Telok Blangah Road GLS

The research read

Telok Blangah Road GLS is an upcoming 745-unit, 99-year leasehold condominium on the former Keppel Club land in District 4 (RCR), by Kingsford Huray Development. The site drew three bids and was awarded in November 2025 at $918.3 million — $1,326 psf per plot ratio. Preview is estimated for Q1 2027 and TOP for around 2032, neither developer-confirmed.

Two structural facts separate it from the rest of the pipeline. It is the first private residential parcel released inside the Berlayar estate — the ~48ha former Keppel Club precinct planned for roughly 10,000 homes at the western end of the Greater Southern Waterfront — and the last state land sold in this immediate stretch of Telok Blangah was Harbour View Towers in 1990, a 35-year gap. And its land was bought before the precinct repriced: the second Berlayar site, on Berlayar Drive, was tendered nine months later at $1,515 psf ppr, 14.3% higher.

First-mover is a position, not a valuation. Four things decide the purchase: what Kingsford needs to charge to make the site work, whether that number clears local upgrader equity, how it reads against Keppel Bay resale a kilometre away, and what a 3,000-unit private pipeline in the same precinct does to the exit.

What Kingsford has to charge, and why

The land number is the one hard fact this project has, and it does two jobs. It sets the floor under the launch price, and, because a second site in the same estate has since been tendered, it now also has a live benchmark against it.

Land is only one line of the cost stack. Adding construction, financing, professional fees and marketing to the $918.3 million land cost gives a development cost of roughly $1.69 billion over about 692,500 sq ft of gross floor area — an estimated breakeven of about $2,444 psf ppr. Applying the 1.15–1.30 developer margin band we use on every project on this site gives an indicative launch range of $2,810–$3,180 psf. The full working is in our pricing methodology. Note what the land cost does and does not do: it lowers the floor under the price, not the ceiling over it. Kingsford has room to price below the Berlayar Drive project that will follow it; nothing obliges it to.

Rail, roads and the walk to the station

• Telok Blangah (CC28), about a 5-minute walk (est.) — verify with OneMap. Operational on the Circle Line since October 2011. Not a promised station: a fifteen-year-old one.
• HarbourFront (CC29/NE1), one stop. Adds the North East Line as a second backbone, plus VivoCity, the cruise centre and the Sentosa gateway.
• Keppel (CC30), Cantonment (CC31) and Prince Edward Road (CC32) opened 12 July 2026. Circle Line Stage 6 closed the loop between HarbourFront and Marina Bay. LTA's own worked example is the Telok Blangah–Marina Bay trip: previously two transfers, now a single train, roughly ten minutes faster.
• By road, the West Coast Highway and AYE reach the CBD, one-north and the Tuas corridor; Keppel Road runs to Sentosa and Tanjong Pagar.

The discipline we apply to any un-opened line is to ask what holds if it slips. Here there is nothing to slip — the connectivity upgrade in this project's story was delivered before the site has even released a price list, which is the reverse of the usual new-launch position. What is genuinely still ahead is the Greater Southern Waterfront's walking and cycling network, and that is a quality-of-life addition rather than the commute case.

A two-speed transformation story

• The Berlayar estate (~48ha, former Keppel Club). Planned for roughly 10,000 homes — about 7,000 Prime and Plus HDB flats and 3,000 private units — with a share of the land set aside as green corridors (HDB masterplan, September 2025).
• Berlayar Residences, October 2025. 880 Prime flats plus 200 rental units, the estate's first supply tranche, heavily oversubscribed at four-room level.
• Berlayar Rise, June 2026. A second, much larger BTO tranche of 1,976 units — the public-housing side of the precinct is being built out at pace, not planned at leisure.
• Berlayar Drive, tender closed 4 August 2026. The second private site, ~415 units, drew a sole bid of $576.78 million ($1,515 psf ppr) from an Intrepid Investments–GuocoLand joint venture — a record land rate for a pure residential RCR plot. A further Berlayar Close site (~695 units) is slated for tender in December 2026.
• The Greater Southern Waterfront. URA's ~2,000-hectare long-range plan from Pasir Panjang to Marina Bay, of which the Berlayar estate is the first residential piece to be physically built.

