# Berlayar Drive GLS: $576M Bid Highlights Waterfront Potential

- **Source:** Stacked Homes
- **Published:** 2026-08-04T14:28:28.000Z
- **Author:** Sihan Chia
- **Original:** https://stackedhomes.com/prime-waterfront-residential-site-drew-one-bid-still-set-new-rcr-gls-price-record/
- **Topics:** HDB & Public Housing, New Launches, Government & Policy

## Featured rationale

The record land rate signals confidence in Berlayar’s waterfront potential, while the single bid suggests selective land acquisition that could support launch prices from $2,900 psf.

## AI summary

Hong Leong Holdings and GuocoLand submitted the sole $576 million bid for Berlayar Drive at $1,515 psf ppr, setting a new RCR residential GLS benchmark.

## Original article

A joint bid from Hong Leong Holdings and GuocoLand was the sole bid for a government land sale (GLS) site at Berlayer Drive, after the public tender closed on August 4. The developers had jointly submitted a $576 million bid for the 271,929 sq ft site, and the bid price translates to $1,515 psf per plot ratio (ppr).

This is the second GLS site that the government has released in the new Berlayar district, which is largely being built on the site of the former Keppel Golf Course.

Alice Tan, Head of Consultancy at Knight Frank Singapore, suggests that given the land rate of $1,515 psf ppr, the new development could see a possible launch price starting from $2,900 psf, and eventually record an average selling price of around $3,100 psf.

She adds that some premium stacked could potentially exceed that price level depending on their views, orientation and product design.

“A project at Berlayar Drive might draw some owner-occupier demand from HDB upgraders from Bukit Merah, Queenstown and nearby city-fringe estates, where HDB resale units (especially the newer units) sell at a premium, typically above $1 million,” says Tan.

The first tender for a private development plot in the new neighbourhood – at Telok Blangah Road – was awarded to Chinese developer Kingsford Group, who put in the winning bid of $918.3 million ($1,326 psf ppr) last November. The site could yield about 745 new private homes.

Initially unveiled in September 2025, the Berlayar estate will comprise a mix of public and private homes. According to the government, there will be about 7,000 new public housing units alongside 3,000 private homes.

The first Built-To-Order (BTO) development – the 880-unit Berlayar Residences – was launched during the October 2025 BTO sales exercise. Meanwhile, the 1,976-unit Berlayar Rise was launched during the recent June 2026 BTO sales exercise.

If the Hong Leong-GuocoLand joint venture (JV) is awarded the Berlayar Drive GLS site, which could yield up to 415 new private homes, it would bring the total number of confirmed condominium units to approximately 1,160 units to date.

It may be surprising to see a GLS tender to attract a seemingly lackluster tender response, especially if we consider the site’s prime waterfront location. Moreover, there have been strong takeup rates among new city-fringe projects in recent months, such as Zyon Grand and Promenade Peak in River Valley.

Stacked recently shared a case study of a buyer who purchased a two-bedroom unit at Zyon Grand.

However, most industry observers think that the single bid should not be interpreted as a lack of confidence from developers in the site’s long-term prospects.

Instead, analysts like Mohan Sandrasegeran, head of research & data analytics at SRI, suggest that developers are now taking a much more selective approach towards capital deployment and land tender participation.

“Developers today have greater flexibility in choosing from a wider range of available sites and are likely to focus on opportunities that best complement their existing landbank and development pipeline,” says Sandrasegeran.

Meanwhile, Marcus Chu, CEO of ERA Singapore, points out that the $1,515 psf ppr bid put in by Hong Leong Holdings and GuocoLand has set a new benchmark for residential GLS sites in the Rest of Central Region (RCR).

It surpasses (by about 4.1%) the previous price high of $1,455 psf ppr that had been jointly submitted by City Developments Ltd (CDL) and Woh Hup for a GLS site on Tanjong Rhu Road in February this year.

“(The Hong Leong-GuocoLand JV) appears to recognise the long-term potential of the emerging Berlayar and Keppel precincts, which are supported by planned public and private housing, new amenities and wider master-planned developments,” says Chu. He adds that the new district’s proximity to the established Bukit Merah and Telok Blangah town centres also provides immediate access to mature amenities which could provide immediate value to early movers.

Nevertheless, other market commentators pointed out that the area has a relatively shaky sales history and there are drawbacks that might turn away prospective buyers. Tricia Song, CBRE Head of Research, Singapore and Southeast Asia, says that some of the seeming drawbacks of the site include the limited number of schools in the vicinity as well as existing amenities around the site.

