Hong Leong Holdings-GuocoLand JV submits sole bid for Berlayar Drive GLS site at $1,515 psf ppr
The premium bid signals confidence in pent-up waterfront and upgrader demand, potentially supporting average launch prices of $2,800 to above $3,000 psf.
The Hong Leong Holdings-GuocoLand joint venture was the sole bidder for the 415-unit Berlayar Drive site, offering $576.78 million or a record $1,515 psf ppr.
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The tender for a Government Land Sale (GLS) site at Berlayar Drive closed on Aug 4, drawing just one bid from a Hong Leong Holdings-GuocoLand joint venture. The partners submitted an offer of $576.78 million, which translates to $1,515 psf per plot ratio (psf ppr).
Bid received for Berlayar Drive site
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The response to the tender falls below expectations, with analysts previously predicting the site to receive around four to six bids. However, the price exceeds the $1,100 to $1,450 psf ppr land rate they had predicted.
Several analysts point out that the low tender participation may be due to the upcoming GLS site along Berlayar Close, slated for launch in December. "Arguably, this site is in a better location due to its closer proximity to Telok Blangah MRT Station," notes Marcus Chu, CEO of Era Singapore, adding that developers could be "keeping their powder dry" to bid for the Berlayar Close plot, which can yield 695 units.
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Wong Shanting, head of research at Newmark, adds that the area's current lack of amenities and schools may have dampened its appeal.
For Wong Siew Ying, head of research and content at PropNex, the lukewarm tender participation could have been due to the site's 1.4 gross plot ratio (GPR) and five-storey height limit, which would yield less saleable area compared to a plot with a higher GPR and taller buildings.
The Berlayar Drive site was launched for sale in May as part of the 1H2026 GLS Programme. The 99-year leasehold site, spanning around 271,932 sq ft, can yield an estimated 415 residential units. It is within walking distance of the Telok Blangah MRT Station on the Circle Line.
This is the second private residential GLS plot launched for sale within the Greater Southern Waterfront (GSW) precinct. The first, located at Telok Blangah Road, drew three bids when the tender closed in November 2025. It was awarded to Kingsford Group, who submitted a top bid of $918.3 million ($1,326 psf ppr). The site can yield about 745 residential units.
New top bid for a residential-only RCR plot
At $1,515 psf, the land rate offered by the Hong Leong-GuocoLand joint venture represents a new benchmark for a pure residential GLS plot in the Rest of Central Region (RCR), according to analysts. It surpasses the previous record of $1,455 psf ppr paid by a City Developments-Woh Hup joint venture in February for a residential-only GLS site at Tanjong Rhu Road.
Analysts also point out that Hong Leong and GuocoLand were the second-highest bidders for the Telok Blangah Road GLS site, narrowly losing to Kingsford's winning bid of $1,326 psf ppr by 4.4%. "This time, the joint developers have returned to pay 14.3% higher than Kingsford’s top bid for the smaller, lower-density parcel at Berlayar Drive," adds Tricia Song, CBRE head of research for Singapore and Southeast Asia.
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Hong Leong and GuocoLand's bid suggests a relatively positive demand outlook for the Berlayar area, says Alice Tan, Knight Frank Singapore's head of consultancy. Mohan Sandrasegeran, head of research and data analytics at SRI, adds that the bid demonstrates a sustained commitment to establishing a presence within the GSW.
Past bids
The Berlayar Drive site is the second GLS plot this year to attract only one bid. In May, Sim Lian Group submitted the sole bid of $454 million, or $1,491 psf per plot ratio (psf ppr), for a site at Holland Plain that can yield about 510 homes.
For GuocoLand and Hong Leong Holdings, it's also not the first GLS site where they have emerged as the only bidders. In January 2024, a consortium comprising GuocoLand, Hong Leong Holdings and TID submitted the sole bid of $770.46 million, or $984 psf ppr, for a white site at Marina Gardens Crescent. URA rejected the offer the following month, deeming it too low.
In April 2024, a GuocoLand-Hong Leong joint venture secured the Upper Thomson Road (Parcel B) site with a bid of $779.6 million, or $905 psf ppr. The site was launched in August 2025 as the 941-unit Springleaf Residence, where 870 units, or 92%, were sold at an average price of $2,175 psf during its opening weekend. Based on caveats lodged, the project is now 98% sold at an average price of $2,178 psf.
Before that, the GuocoLand and Hong Leong joint venture was also the sole bidder for the Lentor Gardens site in the Lentor Hills estate. It secured the plot for $486.8 million, or $985 psf ppr. The project on the site was launched as the 533-unit Lentor Mansion in April 2024, selling 75% of the units during its first weekend at an average price of $2,104 psf. The project was fully sold by November 2025.
Attractive attributes
Analysts note that the Berlayar Drive site has several features that would be attractive to prospective homebuyers.
Read also: Hong Leong Holdings to preview Tengah Garden Residences on April 11, prices to start from $980,000
In addition to being within walking distance of an MRT station, key draws include the potential for unblocked waterfront views towards Keppel Bay and Sentosa, along with the site's proximity to employment nodes at Harbourfront and Mapletree Business City, highlights CBRE's Song. Amenities like VivoCity Mall and nature spaces such as Labrador Nature and Mount Faber are also nearby.
At the bid price of $1,515 psf ppr, Song believes Hong Leong and GuocoLand could launch the future project at the site with prices averaging $2,800 to $2,900 psf.
There could be pent-up demand for the project, given that the last new launch in the area was the 429-unit The Reef at King's Dock in 2021, which sold out in 2024, says Siew Ying of PropNex. She projects average selling prices at the Berlayar Drive project could potentially exceed $3,000 psf.
Knight Frank's Tan believes the future project could tap on HDB upgrader demand from Bukit Merah, Queenstown and nearby city-fringe estates, where HDB resale units often sell at a premium. She estimates launch prices to start from around $2,900 psf and average at about $3,100 psf.