppr), which was submitted by a consortium led by Sunway MCL and Sinarmas Land.
“The tight 2.5% margin between the top two bids signals strong competition for the site, reflecting developers’ confidence in the estate’s underlying potential.” says Marcus Chu, CEO of ERA Singapore.
Other offers include bids from Sim Lian Group ($1,416 psf ppr), a JV between GuocoLand, Hong Leong Group and TID ($1,380 psf ppr) and Kingsford Group ($1,235 psf ppr).
“This sets a new benchmark for land prices among Rest of Central Region (RCR) GLS sites, surpassing the $1,402 psf ppr achieved by the Marina Gardens Lane GLS site awarded in July 2023.” says Wong Shanting, head of research for Newmark.
Leonard Tay, head of research at Knight Frank corroborates that the land rate has exceeded the land rates of prior GLS sites awarded in the prime Districts 9, 10 and 11 in 2025. This includes Holland Link ($1,432 psf ppr) in August 2025, River Valley Green (Parcel B) that was awarded for $1,420 psf ppr in February 2025, and Dunearn Road ($1,410 psf ppr) in July 2025.
The lowest bid, from Kingsford Group, stood at $602 million, or $1,235 psf ppr. There is a 17.8% difference between the highest and lowest bids. Tricia Song, CBRE head of research, Singapore & Southeast Asia, says: “The price gap between the top and last bidder of less than 20% shows some consensus on the site.”
The tender for the Tanjong Rhu Road GLS site was launched at the end of November last year. Spanning 131,743 sq ft, the 99-year leasehold site is expected to yield 525 housing units. It was launched for sale as part of the 2H2025 GLS programme.
This is the first land parcel in the Tanjong Rhu area in nearly 30 years. The last GLS site was awarded in 1997 and is now the 437-unit Waterplace. Launched in January 2001, the 99-year leasehold project was completed in 2004.
Resilient demand
Based on caveats lodged, the latest resale transaction at the Waterplace was for a 1,227 sq ft, three-bedroom unit on the 12th floor of one of the blocks, which changed hands for $2.35 million ($1,915 psf). Prior to that, a 1,561 sq ft four-bedroom unit on the 14th floor changed hands for $3 million ($1,922 psf) in November.
The GLS site at Tanjong Rhu in District 15 is within walking distance of the Tanjong Rhu and Katong Park MRT stations, both on the Thomson-East Coast Line. It is also close to schools such as Dunman High School and Chung Cheng High School.
The site is a short walk to Katong Park and Tanjong Rhu MRT stations on the Thomson-East Coast Line, providing access to the CBD and Changi Airport. The site is near Kallang Wave Mall and East Coast Park.
It will also be near The Kallang (formerly Singapore Sports Hub), which will be transformed under the Kallang Alive Masterplan. This will include community-centric waterfront spaces and recreational facilities.
“This is also the first site in the waterfront precincts of Marina and Kallang revealed during the National Day Rally 2024,” says Mark Yip, CEO of Huttons Asia.
However, this area may be reclaimed land, which increases construction costs and complexity, Yip notes. “There is also a height constraint placed on buildings in this Tanjong Rhu site to not exceed 100m Singapore Height Datum (SHD). This may limit the maximum height to 30 storeys, similar to the surrounding HDB BTO projects.
“The nearby Tanjong Rhu BTO projects were oversubscribed when they were launched, indicating demand for homes in the area.” says Justin Quek, deputy CEO of Realion (OrangeTee & ETC) Group. During the BTO launch of Tanjong Rhu Parc Front in February last year, “there were 2,658 participants for 464 4-room flats, resulting in approximately 5.7 applicants per flat.”
Additionally, Propnex’s head of research and content, Wong Siew Ying says that there were 4,142 units of unsold uncompleted private homes in the RCR in the pipeline as of 4Q2025. Based on URA data, this is at an all-time low since records were available.
SRI’s head of research & data analytics, Mohan Sandrasegeran adds, “With limited new residential supply in the immediate vicinity and the site’s proximity to the city, lifestyle amenities, and waterfront recreational spaces, the project is expected to appeal to both owner occupiers and investors.”
Through this combination of scarcity, location, and long-term growth potential, SRI suggests that the site could capture a degree of pent-up demand from buyers seeking a city fringe address with enduring value.
Propnex expects the average selling price for the new project at Tanjong Rhu Road to be slightly above $3,000 psf, with CBRE predicting prices to be launched at an average price of $2,900 to $3,000 psf.
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