CDL, Bedrock Ventures emerge as top Tanjong Rhu bidders with $709m offer

Five bidders competed for first Tanjong Rhu waterfront site since 1997 at $1,455 psf ppr.

The Urban Redevelopment Authority (URA) has closed the Tanjong Rhu Road GLS tender, a site that can yield about 525 residential units, in H2 2025.

Five bids were received, with the top bid of $709.25m, or around $1,455 per square foot per plot ratio (psf ppr), submitted by CDL Constellation Pte. Ltd. and Bedrock Ventures Pte. Ltd.

This was about 2.5% higher than the next highest bid from Sunway MCL (Edge) Pte. Ltd. and AFP Land Pte. Ltd.

“Healthy participation in this land tender exercise was not surprising, as this is the first GLS site released in the Tanjong Rhu area in nearly 30 years,” said Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group.

He noted the site’s connectivity to Tanjong Rhu MRT, Kallang Wave Mall, and East Coast Park, as well as nearby oversubscribed BTO flats, as indicators of strong buyer interest.

Knight Frank highlighted in a press statement the locational appeal of the site and its proximity to recreational and sports infrastructure in the Kallang Alive precinct.

At the $1,455 psf ppr land rate, the consultancy projected launch prices could start from $2,900 psf, with an average price of $3,000 to $3,100 psf.

Mark Yip, CEO of Huttons Asia, also cited developer confidence reflected in the bid.

“The first GLS site in Tanjong Rhu since 1997 saw five bidders jostling for first-mover advantage,” he said.

Yip noted that the prime location, access to amenities, and connectivity to the CBD and Changi Airport added to the site’s attractiveness.

The Tanjong Rhu Road site is the first residential GLS release in the waterfront precincts of Marina and Kallang since 1997.

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