GLS tender closing for Bedok Rise

Tender Closing for GLS Site

Bedok Rise

There were ten bids submitted with a top bid of S$1,330 psf per plot ratio (ppr) at the Bedok Rise plot. The amount of interest from so many developers comes in above expectations, with the top bid’s land rate also moderately above expectations. The top bid of S$464.8 million or S$1,330 psf ppr and the second bid of S$462.8 million or $1,324 psf ppr, led the rest of the pack that had put in bids ranging between S$1,121 psf ppr and S$1,291 psf ppr. The top bid at today’s tender is also 43% above the S$930 psf ppr at Tanah Merah Kechil Link (Sceneca Residence) that was awarded in November 2020, and about 75% the S$761 psf ppr at the New Upper Changi Road/Bedok South Avenue 3 parcel (Grandeur Park Residences), awarded in February 2016.

The likely selling price for the residential units here could start from slightly under $2,600 psf to average close to $2,700 psf. A new project here can be attractive to local homebuyers looking to downgrade from landed housing in Bedok South and Simpang Bedok, as well as HDB upgraders from estates in the East. Homebuyers desiring to live with immediate access to an MRT station and to the retail amenities one stop away in Bedok Town Centre, while being in close proximity to the parks and recreational offerings at East Coast Park could also be enticed to this project.

As 2025 draws to a close, the number of interested participants as well as the premium mark-ups in land rates among the top bidders have been observed to be increasing. While the government land sales (GLS) tenders earlier in the year were often measured and land rates were within expectations, the last few tenders appear to reflect a greater urgency and a stronger willingness to push land pricing boundaries on the part of developers. The top/winning bids for Holland Link (tender close 29 July 2025), Dorset Road (tender close 9 October 2025), Upper Thomson (Parcel A) (tender close 23 October 2025), Bukit Timah Road (tender close 11 November 2025) and today’s Bedok Rise have come in above expectations, and at a more frequent pace recently. The brisk take-up of more than 10,000 new sales in the 10 months of 2025 could have spurred developers to ratchet up efforts in dedicating more financial resources in acquiring land. The increasing land prices will inevitably have a knock-on impact on selling prices at launch some 12 to 15 months later. And with higher selling prices, the prospect of more cooling measures loom. The government can be expedient in introducing cooling measures when private home prices increases, but appear to be less so for land price escalation. After all, it was only the previous year in 2024, when the sites at Marina Gardens Crescent, Jurong Lake District and Media Circle were not awarded, after being deemed “too low” in price. It is hard to predict whether homebuyer demand will remain as strong in the year ahead against a backdrop of continuing global economic uncertainty with some multi-national corporations announcing layoffs, and perhaps the government can look into encouraging a little restraint at GLS tenders (such as concept and price tenders). Perhaps some temperance on the part of developers will not only be good for the overall longer-term sustainable health of the private home market, but also manage the margins and costs should homebuyer demand turn unexpectedly.