Song also points out that nearby comparable projects, such as the Keppel Bay projects, also saw relatively slow sales at the start of their respective sales launch. Nonetheless, she caveats her observation by saying that waterfront projects near MRT stations are rare and the high top bid signals confidence in this location.

For context, the most recent 99-year leasehold launch in the Keppel Bay area was The Reef at King’s Dock which was launched in Jan 2021 and fully sold by Sep 2024, completed in 2024.

Secondary market transactions across the wider Keppel Bay cluster ranged from $1,751 psf at Reflections at Keppel Bay to $2,496 psf for The Reef at King’s Dock in 2026 to date. Nearby 99-year project The Interlace traded at $1,758 psf, while freehold Skyline Residences (283 units) transacted at $2,243 psf so far this year, according to data compiled by CBRE.

Banking on the transformation of this city-fringe enclave

This is also not the first time that a Hong Leong-GuocoLand JV has attempted to win a GLS site in Berlayar. The two developers also paired up and submitted – but lost out to Kingsford – the second highest bid of $880 million ($1,271 psf ppr) for the Telok Blangah GLS site.

Back then, they were just 4.4% shy of the top bid. Hopefully, it will be second-times the charm for Hong Leong and GuocoLand, if URA accepts their latest bid for this GLS site.

But their second attempt, and now top bid for the site, signals the developer’s sustained commitment to establishing a presence in one of Singapore’s most significant waterfront transformation precincts.

The Berlayar Drive GLS site is the second development plot in the new waterfront estate that the government has released to private developers. A third site at Berlayar Close is expected to launch for sale at the end of this year. (Map: URA)

While the Berlayar Drive site is not particularly large, it is still one of the most closely watched residential land parcels of the year.

The site has a building height limit of five storeys, which could be regarded as either an advantage and drawback. While this restriction caps the total number of homes that the new development can contain, it could also work in buyers’ favour. The low-rise surroundings are less likely to block views of the waterfront and nearby greenery, giving future residents a more open and scenic living environment.

Crucially, the new project – if it is eventually awarded – will be among the first new residential projects within the Greater Southern Waterfront (GSW). The 30km urban transformation plan is the government’s long-term plan to transform Singapore’s southern coastline into a more vibrant waterfront district. The master plan for this 2,000-hectare project envisions new homes, offices, lifestyle amenities, parks and public spaces over the next few years.

Based on the plot size of the Berlayar Drive GLS site, the new development could yield up to 415 homes. This would make it a relatively smaller development compared to others that we have seen in the primary market recently.

But if we consider the relatively larger BTO developments being built, and some buyer’s preference for a quieter and less densely populated living environment, a smaller project could find strong footing when it launches for sale.

A more tempered approach within the Greater Southern Waterfront transformation

The tender for the third GLS site in the Berlayar estate – located along Berlayar Close – is expected to launch in December 2026. The relatively long time between GLS tenders seems to reflect the government’s measured approach towards progressively developing this part of the Greater Southern Waterfront, as opposed to introducing a large volume of housing supply at once.

In contrast, we saw how the government released several GLS sites nearly one after the other over in Lentor, which has rapidly come into its own as a new private residential estate in a short span of less than three years. The latest project there, the 499-unit Lentor Gardens Residences, was launched in July and moved 54% of its total units.

As developers continue to consider their landbanking strategies, most market analysts opine that they will balance immediate acquisition opportunities with future sites within the same precinct. As the Berlayar estate is progressively developed, even more GLS sites will be launched for sale, along with the construction of new commercial spaces and lifestyle amenities. The Berlayar precinct is expected to become an increasingly attractive neighbourhood.

Wong Shanting, Head of Research at Newmark observes that with the estate eventually serving about one‑fifth of Bukit Merah’s existing town size, future residents can be confident that a comprehensive mix of amenities will be developed. They will also enjoy access to extensive green spaces in the surrounding area including the nearby Southern Ridges and Labrador Nature Reserve.

Furthermore, future residents can expect to benefit from excellent connectivity to Telok Blangah MRT station, while being a short drive to VivoCity shopping mall, offering retail, dining, entertainment and lifestyle amenities with direct access to Sentosa.

With a rare combination of city convenience, waterfront living and access to nature, these attributes are poised to support healthy long term owner occupier demand, while enhancing the overall attractiveness of the future development.

