Bedok Rise GLS

The research read

Bedok Rise is an estimated 380-unit, 99-year leasehold condominium on a 2.03-hectare Government Land Sales plot at Bedok Rise, off New Upper Changi Road in District 16 (OCR), by Allgreen Properties through Bellis Residential Pte Ltd. The site was awarded on 2 December 2025 at $464.8 million, or $1,330 psf ppr. Preview is targeted for Q1 2027 (est.) and TOP for around 2031 (est.). The project name has not yet been released by the developer.

Two things set this site apart on the East side. The first is that it is the last Government Land Sales plot fronting Tanah Merah MRT (EW4) — an operational station, not a promised one, roughly 130 metres from the site. Second, the tender told you what the market thinks of that: ten bids at a moment when analysts had guided three to seven, with the top two separated by $6 psf ppr. Developers rarely agree that precisely on what a site is worth.

Both facts are true. Neither of them sets a price. Allgreen paid $1,330 psf ppr for the land, so what it has to charge to make that work is the first thing to establish — then whether the resulting quantum clears the equity a Bedok upgrader actually has, and what a 1,040-unit government site further along the same road does to the exit. Those three questions run through the rest of this page.

Ten bids: what the tender actually revealed

The bid sheet is the most useful public document on this project, because it is the only place where ten independent balance sheets priced the same piece of land on the same day.

1. Sep 2025Site released for tenderBedok Rise, on the Confirmed List of the 2H2025 GLS Programme — a residential (non-landed) parcel of 20,293.6 sqm with a maximum GFA of 32,470 sqm at a plot ratio of 1.6.
2. 27 Nov 2025Tender closes with ten bidsAgainst pre-close expectations of three to seven. The most contested residential GLS tender of 2025, and the strongest turnout since the two Slim Barracks Rise parcels in September 2021.
3. 27 Nov 2025The bid ladderBellis Residential (Allgreen) $1,330 psf ppr; Hoi Hup Realty $1,324; a consortium of ABR Holdings, LWH Holdings, Macly Group and Roxy-Pacific $1,291; Hong Leong Holdings, Hong Realty and TID $1,270; Wing Tai Holdings $1,265; the lowest, from UOL, Singapore Land and Kheng Leong, at about $1,121.
4. 2 Dec 2025Awarded to Bellis Residential$464.8 million. The winning bid cleared the runner-up by 0.4%.

Read it two ways, and both are honest. The bullish read: a 0.4% gap between first and second, and a top-to-bottom spread under 20%, means the market broadly agreed on this site's value — there is no single outlier who overpaid and then has to price a mistake into the launch. The cautious read: consensus is not a discount. Ten bidders converging near $1,330 is exactly what pushes a land price to the top of its range, and the buyer inherits that price. For scale, the last GLS parcel in this pocket — Tanah Merah Kechil Link, which became Sceneca Residence — drew 15 bids in 2020 and was awarded at $930 psf ppr.

Working the price up from $1,330 psf ppr land

At $1,330 psf ppr this is among the highest rates ever paid for a residential-only GLS site in the Outside Central Region, behind Bayshore Road and both Chuan Grove parcels. That is the starting position, and no amount of narrative changes it.

Land is one line of the cost stack. Adding construction, financing, professional fees and marketing to the $1,330 psf ppr land cost gives an estimated breakeven of about $2,449 psf ppr; applying the 1.15–1.30 margin band we use on every project on this site produces an indicative launch range of $2,820–$3,180 psf. The full working is in our pricing methodology. The direction of the logic matters: an expensive land cost raises the floor under the price, it does not guarantee the ceiling. A developer who paid up has less room to price keenly, but the market still decides what clears.

Getting around: a station 130m away

• Tanah Merah (EW4), about 130 metres — a 2 to 5 minute walk (est.), verify with OneMap. Operational since 1989. The site fronts the station, and it is the last GLS parcel in the area that does.
• Two East-West Line services from one station. Tanah Merah is where the Changi Airport branch splits from the mainline, so the airport is minutes away by rail while Paya Lebar, Bugis and Raffles Place run in the other direction without a transfer.
• Bedok (EW5), one stop. Bedok Mall, the air-conditioned bus interchange, Bedok Interchange Hawker Centre and Heartbeat@Bedok — the full town-centre amenity set, one stop from the door.
• Expo (CG1/DT35), one stop on the branch, putting the Downtown Line within a single transfer, with Changi Business Park and Tampines Regional Centre both short rides away.
• By road, the ECP is reached via New Upper Changi Road and Bedok South Avenue 3, with the PIE and KPE carrying the north–south leg across the East.

