CDL-Woh Hup tops Tanjong Rhu tender with S$709 million bid

The first private residential site offered in Tanjong Rhu through a government land sale in nearly three decades attracted five bids, with the top offer exceeding market expectations.

Feb 6, 2026

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A joint venture between City Developments Ltd and Woh Hup has emerged as the top bidder for a 99-year leasehold residential site in Tanjong Rhu, submitting an offer of S$709.25 million, or S$1,455 per square foot per plot ratio.

The land rate is the highest recorded for a pure private residential government land sale site in the Rest of Central Region, according to CBRE.

It surpassed the previous benchmark of S$1,360 psf ppr set by the Lorong 1 Toa Payoh site in November 2023. That parcel was acquired by a consortium comprising CDL, Frasers Property and Sekisui House and is now being developed into The Orie.

The result also came in above analysts’ forecasts, which had placed the likely top bid at between S$1,200 and S$1,400 psf ppr.

Five developers submitted bids, within the two to nine offers anticipated by market watchers.



Tight competition for the site

The CDL-Woh Hup bid was just 2.5 per cent higher than the second-highest offer of about S$1,419 psf ppr from a partnership between Sunway MCL and AFP Land, a unit of Sinarmas Land.

Sim Lian Land and Sim Lian Development followed closely with a bid of S$1,416 psf ppr.

A consortium comprising GuocoLand, Intrepid Investments and TID Residential offered S$1,380 psf ppr, while Kingsford submitted the lowest bid at S$1,235 psf ppr.

The spread between the highest and lowest bids was about 17.8 per cent, suggesting relatively close agreement among developers on the site’s value and the pricing potential of the future project.

Rare development opportunity in Tanjong Rhu

The tender attracted strong interest partly because of the scarcity of new private housing supply in the area.

The last government land sale site in Tanjong Rhu was awarded in November 1997 and subsequently developed into Water Place.

Since then, relatively few sizeable private condominium projects have been launched in the neighbourhood, potentially creating pent-up demand from private homebuyers and HDB upgraders.



The site is located beside the Singapore Swimming Club and between Tanjong Rhu and Katong Park MRT stations on the Thomson-East Coast Line. Both stations are approximately 600 to 700 metres away.

The surrounding neighbourhood contains a mix of public and private housing and is undergoing further transformation.

Across the road are the upcoming Tanjong Rhu Riverfront Build-To-Order developments, which could bring more shops, services and other amenities into the area.

The nearby Kallang Alive precinct is also expected to add more sports, leisure and waterfront activities.

Analysts noted that while additional public housing may reduce some of Tanjong Rhu’s traditional exclusivity as a predominantly private residential district, the larger resident population could support better amenities and create a future pool of HDB upgraders.

Plans for about 520 homes

If awarded the site, CDL and Woh Hup intend to develop about 520 residential units across three 26-storey blocks, together with an integrated childcare centre.

The joint venture is structured with CDL holding a 90 per cent stake and Woh Hup taking the remaining 10 per cent.

It is the first property development partnership between the two companies, although Woh Hup has previously served as the main contractor for several CDL projects.

CDL group chief executive Sherman Kwek highlighted the site’s position within the Kallang Alive precinct, as well as its waterfront setting and transport connectivity.

The development is expected to be designed with a north-south orientation to maximise views towards Kallang, Marina Bay and the sea.

The site is also close to established schools including Kong Hwa School, Dunman High School and Chung Cheng High School (Main).

Potential selling prices around S$3,000 psf

The relatively high land price is expected to translate into premium launch pricing for the future development.

Huttons Asia chief executive Mark Yip estimated that units could be launched from around S$2,900 psf.

Knight Frank Singapore research head Leonard Tay expects the project to achieve an average selling price of about S$3,000 to S$3,100 psf.

The tender outcome reflects developers’ confidence in Tanjong Rhu’s transformation and the limited supply of new private homes in the area.

Its proximity to the city, new MRT connections, waterfront environment and the broader redevelopment of Kallang could support demand, while the tight spread among the leading bids suggests developers broadly agree on the site’s long-term potential.