Kingsford tops bids at S$918.3 million for first private condo site at former Keppel

Kingsford tops bids at S$918.3 million for first private condo site at former Keppel Club

Nov 5, 2025

CONDOsingapore.com

Kingsford Group has emerged as the top bidder for the first private residential site released from the former Keppel Club, submitting an offer of S$918.3 million, or S$1,326 per square foot per plot ratio (psf ppr).

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The 99-year leasehold site, which can yield about 745 private homes, attracted only three bids when the tender closed on Tuesday (Nov 4), fewer than market watchers had anticipated. Nonetheless, bid prices were broadly in line with expectations.

Kingsford’s offer was 4.4 per cent higher than the second-highest bid of S$880 million (S$1,271 psf ppr) from a joint venture between GuocoLand and Intrepid Investments. The third bid of S$863.26 million (S$1,246.49 psf ppr) came from a consortium comprising Frasers Property, Metro Holdings and Soilbuild Group Holdings.

CBRE’s head of research for Singapore and South-east Asia, Tricia Song, described the tender response as “lukewarm”, but noted that the close clustering of bids suggests a “consensus on pricing”.

The turnout fell short of the four to nine bids forecast by analysts polled earlier. However, the top bid landed within analysts’ projected range of S$1,100 to S$1,450 psf ppr.

ERA Singapore chief executive officer Marcus Chu said the subdued response “contrasted sharply with the fierce competition for past sites in emerging precincts”. He pointed to recent government land sales at Bayshore Road and Dunearn Road, which drew eight and nine bids respectively.

Developers may have exercised caution due to the site’s large quantum, Chu added. At S$918.3 million, the top bid far exceeded those for Bayshore Road (S$658.9 million) and Dunearn Road (S$491.5 million).

Echoing this view, Mogul.sg chief research officer Nicholas Mak said few developers were willing — or financially able — to commit such a large sum without joint-venture partners.

The 147,350 sq ft plot is part of the upcoming Berlayar housing estate, which will comprise about 7,000 public housing units and 3,000 private homes on the former Keppel Club site. Its development will mark the start of the wider transformation of the Greater Southern Waterfront.

Realion (OrangeTee & ETC) Group deputy CEO Justin Quek said some developers may be holding back in anticipation of smaller land parcels within the estate being launched later.

First-mover advantage

A Kingsford Group spokesperson said the company would be pleased to secure the site, noting that it is the first private residential plot offered in the Greater Southern Waterfront and could provide a first-mover advantage in project design and sales.

Huttons Asia CEO Mark Yip highlighted the site’s proximity to Telok Blangah MRT station and major expressways, as well as nearby employment nodes such as Mapletree Business City, the Pasir Panjang Power District and the redevelopment of HarbourFront Centre.

Mak also noted the presence of popular nearby schools, including Radin Mas Primary, CHIJ (Kellock) and Gan Eng Seng Primary, which could appeal to family buyers.

The Berlayar estate will include new commercial and community amenities such as shops, eateries, supermarkets and preschools. The Urban Redevelopment Authority added that residents would be just one MRT stop away from VivoCity, offering convenient access to retail and lifestyle options.

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Broad buyer appeal

PropNex head of research and content Wong Siew Ying said the project could attract a broad range of buyers, including HDB upgraders from Bukit Merah and Queenstown, as well as investors drawn by the site’s proximity to the CBD, one-north, Science Park and future commercial developments in the Greater Southern Waterfront.

She added that strong demand for Berlayar Residences during the October 2025 BTO exercise points to healthy housing interest in the area.

Wong estimates average selling prices for the new condominium could exceed S$2,800 psf, while CBRE’s Song expects launch prices to range between S$2,700 and S$2,800 psf on average.