Tanjong Rhu Road GLS

The research read

Tanjong Rhu Road GLS is a planned 525-unit condo on a 131,743 sq ft state land plot at Tanjong Rhu Road, in District 15. The lease is 99 years. The developers are a joint venture of CDL and Woh Hup. The site was awarded on 5 February 2026 at $1,455 psf ppr, or $709.3 million. Preview is targeted for Q2 2027 (est.), with keys around 2031 (est.).

Two things to take note. First, this is the first state land plot released in the Tanjong Rhu pocket since 1997. The site that became Waterplace was the last one. Nothing new has been built for sale here in a generation. Second, the plot sits between two working Thomson-East Coast Line stations rather than beside one, with a Circle Line station a little further on. That is three stations on two lines, all within roughly 10 to 13 minutes on foot.

Scarcity is the story. The land price is the constraint. A $1,455 psf ppr cost obliges the developer to charge a certain number. That raises two more questions. Does that number still clear the cash of the buyers who want to live here? And what happens to the scarcity argument once the plot next door comes to tender?

The first parcel here in nearly 30 years

The scarcity claim is unusually easy to check. The supply record for this pocket is short enough to write out in full. It is also why the land cleared at the price it did, and why that price is not the whole story.

1. 1997The last Tanjong Rhu land parcel awardedThe site that became Waterplace — the previous private land release in this pocket, and the last for nearly three decades.
2. 2001–2004Waterplace launched and completedA 437-unit, 99-year leasehold project. After it topped out, no further private launch site was released here.
3. Jun 2024Tanjong Rhu (TE23) and Katong Park (TE24) openThe Thomson-East Coast Line Stage 4 opening put two operational stations on either side of the parcel two years before it was tendered.
4. Feb 2026Tanjong Rhu Road awarded to CDL–Woh Hup$709.3M, $1,455 psf ppr, on a 131,743 sq ft site with roughly 45,285 sq m of gross floor area at a 3.7 plot ratio. Announced as 525 units across three 26-storey blocks with an integrated early childhood development centre.
5. Jun 2026Tanjong Rhu Close enters the GLS Confirmed ListAn adjacent ~1.23ha parcel, est. 505 units, on the 2H2026 Confirmed List. Not yet tendered — but it means this project is the first mover in the pocket's reopening, not the only one.

So a 29-year drought is real. It is priced in. And it ended twice in four months. Anyone told this address will never see new competition again is being sold a timing advantage as though it were a permanent one. What can fairly be said is that this project should be largely sold, and probably built, before the plot next door previews. That is worth something, though it is a smaller claim than the one being made.

$1,455 psf ppr land: what has to follow

At $1,455 psf ppr this was the highest price ever paid for a central-region state site. It held that record for seven weeks. Dover Drive, also in the central region, was awarded at $1,556 psf ppr on 31 March 2026 and took it. That correction matters more than it sounds. The “record rate” framing still circulating in launch material was accurate in February. It is not accurate now. A buyer weighing this site against the 2026 cohort should see where it actually sits.

Land is one line in the cost stack. On our own cost model the plot carries roughly $709.2M of land and $266.1M of construction. Add $111.8M of finance, $121.2M of professional fees and $72.5M of marketing. That is about $1.28 billion all in, or a breakeven we estimate near $2,628 psf ppr. Applying the 1.15–1.30 margin band we use on every project on this site gives an indicative launch range of $3,020–$3,420 psf. The full working is in our pricing methodology. Note the direction of travel. Dear land raises the floor under the price. It does not entitle a developer to a ceiling. And it takes away the option of pricing keenly if sales are slow, which is the real consequence of a top-of-cycle land bid.

