Tanjong Rhu Road GLS

The research read

Tanjong Rhu Road GLS is an upcoming 525-unit, 99-year leasehold condominium on a 131,743 sq ft state land parcel at Tanjong Rhu Road, District 15 (RCR), by a CDL–Woh Hup joint venture. The site was awarded on 5 February 2026 at $1,455 psf ppr — $709.3 million. Preview is targeted for Q2 2027 (est.), with TOP around 2031 (est.).

Two structural facts set it apart from the rest of the pipeline. First, it is the first state land parcel released in the Tanjong Rhu pocket since 1997 — the site that became Waterplace was the last one, and nothing new has been built for sale here in a generation. Second, the parcel sits between two operational Thomson-East Coast Line stations rather than beside one, with a Circle Line station a little further on: 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, which raises two further questions: whether that number still clears the equity of the buyers who want to live here, and what happens to the scarcity argument once the parcel next door comes to tender.

The first parcel here in nearly 30 years

The scarcity claim is unusually easy to check, because the supply record for this pocket is short enough to write out in full. It is also the reason the land cleared at the price it did, and the reason 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, and 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 if it were a permanent one. What can fairly be said is that this project should be substantially sold, and probably built, before the parcel next door previews — which is worth something, and is not the same thing.

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

At $1,455 psf ppr this was the highest price ever paid for a Rest of Central Region government land site, for seven weeks. Dover Drive (D05, also RCR) was awarded at $1,556 psf ppr on 31 March 2026 and took the record. That correction matters more than it sounds: the "record RCR rate" framing still circulating in launch material was accurate in February and is not accurate now, and a buyer weighing this site against the 2026 cohort should see where it actually sits.

Land is one line of the cost stack. On our own cost model the parcel carries roughly $709.3M of land, $266.0M of construction, $112.0M of financing, $117.0M of professional fees and $72.0M of marketing — about $1.28 billion all in, or an estimated breakeven near $2,619 psf ppr. Applying the 1.15–1.30 margin band we use on every project on this site produces an indicative launch range of $3,010–$3,400 psf. The full working is set out in our pricing methodology. Note the direction of travel: expensive land raises the floor under the price. It does not entitle a developer to a ceiling, and it removes the option of pricing keenly if take-up is 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 from our own station dataset, converted at a routed-walking allowance; treat the minutes as estimates and verify with OneMap or on foot. The honest framing is this: nothing here depends on a line that has not opened, which removes the slippage risk that sits under most launches. What it does not give you is a doorstep station. A buyer who has been told this is a two-minute walk, or a "dual-line" address in the interchange sense, 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 precincts and thinner than a township story. Kallang Alive is a real, dated, funded programme — but the OCBC Aquatic Centre and Kallang Wave Mall are already open, which means a meaningful share of the uplift is in today's prices rather than ahead of them. This is an established waterfront enclave getting better, not an empty district being invented.

Schools and everyday amenity 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 SAP school, at about 1.82km, followed by Geylang Methodist School (Primary) at ~2.34km and Tanjong Katong Primary at ~2.45km. Those are straight-line distances computed from OneMap geocodes; MOE registers priority on its own measured basis, so confirm the current band on MOE SchoolFinder before letting a school drive the decision.

What the 1–2km band buys, and what it does not, is visible in the ballot record. In the 2025 registration exercise Kong Hwa balloted at Phase 2C with 118 applicants for 49 vacancies — and the 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 materially different proposition from a launch that sits inside the 1km ring, and it should be weighed as such. Our wider work on how this plays out across launches is in primary schools and new launch demand.

Secondary and post-secondary options are the stronger card here — Dunman High and Chung Cheng High (Main) are both established names in the immediate catchment. Day to day, the precinct is unusually well served for a residential enclave: Kallang Wave Mall, the Singapore Sports Hub, East Coast Park and the Tanjong Rhu footbridge onto the Kallang waterfront promenade all exist today, none of them contingent on a masterplan phase.

