Strong bidding at Bedok Rise site signals rising developer confidence

Strong bidding at Bedok Rise site signals rising developer confidence

Nov 27, 2025

CONDOsingapore.com

A residential site along Bedok Rise next to Tanah Merah MRT station drew strong interest from developers, with 10 bids submitted at the close of the state tender on Nov 27. The robust turnout and higher-than-expected top bid point to improving sentiment in Singapore’s residential market and growing competition for well-located land.

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Allgreen Properties, part of the Kuok group, emerged as the top bidder with an offer of S$464.8 million, or about S$1,330 psf per plot ratio. This exceeded earlier expectations, where analysts had projected a top bid of between S$1,100 and S$1,300 psf ppr and only three to seven participants. The narrow gap between the top bids further highlights the intensity of competition, with Hoi Hup Realty coming in a close second at S$1,324 psf ppr, followed by a consortium including ABR Holdings and Roxy-Pacific at S$1,291 psf ppr.

The participation of major developers such as CapitaLand Development, Frasers Property and Wing Tai, along with a relatively tight spread between the highest and lowest bids, suggests a broad consensus on the site’s value and strong underlying appeal. Analysts noted that this marks a shift from earlier tenders in 2024, where some sites attracted weaker bids or were not awarded at all.

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Recent tenders indicate that developers are becoming more willing to push land prices higher. Compared with earlier in the year, where bids were more measured, the latest tenders reflect greater urgency to secure sites, likely driven by strong new home sales and the need to replenish land banks. The Bedok Rise result follows other aggressive bids, including the Bayshore site, which was awarded at S$1,388 psf ppr, and a Newton plot that achieved S$1,820 psf ppr.

This trend is supported by improving market conditions. Borrowing costs have declined significantly, with the three-month Sora falling by around 180 basis points over the year, while Singapore’s economic growth outlook has strengthened. These factors have improved project feasibility and increased developers’ confidence in future selling prices.

The Bedok Rise site itself benefits from limited nearby supply and strong locational attributes. It is likely one of the last available plots near Tanah Merah MRT station and is close to schools, Bedok town centre and established amenities. Recent projects in the area, such as Sceneca Residence, have seen strong take-up, reinforcing confidence in demand within the eastern region.

Based on current land costs, analysts estimate that the future project could be launched at average prices between S$2,300 and S$2,700 psf, above recent transactions in nearby developments. This suggests that rising land prices are likely to translate into higher launch prices over the next few years.

More broadly, demand for suburban housing has been particularly strong. New home sales in the Outside Central Region have increased significantly in 2025, with such projects accounting for a large share of total transactions. This has encouraged developers to focus more on suburban sites where demand depth appears more reliable.

At the same time, some caution remains. While current conditions are supportive, uncertainties in the global economy and potential shifts in buyer demand could affect future sales. Analysts noted that sustained increases in land prices may put pressure on developer margins if selling prices do not keep pace.

Overall, the Bedok Rise tender reflects a market that is turning more optimistic, with developers showing stronger conviction in both pricing and demand. However, the sustainability of this trend will depend on whether buyer demand remains resilient in the face of broader economic uncertainties.