## Chinese translation

> Translation model: openai_codex_cli

### Berlayar Drive GLS：5.76 亿美元出价凸显滨水潜力

Berlayer Drive GLS 地块收到 Intrepid Investments 和 GuocoLand 的唯一一份 5.76 亿美元出价，折合每平方英尺地积比 1,515 美元，创下 RCR 住宅 GLS 地块新基准。分析师表示，尽管该地块具备 Greater Southern Waterfront 的长期潜力，发展商在土地收购上正变得更加选择性。

8 月 4 日公开招标截止后，Hong Leong Holdings 与 GuocoLand 的联合出价成为 Berlayer Drive 一幅政府售地（GLS）地块的唯一出价。两家发展商联合为这幅 271,929 平方英尺地块提交了 5.76 亿美元出价，出价折合每平方英尺地积比（ppr）1,515 美元。

这是政府在新的 Berlayar 区推出的第二幅 GLS 地块，该区主要建于前 Keppel Golf Course 的原址上。

Knight Frank Singapore 咨询部主管 Alice Tan 表示，鉴于每平方英尺地积比 1,515 美元的土地价格，新项目可能的推出价格可从每平方英尺 2,900 美元起，并最终录得约每平方英尺 3,100 美元的平均售价。

她补充说，视景观、朝向和产品设计而定，部分优质户型堆叠单位的价格可能超过这一水平。

Tan 表示：“Berlayar Drive 的项目可能会吸引来自 Bukit Merah、Queenstown 和附近城市边缘成熟组屋区的 HDB 升级买家的一些自住需求，这些地区的 HDB 转售单位（尤其是较新的单位）售价较高，通常超过 100 万美元。”

新社区内首幅私人发展地块位于 Telok Blangah Road，去年 11 月由中国发展商 Kingsford Group 以 9.183 亿美元（每平方英尺地积比 1,326 美元）的中标价获得。该地块可提供约 745 套新的私人住宅。

Berlayar estate 最初于 2025 年 9 月公布，将包括公共与私人住宅的组合。根据政府资料，该区将有约 7,000 个新公共住房单位，以及 3,000 套私人住宅。

首个预购组屋/BTO 项目、拥有 880 个单位的 Berlayar Residences，于 2025 年 10 月 BTO 销售活动中推出。与此同时，拥有 1,976 个单位的 Berlayar Rise 则在最近的 2026 年 6 月 BTO 销售活动中推出。

如果 Hong Leong-GuocoLand 合资企业（JV）获授 Berlayar Drive GLS 地块，该地块最多可提供 415 套新的私人住宅，将使迄今已确认的公寓单位总数增至约 1,160 个。

如果考虑到该地块优越的滨水位置，GLS 招标反应看似冷淡或许令人意外。此外，最近数月城市边缘新项目的认购率强劲，例如 River Valley 的 Zyon Grand 和 Promenade Peak。

Stacked 最近分享了一名买家购买 Zyon Grand 两房单位的案例研究。

不过，大多数业内观察人士认为，单一出价不应被解读为发展商对该地块长期前景缺乏信心。

相反，SRI 研究与数据分析主管 Mohan Sandrasegeran 等分析师认为，发展商如今在资本部署和土地招标参与方面采取更具选择性的做法。

Sandrasegeran 表示：“如今发展商在更多可选地块中拥有更大灵活性，可能会专注于最能配合其现有土地储备和开发管线的机会。”

与此同时，ERA Singapore 首席执行官 Marcus Chu 指出，Hong Leong Holdings 和 GuocoLand 提交的每平方英尺地积比 1,515 美元出价，为中央区以外其余地区（RCR）的住宅 GLS 地块创下新基准。

这比 City Developments Ltd（CDL）和 Woh Hup 今年 2 月为 Tanjong Rhu Road 一幅 GLS 地块联合提交的此前最高价每平方英尺地积比 1,455 美元高出约 4.1%。

Chu 表示：“（Hong Leong-GuocoLand 合资企业）似乎认可新兴 Berlayar 和 Keppel 区的长期潜力，这些区域有规划中的公共和私人住宅、新配套，以及更广泛的总体规划发展支撑。”他补充说，新区邻近成熟的 Bukit Merah 和 Telok Blangah 市镇中心，也让早期入场者可即时使用成熟配套，从而提供即时价值。

尽管如此，其他市场评论人士指出，该区域的销售历史相对不稳，也有可能令潜在买家却步的缺点。CBRE 新加坡及东南亚研究主管 Tricia Song 表示，该地块一些明显缺点包括周边学校数量有限，以及地块周围现有配套不足。

