The tender for the residential Government Land Sales site at Tanjong Rhu Road has officially closed, with a joint venture between CDL and Woh Hup emerging as the top bidder at $1,455 $psf ppr, translating to a total land price of about $709.3 million. The tender attracted 5 bidders, signalling sustained developer interest in rare city fringe sites with strong long term locational fundamentals.

Notably, this site marks the first residential land parcel released for sale in the Tanjong Rhu area in more than 2 decades. The previous GLS site in the vicinity was awarded in 1997 and subsequently developed into Water Place. The long interval since the last land release underscores the scarcity of new private residential opportunities in this established waterfront precinct, enhancing the appeal of the site to both developers and future homebuyers.

The level of participation reflects continued confidence in well located Rest of Central Region sites, even within a more calibrated and disciplined bidding environment. Developers appear increasingly mindful of demand conditions, upcoming supply visibility and cost considerations, contributing to bids that remain competitive while staying measured.

The site benefits from direct access to Tanjong Rhu MRT station on the Thomson East Coast Line, providing seamless connectivity to major employment and lifestyle nodes such as Marina Bay, Orchard and Changi Airport. It is also located near the Singapore Sports Hub, which is set to be progressively rejuvenated under the Kallang Alive Masterplan. Over time, this transformation is expected to introduce more community focused waterfront spaces, enhanced recreational facilities and a more vibrant lifestyle environment, further strengthening the liveability of the precinct.

Based on planning parameters, the site is expected to yield approximately 525 private residential units, allowing for a meaningful development scale while preserving the exclusivity associated with a waterfront city fringe address. With limited new private residential supply in the immediate vicinity, the future development is well positioned to attract interest from both owner occupiers and long term investors.

Overall, the outcome of the Tanjong Rhu Road GLS tender reflects the continued effectiveness of a calibrated ramp up in land supply. By improving visibility over the future housing pipeline, the GLS programme supports a healthier development environment and contributes to more balanced and sustainable pricing dynamics over the longer term.

Click here for the full report:  

 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

Email: mohan@sri.com.sg