The frequently repeated upside is that Tanah Merah becomes an East-West Line / Thomson-East Coast Line interchange as the TEL's eastern extension is built out, currently indicated for the mid-2030s. Apply the slippage test: if that date moves, or the interchange arrives in a different form, an operational mainline station 130 metres away still carries the commute case in full. The second line is optionality, not foundation — and on a project completing around 2031, any TEL benefit lands well after keys, which makes it a resale-stage argument rather than an own-stay one.

Catalysts, in a corridor that is already built

• Changi East and Terminal 5. Groundbreaking in 2025, opening indicated for the mid-2030s. The largest committed employment driver in the East, and the reason the airport-adjacent tenant pool should deepen rather than plateau.
• The Tanah Merah TEL interchange (mid-2030s, indicative). Dated by network planning rather than by an awarded civil contract, so treat the date as softer than a funded construction milestone.
• Sceneca Square. The retail mall beneath Sceneca Residence, immediately adjacent, completing 2026 — supermarket and F&B within a walk rather than a drive.
• Paya Lebar Airbase relocation (late 2030s). Frees roughly 800 hectares and progressively lifts height limits across parts of the East. Genuinely transformative, genuinely distant.

Bedok and Tanah Merah are a mature estate, not a transformation precinct. Casa Merah (2007), Optima (2009), Urban Vista and The Glades (2013), Grandeur Park (2017) and Sceneca Residence (2023) have already filled this corridor in, and no Tengah- or Bidadari-scale masterplan is arriving to re-rate it. What exists is a completed amenity base plus two long-dated infrastructure events, and calling that a township story would be inventing one. The compensation is the inverse of a new town: nothing here is waiting to be built before it works.

Schools, shops and the everyday stuff

On our own schools dataset, Temasek Primary sits about 0.97km from the site — inside the 1km band, but only just. Bedok Green Primary is about 1.04km and St. Anthony's Canossian Primary about 1.13km, both outside 1km on this measure, with Red Swastika (1.59km), Changkat (1.66km), Fengshan (1.71km) and Yu Neng (1.84km) beyond. These are straight-line distances computed from OneMap geocodes; MOE registers priority on its own measured basis from a point it defines, and at 0.97km the margin is thin enough that the outcome could go either way. Confirm on MOE SchoolFinder before anchoring a decision on it. Anything claiming a confirmed 1km zone for this site today is asserting more than the available data supports.

What proximity buys, and what it does not, is visible in the 2025 registration record. Temasek Primary balloted at Phase 2A with 122 applicants for 44 vacancies, and again at Phase 2C with 103 applicants for 50 places, where the ballot ran among Singapore Citizens living within 1km. So the 1km band gets a family to the draw, and no further. The contrast next door is instructive: Bedok Green Primary did not ballot at any phase in 2025 and still had vacancies at Phase 2C — proximity to a school with spare capacity is a very different proposition from proximity to one without. Our wider work on this is in primary schools and new launch demand.

Beyond schools, the daily-life layer already exists: Sceneca Square adjacent, Bedok Mall and the Bedok Interchange Hawker Centre one MRT stop away, Heartbeat@Bedok's polyclinic, library and sports centre in the same trip, Simpang Bedok's food strip a short drive, and East Coast Park within minutes by car.

Does it work as a rental?

Sceneca Residence is the nearest directly comparable stock and the fairest rental proxy. Two-bedroom units there have been asking and transacting at roughly $5.65–$6.51 psf per month through mid-2026, which on a 650 sqft unit is about $3,700–$4,200 a month. Apply the low end of that rent to an entry price at our indicative range and the arithmetic is unflattering: a 650 sqft two-bedroom at $2,900 psf costs about $1.89 million and grosses roughly 2.3% before property tax on non-owner-occupier bands, maintenance and a vacancy allowance. Sceneca itself, bought at 2023 pricing, has been running closer to 3.8–4% gross.

The point is not that the project is weak. It is that the yield case is not the one holding it up. Rents in a corridor do not re-rate simply because a newer building opens in it — they follow the tenant pool, which here means Changi Airport, Changi Business Park and Tampines. A buyer at launch pricing is underwriting capital appreciation and the scarcity of new stock at this station, not running yield. Anyone buying primarily for income should put their own entry price through the new launch ROI calculator rather than trust a corridor average.