Three stations, two lines, none at the doorstep

• Katong Park (TE24), about 0.67km — a 10-minute walk (est.). Operational since June 2024. Thomson-East Coast Line, direct to Marina Bay, the CBD and Orchard with no interchange.
• Tanjong Rhu (TE23), about 0.74km — an 11-minute walk (est.). Also TEL, also open since June 2024, on the opposite side of the parcel. Two stations on the same line is walking redundancy, not network diversity.
• Stadium (CC6), about 0.86km — a 13-minute walk (est.). This is the line diversity, and it is routinely left out of material on this site. The Circle Line reaches Paya Lebar, Bishan, Buona Vista and one-north without touching the TEL.
• By road, the East Coast Parkway on-ramp is minutes away, giving a direct run to Changi in one direction and the CBD in the other, with the Kallang–Paya Lebar Expressway covering the northeast corridor.

Walk distances are straight-line figures from our own station data, with an allowance added for the route you would walk. Treat the minutes as estimates, and check them on OneMap or on foot. The honest framing is this. Nothing here waits on a line that has not opened, which removes the delay risk sitting under most launches. What it does not give you is a doorstep station. A buyer told this is a two-minute walk, or a true interchange address, has been told something the map does not support.

Kallang Alive, and how much is already in the price

• The Kallang Alive masterplan. Roughly 89 hectares led by MND, URA and Sport Singapore, running in phases from 2014 into the 2030s. The OCBC Aquatic Centre, Kallang Tennis Hub and Kallang Wave Mall are already delivered and operating — this is a funded programme part-way through execution, not a concept drawing.
• Thomson-East Coast Line maturation (from June 2024). Both adjacent stations opened only two years ago; corridor ridership and the associated rental catchment are still building rather than fully priced in.
• Tanjong Rhu Close (2H2026 GLS Confirmed List). Genuinely double-edged. Another ~505 units next door is competing supply, and it is also the clearest signal the state intends this pocket to densify and improve rather than stay static.
• Nearby BTO cohorts reaching MOP in the early 2030s. The Tanjong Rhu Parc Front project drew 2,658 applicants for 464 four-room flats at its February 2025 launch; those households reach MOP in a window that overlaps this project's estimated TOP, adding local upgrader demand at roughly the point owners here might sell.

The catalyst list is stronger than most mature areas and thinner than a new-town story. Kallang Alive is a real, dated, funded programme. But the OCBC Aquatic Centre and Kallang Wave Mall are already open. So a good share of the uplift sits in today’s prices rather than ahead of them. This is an established waterfront pocket getting better, not an empty district being invented.

Schools and everyday life in D15

The school position needs stating plainly, because it is commonly overstated. On our own dataset there is no primary school within 1km of this site. The nearest is Kong Hwa School, a Special Assistance Plan school, at about 1.82km. Then Geylang Methodist School (Primary) at about 2.34km, and Tanjong Katong Primary at about 2.45km. Those are straight-line distances taken from OneMap map data. MOE measures priority on its own basis, so confirm the current band on MOE SchoolFinder before letting a school drive the decision.

The ballot record shows what the 1–2km band buys, and what it does not. In the 2025 registration exercise, Kong Hwa balloted at Phase 2C with 118 applicants for 49 places. Phase 2C is the round open to everyone else, with no family tie. That ballot was drawn among Singapore Citizens living within 1km, 112 of them for those 49 places. Phase 2B balloted on the same basis. In plain terms, an address in the 1–2km band did not reach the ballot at Kong Hwa in 2025, at either phase. That is a very different proposition from a launch sitting inside the 1km ring, and it should be weighed as one. Our wider work on this is in primary schools and new launch demand.

Secondary schools are the stronger card here. Dunman High and Chung Cheng High (Main) are both established names nearby. Day to day, the area is unusually well served for a quiet residential pocket. Kallang Wave Mall, the Singapore Sports Hub, East Coast Park and the Tanjong Rhu footbridge onto the Kallang waterfront promenade all exist today. Not one of them waits on a masterplan phase.

