Bedok Rise site draws 10 bids, topped by Allgreen Properties’ S$1,330 psf ppr
Top bid is higher than expected, and comes after Bayshore parcel was sold for S$1,388 psf earlier this year
[SINGAPORE] A residential site at Bedok Rise, next to Tanah Merah MRT station, drew a crowd of developers at a state tender that closed on Thursday (Nov 27), with the top bid higher than expected.
The Kuok group’s Allgreen Properties put in the highest bid of S$464.8 million, or about S$1,330 per square foot per plot ratio (psf ppr), for the plot, which can accommodate around 380 private condominium units.
Hoi Hup Realty came in a close second with a bid that was just S$2 million less, at S$462.8 million or about S$1,324 psf ppr, while a consortium comprising ABR Holdings, LWH Holdings, Macly Capital and RP Ventures was the third-highest bidder with S$451.3 million or S$1,291 psf ppr.
Ten bids were submitted in total, including offers from heavyweight players such as Hong Leong Group, CapitaLand Development, Frasers Property and UOL. Bids ranged within a 20 per cent band, with the lowest bid from the UOL group at S$1,121 psf ppr.
Allgreen’s top bid came in above the range expected by market analysts polled by The Business Times earlier this week. They had forecast three to seven bids, with the highest projected to be between S$1,100 psf ppr and S$1,300 psf ppr.
Observers noted that a recent benchmark was set for land in the eastern region of Singapore, with SingHaiyi’s S$1,388 psf ppr winning bid for a coveted site in Bayshore in March. The parcel’s tender drew eight bidders.
Market sentiment has picked up over the year, with robust bidding at land sales showing developers’ confidence in demand and prices, analysts said. Strong new home sales over the past several quarters is also pushing developers to replenish land banks as projects sell down, and encouraging new players to make a move.
A site at Dorset Road in the Farrer Park area garnered nine bids in October and was awarded to the UOL group at S$1,338 psf ppr. A prime Newton area plot along Bukit Timah Road similarly attracted eight bids, topped by a Taiwanese player’s eye-popping S$1,820 psf ppr bid in November.
Sentiment optimistic
The last government land sale (GLS) site sold in the Bedok area was a Tanah Merah Kechil Link plot, which has been developed into Sceneca Residence and Sceneca Square.
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The site attracted 15 bids and was awarded to MCC Land in 2020 for S$930 psf ppr. An analyst noted that the tender was launched during the Covid-19 pandemic; the shortage of available GLS sites at the time prompted developers to participate more aggressively.
Sceneca Residence sold 60 per cent of its 268 units at an average of S$2,072 psf when the project was launched in January 2023. The project was fully sold as at November 2025, with an overall average price of about S$2,064 psf.
Market sentiment is also turning optimistic, following the wave of successful launches in the Outside Central Region. Lentor Central Residences, for instance, moved 93 per cent of its 477 units during its launch weekend in March, while Springleaf Residence sold 92 per cent of its 941 units when it hit the market in August.
The Bedok Rise site is a 99-year leasehold parcel with a land area of 20,293.6 square metres. A project there can be built up to 12 storeys, with a low-rise zone where developers will have to adhere to a limit of five storeys.
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