This is a two-speed catalyst list. The estate-level transformation is dated, funded and visible — flats launched, land tendered, a rail loop closed. The wider Greater Southern Waterfront is a decades-long masterplan whose port-relocation timeline is not something a buyer should underwrite at a specific date. Folded together into one imminent story, they would imply a timeline nobody has published.

Schools here are an unusually easy question

On our own school dataset, Blangah Rise Primary sits about 0.91km from the site, with Radin Mas Primary at ~1.44km, CHIJ (Kellock) at ~1.83km and Gan Eng Seng Primary at ~1.90km. These 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 anchoring a decision on it.

What proximity buys here is unusually undemanding by Singapore standards. In the 2025 P1 exercise Blangah Rise took 19 Phase 2C applicants against 89 vacancies and did not ballot at any phase — the within-1km band is a comfort, not a contest. The competitive school in the catchment is Radin Mas, which balloted at Phase 2C with 56 citizen applicants living within 1km for 47 places — and at roughly 1.44km this site is outside the band that ballot was decided on. Being inside a band is what gets a family into the ballot; it is not what wins it, and it is not what this address offers for Radin Mas. Our wider analysis is in primary schools and new launch demand.

Beyond schools, the daily-life case is already built: VivoCity and HarbourFront Centre one MRT stop away, Telok Blangah Hill Park, Mount Faber, HortPark and the Southern Ridges walkable, Labrador Nature Reserve and Sentosa close by, and the Bukit Merah hawker and market network that long-time residents actually organise their week around.

Rental demand versus rental yield

Reflections at Keppel Bay is the nearest deep rental comparable, letting at roughly $5.45 psf per month on 2026 listings and lodged rentals. Against its own ~$1,751 psf resale price that is a gross yield near 3.7%. Apply the same corridor rent to an entry at our indicative $2,810–$3,180 psf and the gross yield falls to roughly 2.1–2.3% before costs — and lower again after property tax at non-owner-occupier bands, maintenance and a vacancy allowance. That gap is the arithmetic of paying a new-build premium into an existing rental market, and no launch material will show it to you.

The yield is the weak part of the case, not the project. Tenant demand itself is real and named — Mapletree Business City at Alexandra, the one-north research cluster a few Circle Line stops away, and the PSA and maritime employers along the harbour front. But for an investor the thesis here is precinct repricing over a seven-to-ten-year hold, not running yield. Run your own entry price through our new launch ROI calculator rather than a corridor average.

Who a first-mover position here suits

This fits Bukit Merah and Queenstown flat owners who want to stay in the estate they already use while resetting into a fresh 99-year lease; CBD, one-north and Alexandra professionals who want an operational rail position rather than a promised one; households who value the Southern Ridges and waterfront greenery as a daily amenity rather than a weekend outing; and investors buying the first parcel in a precinct whose next two land sales have already been priced higher. It does not suit the buyer whose entire budget is HDB sale proceeds with no top-up — average five-room resale prices in Bukit Merah and Queenstown ran about $1.04M and $1.15M in 1Q2025, and on our indicative range a three-bedroom here is a long way past what that equity bridges after CPF refund and loan redemption. Nor does it suit anyone who needs quiet: this is a precinct under construction into the mid-2030s.

Eligibility, duties and financing

Standard private condominium rules apply: no citizenship restriction and no MOP, TDSR capped at 55% of gross monthly income and stress-tested at 4%, 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 foreigners 60% flat, which makes the buyer pool here domestic by design. Buyer's Stamp Duty runs on the tiered scale; on a $2.5M purchase that is $94,600. 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, so on this timeline a purchase would normally be clear of SSD before keys are collected.

Progressive payments soften the cash profile: 5% on booking, 15% plus BSD at exercise, then staged draws against construction milestones, with 25% at TOP and the balance at CSC. Note the bridge most buyers miss — at 75% LTV the cash and CPF obligation is 25% of price, so booking and exercise (20% together) do not discharge it; the remaining 5% falls due at the first construction stage after exercise. Work the numbers in 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 in our new launch versus resale guide. Getting an in-principle approval before preview is what turns an affordability question into a known number.

Risks of buying first

Below are the risks we would weigh at this price and this stage, with the context each one deserves.

