Berlayar Drive's tender closes with one bid, above forecasts

The Greater Southern Waterfront’s second residential land tender closed on Monday with exactly one bid. A GuocoLand consortium offered $576.8 million for the Berlayar Drive site, about $1,515 per square foot per plot ratio, a price that clears the top of what analysts had forecast even though nobody bid against it.

URA’s tender for the 99-year site closed at noon on 4 August. The sole bid came from Intrepid Investments Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd., at $576,778,554, which works out to $16,307 per square metre of gross floor area. URA was careful to state that this is a tender closing, and an award will only follow after the bid has been evaluated.

The site is a 25,263 sq m parcel of former Keppel Club land in Bukit Merah, around 300 metres from Telok Blangah MRT on the Circle Line, with the Keppel waterfront and marina to its south. Zoned residential with a plot ratio of 1.4, it can yield an estimated 415 homes. URA launched it on 15 May as the second private housing parcel released in the new Berlayar estate.

One bidder, a higher price

The precinct’s first test came in November 2025, when the Telok Blangah Road parcel drew three bids and went to Kingsford Group at $918.3 million, about $1,326 psf per plot ratio. Monday’s lone bid prices Berlayar Drive land some 14% above that benchmark, nine months later.

It also landed above the street’s expectations. Before the close, Huttons Asia’s Mark Yip had projected up to five bidders with a top bid of $1,350 to $1,450 psf per plot ratio, while Realion Group expected four to seven bidders at $1,400 to $1,500. The turnout fell far short of those bidder counts. The price did the opposite.

GuocoLand and Intrepid Investments are a familiar pairing at state tenders, having bid together at sites including Lentor Central and River Valley Green Parcel C. Whether they secure this one now rests with URA’s evaluation, since a sole bid does not guarantee an award.

Nine months apart, two Greater Southern Waterfront tenders. The sole Berlayar Drive bid prices the land 14% above the precinct’s first parcel. Source: URA tender records

More land is already queued behind this one. URA’s land sales records list a third parcel in the precinct, Berlayar Close, on the 2H2026 Confirmed List with an estimated 695 homes and a launch pencilled for around December. Put those beside the 415 here and the earlier Kingsford parcel on Telok Blangah Road, and the former Keppel Club land is on its way to becoming a proper housing precinct.

What this means for you

• If the Greater Southern Waterfront is on your shortlist, note what the land now costs. At $1,515 psf per plot ratio, any project on this site would need selling prices comfortably above the precinct’s first launch to make sense for the developer. Cheaper entry into the area, if it comes, is more likely from resale stock nearby than from new launches on this land.
• Watch the award decision. URA evaluates a sole bid before deciding, and a rejection would send the site back into the pipeline. Until the award is published, $1,515 is a bid, not a done deal.
• Planning a move to the Telok Blangah area in the next few years? Supply is building: over 1,100 new homes across the two Berlayar parcels alone, plus the earlier Telok Blangah Road project, all within walking distance of the same MRT station. More choice is coming from 2027 onwards, which argues against rushing into the first project that launches.