Who Bedok Rise is really for

The buyers who fit: District 16 landed owners around Kew Drive and Jalan Limau right-sizing out of maintenance without leaving the postcode, for whom the transition is funded by a wide gap between landed and non-landed values; their adult children buying a first private home near family; Bedok, Tampines and Pasir Ris flat owners past MOP who want an MRT-doorstep address on the line they already use; and long-horizon buyers who read "last plot at this station" as a structural rather than a promotional statement. The buyer it does not fit is the one funding the purchase entirely from HDB sale proceeds with no top-up — on our indicative range a 915 sqft three-bedroom lands near $2.6–2.9 million, well above what a Bedok five-room resale releases after CPF refund and loan settlement, and that gap is real rather than something a progressive payment schedule dissolves. It also does not fit the buyer whose priority is the cheapest entry into the 2027 pipeline; lower-land-cost sites exist, and they will price accordingly.

Eligibility, duties and the loan maths

Standard private condominium rules apply: no citizenship restriction, no MOP, TDSR capped at 55% of gross monthly income and stress-tested at 4% regardless of the package rate offered, LTV up to 75% on a first housing loan. Singapore Citizens pay no ABSD on a first property, 20% on a second and 30% on a third; PRs pay 5% on a first and 30% on a second; foreign buyers pay 60%. Buyer's Stamp Duty runs on the tiered scale — about $84,100 on a $2.29 million purchase. Under the schedule effective 4 July 2025, Seller's Stamp Duty runs four years from the date the option is exercised, not from TOP, which on a launch previewing in 2027 and completing around 2031 means the SSD window typically closes at or near the point keys are collected rather than years afterwards.

Progressive payments shape the cash profile: 5% on booking, 15% plus BSD at exercise, then staged draws against construction milestones, with the balance at TOP and CSC. Before preview the concrete step is an in-principle approval, so the affordable unit types are known rather than guessed on booking day. Work the numbers through our affordability calculator, stamp duty calculator and progressive payment calculator; upgraders selling a flat first should start with selling an HDB to buy a new launch. Stress-test above today's rate rather than at it — that is the point of the exercise, and nobody can forecast the rate you will refinance into.

What could go wrong

The trade-offs below are the ones we would want a buyer to price in before preview.

• HighEntry pricing outruns the local upgrader bridgeOn our indicative $2,820–$3,180 psf range, a 915 sqft three-bedroom lands near $2.6–2.9 million. A Bedok five-room resale transacted around $800,900 in 3Q2025 on HDB data, and after CPF refund and loan settlement a typical seller nets a fraction of that — enough for the down payment and stamp duty on a one- or two-bedroom, not for a family-sized unit without a material top-up. The mitigant is mix: an estimated 380 units across a full bedroom range keeps smaller formats reachable, and the landed right-sizer pool next door is funded very differently. The bridge still has to be checked household by household.
• ModerateA 1,040-unit GLS site on the same roadThe New Upper Changi Road parcel — about 3.16 hectares, an estimated 1,040 units, roughly three times this project's scale — was released on the 1H2026 Confirmed List with its tender closing 1 September 2026, and it draws on the same Bedok and Tampines upgrader base. The mitigant is genuine but narrow: it sits nearer Bedok MRT rather than Tanah Merah, and being unawarded as at this writing its launch could trail Bedok Rise by a year or more. What it is not is absent, and any "no competing supply" framing should be treated with suspicion.
• ModerateNear-record land cost compresses the margin for errorAt $1,330 psf ppr against Chencharu Close at $980, this developer has materially less pricing cushion than a lower-land-cost peer, and a $2,449 psf ppr breakeven leaves little room to discount into a soft market. The mitigant is precedent: Bayshore Road was awarded higher still at $1,388 psf ppr, and Allgreen sold 54% of Promenade Peak on its opening weekend in August 2025. Both are evidence of capability, not of outcome.
• ModerateThe school claim is thinner than the marketing will suggestTemasek Primary is 0.97km away on our straight-line measure — inside 1km by about 30 metres, on a basis MOE does not use — and it balloted at both Phase 2A and Phase 2C in 2025. A family buying substantially for that band is taking two risks at once: the measurement and the ballot. The mitigant is that the 1–2km set is deep, and Bedok Green at 1.04km had vacancies at every 2025 phase.
• LowDeveloper deliveryAllgreen Properties has delivered roughly 53 residential projects and about 11,000 units in Singapore since the early 1980s, backed by the Kuok Group's balance sheet. On a build of this size, counterparty risk is about as low as this market offers.
• LowConstruction-period conditionsA multi-year build alongside an established estate, plus residual works in the immediate precinct. Temporary, and resolved long before a typical seven-to-ten-year hold matures.