Yield at this entry price

This is the section most launch material skips. Tembusu Grand is the closest comparable 99-year project in the district, and it trades at roughly $2,459 psf. A buyer entering here at an indicative $3,020–$3,420 psf pays something like 25% to 35% more per square foot. The unit then lets into broadly the same District 15 tenant pool: RCR (Rest of Central Region) professionals, Kallang workers, and expatriate families who want the waterfront. Paying more to earn the same rent means a lower starting yield. It sits plausibly in the low to mid 2% range before costs. It falls again after the higher non-owner-occupied property tax, maintenance and a month of empty weeks.

Nothing about that argues against buying. It argues against buying for the wrong reason. The case here is a scarce address, and a supply pocket that has reopened twice in thirty years. That is about holding value over a seven to ten year hold, not collecting rent. Do not work off a corridor average. Anyone buying mainly for yield should run the numbers at their own entry price in our new launch ROI calculator. They should also look hard at whether a cheaper District 15 leasehold does the same job.

The buyer this address is built for

Four kinds of buyer fit. Dual-income upgraders from Districts 14 and 15 who want a waterfront address in a pocket that almost never releases new stock. Right-sizers coming out of a larger landed or freehold home, with cash to move across rather than stretch. Households organised around the Dunman High and Chung Cheng secondary catchment, rather than a primary school ring. And investors who want to hold value over a long period, on a fresh 99-year lease at an address that cannot be repeated.

It does not fit the single-income five-room flat upgrader working from sale proceeds alone. On our indicative range, a three-bedroom sits well above what a typical Geylang or Kallang flat sale bridges. That is after the CPF refund and loan settlement. No payment schedule dissolves that gap. Nor does it fit a buyer whose main requirement is a primary school inside 1km, or one whose case depends on rent.

Duties, loans and the cash a D15 purchase needs

Standard private condo rules apply. There is no citizenship restriction and no minimum occupation period. Your total monthly loan repayments are capped at 55% of gross monthly income. The test uses a 4% interest rate, whatever rate you are offered. So that stress rate governs how much you can borrow, not what you repay. You can borrow up to 75% of the price on a first housing loan, 45% with one outstanding and 35% with two. At least 5% of the price must be cash on the first.

Singapore Citizens pay no Additional Buyer’s Stamp Duty on a first property, 20% on a second and 30% on a third. Permanent Residents pay 5% on a first and 30% on a second. Foreign buyers pay 60%. Buyer’s Stamp Duty applies on the tiered scale, $107,100 on a $2.75M purchase before any Additional Buyer’s Stamp Duty.

Seller’s Stamp Duty is the tax for selling too soon after buying. Under the schedule effective 4 July 2025 it runs for four years. The clock starts when the option is exercised, not when you get the keys. On this build timeline, a purchase here is usually clear of it around the time keys arrive.

Progressive payments soften the cash profile. You pay 5% on booking, then 15% plus Buyer’s Stamp Duty at exercise three weeks later. After that, payments are staged against construction milestones, with the balance due at completion. Nothing else falls due in the first year. Maintenance and property tax begin when the building is finished, not when you buy.

Before preview, the concrete step is an in-principle approval from a bank, so you know which unit types you can afford instead of guessing. 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. The wider trade-off is set out in our new launch versus resale guide. Test the repayment at a rate above today’s, whatever today’s happens to be. The 4% floor exists to make you do exactly that.

The risks behind the scarcity story

These are the trade-offs we would put on the table. Each comes with what argues the other way.

• HighTop-of-cycle land cost removes pricing flexibilityAt $1,455 psf ppr against an estimated $2,628 psf ppr breakeven, the developer has little room to discount into weak absorption without compressing an already committed margin. Unlike a project sitting on cheap land, there is no cushion to price through softness. The mitigant is thin rather than absent: RCR unsold inventory was at a record low of 4,142 units as at 4Q2025, and CDL sold through Tembusu Grand in this same precinct — but a low-inventory market is a condition, not a guarantee.
• HighEntry quantum outruns the local upgrader poolOur indicative $3,020–$3,420 psf puts a typical three-bedroom near or above $2.75M. Five-room resale flats in the adjacent Geylang and Kallang estates transact broadly in the $890,000–$1,250,000 range, which after CPF refund and loan settlement leaves an equity bridge that does not reach that quantum without a substantial cash top-up. The mitigant is unit mix: at 525 units there will be one- and two-bedroom types that a broader pool can reach. The three-bedroom buyer is the constrained one.
• ModerateFollow-on supply at Tanjong Rhu CloseAn adjacent ~1.23ha parcel, est. 505 units, entered the 2H2026 GLS Confirmed List in June 2026 — four months after this award. Roughly 1,030 new units in one small pocket is a different supply picture from the one the scarcity story implies. The mitigant is sequencing: that site is not yet tendered and would launch several years behind, by which point this project should be substantially sold.
• ModerateRCR softness at the point of launchNon-landed RCR prices fell about 1.2% quarter-on-quarter in 2Q2026, the softest of the three segments, even as the overall price index rose. That cuts both ways — it is real current weakness, and it also sits against record-low unsold RCR stock, which makes it a supply-thin soft patch rather than a demand collapse. Either way it is a live condition roughly a year before preview.
• ModerateNo primary school within 1kmThe nearest primary, Kong Hwa, is ~1.82km away on our dataset, and its 2025 Phase 2C ballot was drawn among within-1km citizen applicants only — 112 for 49 places. A family organising around P1 registration should treat this address as outside the priority ring. The mitigant is the secondary catchment, where Dunman High and Chung Cheng High are genuinely strong, and MOE bands should be confirmed on SchoolFinder closer to registration.
• LowHeight cap and reclaimed-land constructionA 100m Singapore Height Datum cap constrains the built form to roughly the announced 26 storeys, and likely reclaimed ground adds foundation cost and complexity. Both are construction-phase conditions already reflected in the developer's bid, and the height cap has a compensating effect — it limits what can be built to block the view corridor this site is being designed around.

What to watch

1. Feb 2026Site awarded$709.3M — $1,455 psf ppr — to a CDL–Woh Hup joint venture. 525 units, three 26-storey blocks, integrated early childhood development centre.
2. Jun 2026Tanjong Rhu Close added to the Confirmed List~1.23ha, est. 505 units, adjacent. Not yet tendered.
3. Late 2026 (est.)Project name and branding releasedThe first developer-confirmed signal on positioning. Until then the parcel is referred to by its site address.
4. 2027 (est.)Site plan and floor plansUnit mix, stack orientation and view corridors become checkable rather than inferred. Nothing stack-level on this page can be written honestly before this lands.
5. Q2 2027 (est.)Preview and price listThe moment our indicative $3,020–$3,420 psf range is either confirmed or falsified. Day-one take-up is the demand signal worth watching.
6. 2028–2029 (est.)Tanjong Rhu Close tender and launchThe point at which first-mover positioning is tested against a directly adjacent alternative.
7. 2031 (est.)Estimated TOPOverlapping the MOP window for nearby BTO cohorts, which is the natural exit audience.

Our read on Tanjong Rhu Grand

The trade is clear once stated as a trade. You pay a premium to every 99-year comparison in District 15. On our range you pay into the same band as freehold waterfront stock nearby. In exchange you get a fresh 99-year lease in a pocket that has released land twice in thirty years. You also get three stations across two lines within a 10 to 13 minute walk, with nothing waiting on a future opening. And a funded Kallang Alive programme already part-delivered. That suits a dual-income upgrader or right-sizer with cash above the median flat-sale bridge. They take a seven to ten year view, and value the address over the entry price. It does not suit a single-income flat upgrader working from sale proceeds alone. Nor a family who needs a primary school inside 1km. Nor an investor buying for rent.

Two data points will answer the question. The first is the launch price against our $3,020–$3,420 indicative range. Near the bottom, the scarcity premium is being shared with the buyer. At or above the top, the buyer is funding the land bid. The second is how many units sell on day one. That tells you whether the address commands the premium in practice or only in theory. We update both here once actual pricing is out.

Wider context sits in our GLS pipeline tracker and the June 2026 developer sales report. Interested buyers can register interest, get the latest e-brochure and book a showflat viewing through the Tanjong Rhu Grand appointed developer sales website, which also carries the project name and floor plans as the developer confirms them. Use this page as the yardstick to measure those releases against.

The short version on Tanjong Rhu

• This is the first state land plot released in this pocket since 1997, so the scarcity claim is real.
• A second plot, Tanjong Rhu Close, joined the confirmed list in June 2026. The drought ended twice in four months.
• The land cost $1,455 psf ppr. That was a central-region record for seven weeks, until Dover Drive at $1,556.
• Our indicative launch range is $3,020–$3,420 psf. It is our estimate, not a developer figure.
• That sits above every 99-year comparison in District 15, and overlaps freehold stock at $2,790–$3,226 psf.
• Three stations across two lines sit within a 10 to 13 minute walk. None is at the doorstep.
• No primary school is inside 1km. The nearest, Kong Hwa, balloted only among within-1km applicants in 2025.
• Rental yield would sit in the low to mid 2% range before costs (est.).

So what should you do with this? Take the scarcity argument at its real size. This project should sell and build out before the next plot previews. That is a timing advantage, not a permanent one. If schools matter, note that the secondary catchment is the strong card here and the primary one is not. And when the price list lands, compare it against The Continuum at $2,790 and Meyer Blue at $3,226. Paying freehold money for a 99-year lease is the decision you are actually making.

Sources: URA land sales records and quarterly price index releases; our own land-cost and cost-stack datasets; LTA station and network records; MOE school data and 2025 P1 balloting releases compiled in our own schools dataset; HDB resale records; EdgeProp and Business Times reporting on the February 2026 award and the 2H2026 GLS Confirmed List. 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 take developer fees for its research. The publisher’s agency is part of the developer’s appointed sales team for this project; that work sits outside the research desk and does not change our figures or verdict. See our editorial policy.

Page history

• 3 Oct 2026 — Wording pass. Region names now use URA's CCR, RCR and OCR labels, and several phrases were simplified for first-read clarity. No figure, date or source changed.
• 2 Oct 2026 — Link to the project’s appointed developer sales website reworded, so readers can see where to register interest, get the e-brochure and book a showflat viewing. Disclosure line updated to state that the publisher’s agency is part of the appointed sales team. No figure, table, source or FAQ answer changed.
• 30 Sep 2026 — Estimated breakeven restated on the PropertyInsider.sg cost model, which replaces the third-party cost stack used before: $2,628 psf ppr; indicative range now $3,020–$3,420 psf. Cost lines quoted in the text updated to match.
• 9 Sep 2026 — Plain-English pass. Prose rewritten for shorter sentences and first-read clarity, jargon explained at first use, a short-version summary added before the FAQ, and em dashes removed from body prose. No figure, date, table row, source, link or FAQ answer was changed in substance.
• 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 — First research read published. Site and supply history timeline built from the 1997 award through the June 2026 Confirmed List addition; pricing walked from the $1,455 psf ppr land cost through a $2,619 psf ppr breakeven to the $3,010–$3,400 indicative range; the "record RCR land rate" framing corrected, as Dover Drive at $1,556 psf ppr superseded it in March 2026; connectivity restated at three stations across two lines at 10–13 minutes on foot, adding Stadium (CC6); school distances and Kong Hwa's 2025 Phase 2C ballot restated from our own dataset, with the no-primary-within-1km position stated explicitly.
• Next scheduled update — the day the developer releases the project name, and again when a price list is published, at which point the indicative range is replaced with actual pricing and stack-level analysis is added.

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