Just one bid. That’s it. That’s all that showed up for the former Keppel Club site along Berlayar Drive, and yet Hong Leong Holdings and GuocoLand still walked away paying S$576.78 million for it.
One bid. S$576.78 million. No bidding war, just one confident swoop for the Keppel Club site.
No bidding war, no drama, just one confident swoop. And here’s the kicker: they paid S$1,515 psf ppr, which is now the highest price ever recorded for a Government Land Sales site in the Rest of Central Region. Beat the old record from Tanjong Rhu. Beat it by a good margin too.
Let’s put this in perspective. Back in November 2024, Kingsford paid S$1,326 psf ppr for the maiden Berlayar plot, and that already had people talking. That earlier tender for the neighbouring parcel drew three bids in total, far from the lone bid seen this time round.
This new bid is 14.3% higher. That’s not a small jump — that’s like queuing for chicken rice and suddenly the price goes up by more than a dollar overnight. You feel it.
Why would only one party show up when analysts expected two to eight bidders? Simple. The plot ratio is low — just 1.4 — and buildings are capped at five storeys. That’s a lot of land for relatively few units, roughly 415 of them.
High risk, high capital outlay, and not every developer has the stomach or the balance sheet for that. Hong Leong and GuocoLand teaming up makes sense — two deep pockets combining forces, like two hawkers sharing one stall during peak hour. Interestingly, this same JV was actually the second-highest bidder for the maiden Berlayar plot back in November, coming in at S$1,271 psf ppr.
Location-wise, this is prime waterfront living. 330 metres to Telok Blangah MRT, one stop to VivoCity, Berlayar Creek and Labrador Nature Reserve right there. This confidence in the precinct mirrors broader momentum in the CCR, where private home sales surged to 697 units in Q1 2026, up sharply from just 192 units in the same period a year earlier.
No wonder launch prices are expected to hit S$2,900 psf, averaging around S$3,100 psf. That’s premium territory, no sugarcoating it.
Key things to watch:
- This sets a fresh price benchmark for the Greater Southern Waterfront.
- Limited schools and retail nearby — for now.
- Government’s 30-km waterfront masterplan means more supply is coming.
Bottom line? This isn’t just a land deal. It’s a signal. Developers still believe in waterfront living, even when the crowd stays home.
