Kingsford tops tender for Telok Blangah Road GLS site with $1,326 psf ppr bid
A screenshot of the Telok Blangah Road GLS site. (Source: EdgeProp LandLens)
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The government land sale (GLS) tender for the residential site at Telok Blangah Road closed on Nov 4 with three bids received.
Kingsford Group emerged as the top bidder with an offer of $918.3 million, translating to $1,326 psf per plot ratio (ppr). The second-highest bid came from a GuocoLand–Hong Leong Holdings consortium, which submitted $880 million ($1,271 psf ppr).
Meanwhile, the third-highest bid came from a consortium comprising Frasers Property, Metro Holdings, and Soilbuild Group Holdings. Their bid of $863.26 million translates to $1,246 psf ppr.
The 147,352 sq ft, 99-year leasehold site has a plot ratio of 4.7, yielding a potential gross floor area (GFA) of 692,555 sq ft. It is expected to generate about 745 residential units.
This marks the first private residential plot launched on the former Keppel Club site — part of the precinct that will eventually deliver around 9,000 new homes under the Greater Southern Waterfront (GSW) master plan. The plot also enjoys excellent connectivity, being just a five-minute walk from Telok Blangah MRT Station on the Circle Line.
“We would be happy to be awarded the site as it is the first private residential site to be launched in the Greater Southern Waterfront," says a Kingsford spokesman. "This may present a first-mover advantage to the developer in the sale and design of the project."
The last GLS site sold in the vicinity was at Telok Blangah Drive, which fetched $25.3 million in April 1990. Developed by GuocoLand into a single 30-storey block with 154 units, the project was completed in 1994.
Adjacent to the GLS site at Telok Blangah Road is the first HDB Build-to-Order (BTO) project, the 870-unit Berlayar Residences. It was 4.4 times oversubscribed at the October BTO launch, according to HDB.
"The level of demand for living in the Greater Southern Waterfront is extremely high and may result in high take-up at the new project during the launch in 2027," says Mark Yip, CEO of Huttons Asia.
The three bids are a reflection of the high quantum of almost $1 billion for the site, reckons Yip.
"With the GLS programme ramping up to ensure a steady housing pipeline, developers have a wider selection of sites to evaluate and are spreading participation across more locations rather than concentrating bids on a few sites," notes Mohan Sandrasegeran, head of research and data analytics at SRI. "With more sites still to come, developers are naturally focusing their bids on locations that align closely with their strategic direction and development expertise."
Currently, excluding Executive Condominiums (ECs), three GLS sites remain open for tender, with another six sites on the 2H 2025 Confirmed List, notes Marcus Chu, CEO of ERA Singapore. “Developers who are unsuccessful in their current bids may shift their focus to upcoming RCR plots scheduled for tender in the near future, including Dover Road, Tanjong Rhu Road, and Kallang Avenue,” he says.
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