Kingsford tops Telok Blangah Road GLS tender with $918.3m bid

Realion described the site as a rare first-mover opportunity, given the limited private housing supply within the precinct.

Kingsford Development has secured the Telok Blangah Road residential site with a top bid of $918.3m, which was 4.4% higher than the next best offer from a joint venture between GuocoLand and Hong Leong, and 6.4% above the third bid.

CBRE, which highlighted the tight spread among the three bidders, said the result suggests a clear pricing consensus for the site.

The tender, which closed under the Urban Redevelopment Authority’s (URA) Government Land Sales (GLS) programme, drew only three bids, a moderate interest that analysts attributed to the site’s high quantum.

The 99-year leasehold plot is the first private residential GLS parcel within the former Keppel Club site, now part of the Greater Southern Waterfront (GSW) redevelopment.

The GSW area is expected to deliver around 10,000 new homes, including 7,000 public and 3,000 private units.

Interest in the location has already been demonstrated in the public housing segment, with the recent BTO launch of Berlayar Residences (880 units) drawing strong applications.

PropNex noted that the site, which can yield approximately 745 private homes, is one of the larger residential plots in recent tenders, and sites exceeding $800m have generally seen fewer bids.

However, it expects healthy demand at launch, pointing to pent-up interest and the lack of recent new launches in the area— The Reef at King’s Dock last launched in 2021 and Corals at Keppel Bay in 2013. Based on the land rate of $1,326 psf ppr, PropNex projected a selling price above $2,800 psf.

Meanwhile, Realion described the site as a rare first-mover opportunity, given the limited private housing supply within the broader GSW precinct.

It highlighted the site’s connectivity and proximity to employment and retail hubs such as HarbourFront, VivoCity, and Mapletree Business City.

Whilst noting positives like nearby transport links and upcoming amenities in the Berlayar estate, Realion also pointed out the high upfront investment—estimated close to $1b—and the extended construction timeline as the precinct continues to evolve.

Nevertheless, it expects demand to remain resilient, citing the full sell-out of The Reef by September 2024 and tighter RCR supply projected in 2026.

Huttons observed that this is the first private residential GLS in Telok Blangah since 1990. A launch is likely by 2027, and interest could be buoyed by public housing demand nearby.

The consultancy projected a drop in new RCR home supply to around 2,340 units in 2027, or about 51% lower than in 2025.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia