The highly anticipated tender for the Tanjong Rhu Road GLS site closed on February 5, drawing five competitive bids from major developers. A first-time joint venture (JV) between City Developments Ltd (CDL) and Woh Hup (in a 90:10 split) emerged as the highest bidder, submitting an offer of $709.3 million. This translates to a record land rate of $1,455 per square foot per plot ratio (psf ppr).
New Benchmarks for RCR Land Rates
The bid submitted by CDL and Woh Hup is 2.5% higher than the second-highest offer of $1,419 psf ppr from a Sunway MCL and Sinarmas Land led consortium. This tight margin highlights the intense competition for prime land in the city fringe.
According to Perry Siow, this land rate sets a new record for Government Land Sale (GLS) sites in the Rest of Central Region (RCR). It surpasses the previous benchmark of $1,402 psf ppr set by the Marina Gardens Lane site in 2023. Remarkably, this rate even exceeds several recent awards in prime Districts 9, 10, and 11, such as Holland Link ($1,432 psf ppr) and River Valley Green Parcel B ($1,420 psf ppr).
Tender Participation & Price Gaps
The tender drew a healthy mix of local and regional developers, signaling a consensus on the site's high value. The difference between the highest and lowest bids was 17.8%, with the lowest bid coming from Kingsford Group at $1,235 psf ppr.
| Ranking | Developer(s) | Bid Price ($) | Bid Price (psf ppr) |
|---|---|---|---|
| 1 | City Developments Ltd and Woh Hup | $709,252,000 | $1,455 |
| 2 | Sunway MCL and Sinarmas Land | $691,888,000 | $1,419 |
| 3 | Sim Lian Group | $690,300,000 | $1,416 |
| 4 | GuocoLand, Hong Leong & TID | $672,692,736 | $1,380 |
| 5 | Kingsford Group | $601,998,000 | $1,235 |
Future Development Plans & Site Features
If awarded the site, CDL plans to explore a high-rise residential development comprising approximately 520 units across three 26-storey blocks. The units are expected to be oriented in a north-south direction to maximize views of Marina Bay, The Kallang waterfront, and the Singapore Strait.
In line with modern family needs, the project will include an integrated Early Childhood Development Centre (ECDC). The site spans 131,743 sq ft and is part of the 2H2025 GLS programme. As an experienced consultant in the East, Perry Siow notes that while technical challenges like reclaimed land may increase construction costs, the end-product's unique waterfront position remains a significant value proposition.
Resilient Demand in District 15
This is the first GLS parcel in Tanjong Rhu in nearly 30 years, with the last being the site of Waterplace in 1997. The scarcity of new supply in this prestigious enclave is expected to drive significant interest. Recent resale transactions at Waterplace have seen prices hovering between $1,915 and $1,922 psf for large units.
The site's connectivity is a major draw. It is within walking distance of both Tanjong Rhu and Katong Park MRT stations on the Thomson-East Coast Line (TEL), offering direct access to the CBD and Orchard Road. Families will also appreciate the proximity to Dunman High School and Chung Cheng High School (Main).
Expert Outlook: Estimated Launch Prices
Given the land rate of $1,455 psf ppr, market consensus projects the average selling price (ASP) for the new project to range between $2,900 and $3,000 psf. Perry Siow highlights that the scarcity of unsold uncompleted private homes in the RCR—which hit an all-time low in 4Q2025—further bolsters the potential for strong take-up upon launch.
Frequently Asked Questions
1. Why is the Tanjong Rhu Road GLS site significant?
It is the first land parcel released in the Tanjong Rhu enclave in almost 30 years. The top bid also set a new record for RCR land rates, surpassing previous benchmarks in prime CCR districts.
2. Who are the developers behind the top bid?
The top bid was submitted by a joint venture between City Developments Ltd (CDL) and Woh Hup, holding a 90% and 10% stake respectively.
3. What are the expected prices for the new launch?
Market experts project that the project could launch at an average price of $2,900 to $3,000 psf, according to analysis of recent land costs and market scarcity.
4. How many units will the new development provide?
The 99-year leasehold site is expected to yield approximately 520 to 525 residential units across three 26-storey blocks.
Key Takeaways
- Record Land Rate: The top bid of $1,455 psf ppr is a new benchmark for RCR GLS sites.
- Strategic Location: Situated near two TEL MRT stations and top-tier schools in District 15.
- Supply Scarcity: First land sale in Tanjong Rhu since 1997; RCR unsold inventory is at record lows.
- Developer Pedigree: CDL and Woh Hup bring strong execution track records to this prime waterfront site.
Smarter Decisions with Perry Siow
Get expert analysis, floor plans, and direct developer pricing for the upcoming Tanjong Rhu new launch from one of PropNex's top advisors.
Enquire Now
Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. Always perform your own due diligence before any property transaction. NewBrick.com.sg | PROPNEX REALTY PTE. LTD. (L3008022J) | Perry Siow (R006056B).