The Bedok Rise site attracts ten bids as 2025’s most contested tender

The top land rate came in above expectations and is broadly in line with recent Rest of Central Region benchmarks.

The Bedok Rise site in District 16 attracted ten bids, making it the most contested Government Land Sales tender of 2025, according to analysts from CBRE, Realion, PropNex, Knight Frank, and Huttons.

The top offer was $464.8m or $1,330 psf ppr from Bellis Residential, understood to be linked to Allgreen. Hoi Hup submitted the second-highest bid at $1,324 psf ppr, a margin of just 0.4%.

Analysts noted that the gap between the highest and lowest bids was below 20%, indicating broad agreement on the site’s value.

All five firms pointed to the site’s scarcity and strong location attributes. It is likely the last greenfield plot near Tanah Merah MRT, which will become a Thomson-East Coast Line interchange with improved access to Expo, Changi Airport, Terminal 5, and Changi Business Park.

The top land rate came in above expectations and is broadly in line with recent Rest of Central Region benchmarks such as Dorset Road at $1,338 psf ppr and Telok Blangah Road at $1,326 psf ppr.

It remains below the Bayshore Road result at $1,388 psf ppr recorded in March 2025, but is 43% higher than the Tanah Merah Kechil Link award in 2020 at $930 psf ppr.

Participation exceeded the turnout at Dorset Road and Dunearn Road, which received nine bids each, and at Bayshore Road and Bukit Timah Road, which each received eight bids. PropNex and Knight Frank noted that the top six bids were within 6% of one another.

Analysts also pointed to a supportive market backdrop. New home sales are at a four-year high as of October 2025. Borrowing costs have eased, with the three-month SORA down about 180 basis points this year.

The Ministry of Trade and Industry has upgraded its 2025 GDP forecast to around 4%. Unsold inventory may fall below 17,000 units in November, the lowest since early 2023, adding urgency for developers to replenish landbanks.

Looking ahead, Realion, PropNex, Knight Frank, and Huttons expect healthy launch demand in 2027 when the project is ready, noting that it may be the only new launch in the East that year.

Indicative average selling prices are expected to be around $2,600 to $2,700 psf, based on current market benchmarks and the site’s MRT fronting location.

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