The first government land sale (GLS) tender launched from the former Keppel Club site closed on 4 November 2025 with three bids, fewer than the four to nine submissions market observers had anticipated. Despite the limited participation, bid prices were largely aligned with expectations, indicating a consensus on land valuation for this high-profile plot within the Greater Southern Waterfront (GSW) precinct.
Kingsford Group emerged as the top bidder at S$918.3 million, translating to S$1,326 psf ppr for the 147,350 sq ft, 99-year leasehold residential site, which can yield approximately 745 private homes. The second-highest bid, from a GuocoLand–Intrepid Investments tie-up, came in at S$880 million (S$1,271 psf ppr), while a Frasers Property–Metro Holdings–Soilbuild consortium offered S$863.26 million (S$1,246.49 psf ppr). The close spread of 4–6% between bids suggests a shared market view on pricing risks and achievable selling levels.
Only Three Bids Drawn
The site’s high absolute quantum — nearly S$918 million, significantly larger than recent GLS plots such as Bayshore Road (S$658.9 million) and Dunearn Road (S$491.5 million) — likely deterred smaller developers and consortiums. The elevated financial commitment amplifies exposure risk in a market facing elevated construction costs and upcoming supply from major projects.
Strategic Plot in the Greater Southern Waterfront
The site forms part of the new Berlayar housing estate, which will deliver around 7,000 public and 3,000 private housing units on the former Keppel Club site. As the first private residential plot to be launched within the GSW, this development will play a catalytic role in shaping the precinct’s residential landscape. Kingsford’s bid can be seen as a strategic move to secure first-mover advantage in the transformation of the southern coastline into a prime live–work–play district.
Location Fundamentals and Buyer Appeal
The plot’s connectivity and amenity profile strengthen its long-term attractiveness. It is situated adjacent to Telok Blangah MRT station and near the Harbourfront precinct, including Mapletree Business City, Harbourfront Centre, and the Pasir Panjang Power District redevelopment.
The area is also supported by strong educational and family-oriented demand, with reputable schools such as Radin Mas Primary, CHIJ (Kellock), and Gan Eng Seng Primary in proximity.
The Berlayar estate is envisioned to feature a full suite of commercial and community amenities, including retail, dining, and childcare facilities integrated with surrounding public housing developments. Additionally, proximity to VivoCity and Sentosa, just one MRT stop away, enhances the lifestyle offering for future residents and contributes to the site’s strong residential appeal.
Market Outlook and Pricing Expectations
Given the land cost, construction expenses, and prevailing market conditions, we estimates the average launch price for the future project to be in the range of S$2,800–2,900 psf, aligning with current expectations for well-located city-fringe developments. The project is likely to attract a broad buyer mix, including HDB upgraders from nearby mature estates such as Bukit Merah and Queenstown, as well as investors seeking proximity to the Central Business District (CBD), one-north, and Science Park.
Demand indicators remain supportive, with strong interest observed for BTO flats at Berlayar Residences in HDB’s October 2025 exercise. This reflects sustained housing demand in the GSW corridor, underpinned by limited future supply and strong locational attributes.
Our Takeaway
The Keppel Club tender outcome highlights a measured yet confident stance among major developers. While participation was limited, pricing remained competitive and within expectations.
Kingsford’s successful bid positions the group as a pioneer in the next phase of the Greater Southern Waterfront, setting a benchmark for subsequent GLS parcels in the precinct. Overall, this tender underscores developer selectivity and financial prudence, yet reaffirms the strategic value and long-term growth potential of the Harbourfront–GSW corridor as Singapore’s next major transformation zone.
Stay Updated and Let’s Get In Touch
Should you have any questions, do not hesitate to reach out to us!
