A joint venture between Hong Leong Holdings and GuocoLand has emerged as the sole bidder for a prime residential site at Berlayar Drive, located on the grounds of the former Keppel Club. The consortium submitted a bid of S$576.78 million, which translates to S$1,515 per square foot per plot ratio. This 99-year leasehold plot is the second private residential site released in the new Berlayar estate, a key component of the government's Greater Southern Waterfront transformation. The site spans approximately 271,931 square feet and is expected to yield about 415 private housing units.
While the tender attracted only one bid, the land rate of S$1,515 psf ppr sets a new record for a pure residential government land sale site in the city fringe, or Rest of Central Region. This figure surpasses the previous high of S$1,455 psf ppr recorded earlier this year. The bid also represents a 14.3 per cent increase over the land rate achieved for the first residential site in the Berlayar estate, which was awarded in November 2025. Despite the muted participation, the offer price sits within the range analysts had projected for a top bid.
Market observers suggest that the lack of competing bids may reflect a cautious approach by developers, who are balancing high land costs against the upcoming supply of residential sites in the area. The Berlayar estate is planned to eventually house around 10,000 homes, including both public and private housing. The Urban Redevelopment Authority will now evaluate the bid to determine if it meets the government's requirements for the site's development.