Song 还指出，附近可比项目，例如 Keppel Bay 项目，在各自销售推出初期也出现相对缓慢的销售。不过，她也补充说明，靠近地铁站的滨水项目十分罕见，而最高出价较高显示出市场对该位置的信心。

作为背景，Keppel Bay 区最近一次 99 年租赁项目推出是 The Reef at King’s Dock，该项目于 2021 年 1 月推出，并于 2024 年 9 月全部售罄，2024 年完工。

根据 CBRE 汇编的数据，截至 2026 年至今，更广泛 Keppel Bay 集群的二级市场交易价格介于 Reflections at Keppel Bay 的每平方英尺 1,751 美元，到 The Reef at King’s Dock 的每平方英尺 2,496 美元。附近 99 年租赁项目 The Interlace 的成交价为每平方英尺 1,758 美元，而永久地契 Skyline Residences（283 个单位）今年迄今成交价为每平方英尺 2,243 美元。

押注这个城市边缘区域的转型

这也不是 Hong Leong-GuocoLand 合资企业首次试图赢得 Berlayar 的 GLS 地块。两家发展商此前也曾联手提交 Telok Blangah GLS 地块的第二高出价 8.8 亿美元（每平方英尺地积比 1,271 美元），但输给 Kingsford。

当时，他们距离最高出价仅低 4.4%。如果 URA 接受他们对这幅 GLS 地块的最新出价，Hong Leong 和 GuocoLand 或许能第二次幸运成功。

但他们的第二次尝试，以及如今对该地块的最高出价，显示发展商持续致力于在新加坡最重要的滨水转型区域之一建立布局。

Berlayar Drive GLS 地块是政府向私人发展商推出的新滨水住宅区第二幅发展地块。位于 Berlayar Close 的第三幅地块预计将于今年底推出出售。（地图：URA）

尽管 Berlayar Drive 地块并不特别大，但它仍是今年最受关注的住宅土地之一。

该地块建筑高度限制为五层，这既可被视为优势，也可被视为缺点。虽然这一限制限制了新项目可容纳的住宅总数，但也可能对买家有利。低层周边环境较不可能遮挡滨水和附近绿地景观，为未来居民提供更开阔、更具景致的居住环境。

关键是，若该新项目最终获批，它将成为 Greater Southern Waterfront（GSW）内首批新住宅项目之一。这项 30 公里城市转型计划是政府将新加坡南部海岸线改造为更具活力滨水区的长期计划。这个 2,000 公顷项目的总体规划设想在未来几年内提供新住宅、办公室、生活配套、公园和公共空间。

根据 Berlayar Drive GLS 地块面积，新项目最多可提供 415 套住宅。与我们最近在一手市场看到的其他项目相比，这将使其成为一个相对较小的项目。

但如果考虑到正在建设的规模较大的 BTO 项目，以及部分买家偏好更安静、人口密度较低的居住环境，较小规模的项目在推出销售时可能站稳脚跟。

Greater Southern Waterfront 转型中的更审慎做法

Berlayar estate 第三幅 GLS 地块位于 Berlayar Close，预计将于 2026 年 12 月推出招标。GLS 招标之间相对较长的间隔，似乎反映政府在逐步开发 Greater Southern Waterfront 这一部分时采取审慎做法，而不是一次性引入大量住房供应。

相比之下，我们看到政府在 Lentor 接连推出多幅 GLS 地块，使其在不到三年时间内迅速发展成为新的私人住宅区。当地最新项目、拥有 499 个单位的 Lentor Gardens Residences 于 7 月推出，并售出总单位数的 54%。

随着发展商继续考虑其土地储备策略，大多数市场分析师认为，他们会在即时收购机会与同一区域未来地块之间取得平衡。随着 Berlayar estate 逐步开发，将有更多 GLS 地块推出出售，同时新的商业空间和生活配套也将建设。Berlayar 区预计将成为越来越具吸引力的社区。

Newmark 研究主管 Wong Shanting 观察到，随着该住宅区最终服务约相当于 Bukit Merah 现有市镇规模五分之一的人口，未来居民可以相信，全面的配套组合将会发展起来。他们也将享有周边广泛绿地空间，包括附近的 Southern Ridges 和 Labrador Nature Reserve。

此外，未来居民可预期受益于通往 Telok Blangah MRT station 的优越连通性，同时距离 VivoCity 购物中心仅短程车程，可享零售、餐饮、娱乐和生活配套，并可直达 Sentosa。

凭借城市便利、滨水生活和亲近自然的罕见组合，这些属性有望支撑健康的长期自住需求，同时提升未来项目的整体吸引力。