Yield at this entry price

This is the section most launch material skips. Tembusu Grand, the nearest directly comparable 99-year project in the district, transacts at roughly $2,459 psf. A buyer entering here at an indicative $3,010–$3,400 psf is paying something like 25–35% more per square foot to let a unit into broadly the same District 15 rental catchment — the same tenant pool of CBD-adjacent professionals, Kallang precinct workers and waterfront-seeking expatriate families. Higher entry against comparable rents means a lower initial gross yield, plausibly in the low-to-mid 2% range before costs and lower again after property tax on non-owner-occupier bands, maintenance and a vacancy allowance.

Nothing about that argues against buying. It argues against buying for the wrong reason. The case here is scarcity of address and a supply pocket that reopens only twice in thirty years — capital preservation over a seven-to-ten-year hold, not running income. Anyone buying primarily for yield should run the numbers at their own entry price in our new launch ROI calculator rather than on a corridor average, and should look hard at whether a cheaper D15 leasehold does the same job.

The buyer this address is built for

The buyers who fit are dual-income District 14 and 15 upgraders 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 equity to redeploy rather than stretch; households organised around the Dunman High and Chung Cheng secondary catchment rather than a primary school ring; and investors reading a fresh 99-year lease on an irreplaceable address as capital preservation over a long hold. The buyer it does not fit is the single-income five-room HDB upgrader working from sale proceeds alone — on our indicative range a three-bedroom would sit well above what a typical Geylang or Kallang flat sale bridges after CPF refund and loan settlement, and no payment schedule dissolves that gap. Nor does it fit a buyer whose primary requirement is a primary school inside 1km, or one whose case depends on yield.

Duties, loans and the cash requirement

Standard private condominium rules apply: no citizenship restriction and no MOP. TDSR is capped at 55% of gross monthly income and stress-tested at 4% regardless of the rate actually offered, so the stress rate governs how much can be borrowed, not what is repaid. LTV runs up to 75% on a first housing loan, 45% with one outstanding and 35% with two, with a minimum 5% cash component on the first. 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; foreigners 60%. Buyer's Stamp Duty applies on the tiered residential scale — on a $2.75M purchase that is $107,100 before any ABSD. Under the schedule effective 4 July 2025, Seller's Stamp Duty runs for four years from the date the option is exercised, not from TOP, which on a build-under-construction timeline usually means a purchase here is clear of SSD around the time keys are collected.

Progressive payments soften the cash profile: 5% on booking, 15% plus BSD at exercise three weeks later, then staged draws against construction milestones, with the balance at TOP and CSC. Nothing else falls due in the first year — maintenance and property tax begin at TOP, not at purchase. Before preview the concrete step is an in-principle approval, so the affordable unit types are known rather than guessed. 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, and the wider trade-off is set out in our new launch versus resale guide. Stress-test at a rate above today's, whatever today's happens to be — that is what the 4% floor exists to make you do.

The risks behind the scarcity story

These are the trade-offs we would put on the table, together with what argues the other way on each.

• HighTop-of-cycle land cost removes pricing flexibilityAt $1,455 psf ppr against an estimated $2,619 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 $3,010–$3,400 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 $3,010–$3,400 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 comparable in District 15, and on our range you pay into the same band as freehold waterfront stock nearby — and in exchange you get a fresh 99-year lease on a pocket that has released land twice in thirty years, three stations across two lines within a 10-to-13-minute walk with nothing contingent on a future opening, and a funded Kallang Alive programme already part-delivered. That suits a dual-income upgrader or right-sizer with equity above the median flat-sale bridge, on a seven-to-ten-year horizon, who values the address over the entry price. It does not suit a single-income HDB upgrader working from sale proceeds alone, a family who needs a primary school inside 1km, or an investor buying for yield.

Two data points will answer the question. The first is the launch psf against our $3,010–$3,400 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 day-one take-up, which tells you whether the address commands the premium in practice or only in theory. We will update both here once actual pricing is out. Wider context sits in our GLS pipeline tracker and the June 2026 developer sales report. The Tanjong Rhu Grand project site carries launch updates, the project name and floor plan releases as the developer confirms them; this page stays the yardstick those releases get measured against.

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 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 — 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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