The two things to watch next

1. 2 Dec 2025Site awarded$464.8M — $1,330 psf ppr to Bellis Residential (Allgreen), after ten bids.
2. 1 Sep 2026New Upper Changi Road GLS tender closesThe nearest read on competing supply: the land rate, the bidder count and the winner tell you how the same corridor is priced nine months after this site was awarded.
3. Q4 2026 – Q1 2027 (est.)Project name, site plan and floor plansThe point at which stack facings, layout efficiency and the true unit mix become analysable rather than assumed.
4. Q1 2027 (est.)Preview and price listOur dataset carries a Q1 2027 preview estimate; some marketing material points to 2H 2027. Neither is developer-confirmed. This is when the estimates on this page become facts — day-one take-up is the demand signal worth watching.
5. 2031–2032 (est.)Estimated TOPRoughly four to five years from launch. SSD, running four years from exercise, typically clears around the same window.
6. Mid-2030s (indicative)Tanah Merah TEL interchangeA resale-stage catalyst rather than an own-stay one, on this project's timeline.

Where we land on it

The trade, stated as a trade: you pay a near-record Outside Central Region land cost, passed through into new-launch pricing that on our own numbers sits above every resale comparable at the station, and in exchange you get a fresh 99-year lease 130 metres from an operational MRT station on the last plot that will ever offer that position, in an estate whose amenities are finished rather than promised, from a developer with four decades of delivery behind it. That suits a landed right-sizer with a wide valuation gap to spend, an upgrader with genuine top-up capacity, and a long-horizon buyer who values scarcity over entry price. It does not suit a yield buyer at roughly 2.3% gross, nor a family stretching to the last dollar for a school band measured to within 30 metres.

Watch two numbers. The first is the launch psf against our $2,820–$3,180 indicative range: priced near or below the analyst consensus of $2,300–$2,700, the developer has chosen volume over margin and buyers get the better end of the land cost; priced into our band or above, the buyer is funding it. The second is the New Upper Changi Road award on 1 September 2026 — a high land rate there validates the corridor's re-rating, a soft one says this pocket was bid up. We will re-check both when the price list lands. Wider context sits in our GLS pipeline tracker, our 1H2026 GLS analysis and the new launch versus resale guide — the last of those matters unusually much here, given how wide the gap to Grandeur Park and Urban Vista runs. The Bedok Rise Residences project site carries launch updates, floor plans and the official name as they are confirmed; this page stays the yardstick those releases get measured against.

Sources: URA GLS tender and award notices (Sep–Dec 2025) and quarterly price index releases; EdgeProp, The Edge Singapore, CBRE and ERA commentary on the 27 November 2025 tender close; our own land sales and matched-resale datasets (2026 transactions); MOE school data and 2025 P1 balloting releases compiled in our own schools dataset; HDB resale statistics (3Q2025); IRAS and MAS for stamp duty, LTV and TDSR. Figures marked (est.) are estimates and subject to change at preview. Past performance of comparable projects is not indicative of future results. This page is research, not financial advice. PropertyInsider.sg is an independent research publication and does not market this project or take developer fees — see our editorial policy.

Page history

• 20 Aug 2026 — Editorial pass: section headings and framing rewritten to be specific to this project rather than shared house phrasing across the launch pages. No figures, sources, tables or FAQ answers changed.
• 19 Aug 2026 — Research read rewritten to the house standard. Tender provenance and the full ten-bid ladder added; pricing walked from the $2,449 psf ppr breakeven to the $2,820–$3,180 indicative range, with the disagreement against analyst estimates stated rather than smoothed; corridor resale cross-check rebuilt from our own 2026 matched-resale data; school distances restated from our own OneMap-geocoded dataset, correcting an earlier claim that both Temasek and Bedok Green fall within 1km — Bedok Green measures about 1.04km; 2025 balloting figures added; the New Upper Changi Road competing GLS site added to the risks and the timeline; rental counter-case, eligibility and financing sections added.
• 12 Aug 2026 — Land-cost table and corridor comparables refreshed.
• Next scheduled update — the New Upper Changi Road tender result on 1 September 2026, and then the day the developer publishes a price list, when the indicative range is replaced with actual pricing.

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