• HighEntry quantum outruns local upgrader equityAverage five-room resale prices were roughly $1.04M in Bukit Merah and $1.15M in Queenstown in 1Q2025 (data.gov.sg); a three-bedroom on our indicative range sits far above what that releases after CPF refund and outstanding loan. The mitigant is breadth — 745 units means smaller types stay reachable, and an RCR launch draws a wider pool than a single-town one — but the bridge has to be checked at the individual level, not assumed.
• HighPricing above, not at, the local resale bandKeppel Bay cluster stock traded at roughly $1,751–$2,496 psf in 2026. Our indicative $2,810–$3,180 psf is a genuine premium, which means the case depends on the precinct repricing rather than on buying cheaply today. The mitigant is that the two land sales after this one came in 14% and more above it — the market pricing that repricing in real time — but that is a directional signal, not a guarantee.
• ModerateCompeting supply inside the same precinctBerlayar Drive (~415 units, land secured August 2026) and a Berlayar Close site (~695 units, tender slated for December 2026) sit inside the same estate, before counting the ~3,000 private units planned across it. The mitigant is sequencing: this project previews and completes first, and each later site starts from a higher land cost.
• ModerateA decade of adjacent constructionRoughly 7,000 HDB flats plus private tranches are being built next door into the mid-2030s. Noise and dust are real for stretches of the hold. The mitigant is timing — this project's own TOP around 2032 means occupation begins after the heaviest work on this plot, and delivered neighbours ultimately support values.
• ModerateDeveloper recordThe Controller of Housing issued Kingsford Huray a no-sale licence for its Normanton Park project in January 2019, citing building works at Kingsford Waterbay that deviated from Building Control requirements and buyer feedback from Kingsford Hillview Peak. It was lifted on 30 November 2020 with a Quality Mark condition across all 1,862 units, and Normanton Park completed in 2023. An improving trajectory, not a closed file — inspect the show flat and the defects process yourself.
• ModerateNo price list, no name, no site planEverything forward-looking on this page is an estimate: unit mix, launch price, preview window and TOP are unconfirmed by the developer, and stack and facing data do not exist until the site plan releases. This is an early-stage read, and it will move.
• LowSegment softness at the point of launchNon-landed RCR prices fell about 1.2% quarter-on-quarter in 2Q2026. That cuts both ways — real current weakness, and also the environment in which a developer holding land below the current benchmark has room to price through it.

What we are watching

1. Oct 2025Berlayar Residences BTO launched880 Prime flats plus 200 rental units — the estate's first supply and its first demand signal.
2. Nov 2025Site awarded to Kingsford Huray$918.3M — $1,326 psf ppr, three bids, the first private parcel in the Berlayar estate.
3. Jun 2026Berlayar Rise BTO launchedA further 1,976 flats — the public-housing build-out accelerates.
4. 12 Jul 2026Circle Line Stage 6 opensKeppel, Cantonment and Prince Edward Road close the loop; Telok Blangah to Marina Bay becomes a single-train trip, about ten minutes faster.
5. 4 Aug 2026Berlayar Drive tender closesSole bid of $576.78M — $1,515 psf ppr, 14.3% above this site and a record for a pure residential RCR plot.
6. Dec 2026 (est.)Berlayar Close site goes to tender~695 units. The third land print in this estate, and the clearest read on whether the precinct's land re-rating is holding.
7. Q1 2027 (est.)PreviewProject name, unit mix, floor plans and the price list all land here. This is when the estimates on this page become facts.
8. 2032 (est.)Estimated TOPIf it slips, the progressive payment schedule extends; the total owed does not change.

Our read on Telok Blangah Residences

The trade, stated as a trade: you pay an estimated $2,810–$3,180 psf — a premium over Keppel Bay resale in the $1,751–$2,496 psf range — and in exchange you get a fresh 99-year lease, a Circle Line station running since 2011 on a loop that closed in 2026, and the first private address in a 10,000-home estate whose next two land parcels have already been priced 14% or more above this one. That suits a buyer with headroom above the local flat-equity bridge and a seven-to-ten-year horizon who is comfortable being early. It does not suit a buyer stretching to the last dollar, one who needs a quiet neighbourhood over the next decade, or one buying for running yield, at these entry levels the gross yield is closer to 2% than to 4%.

Two things to watch. The first is the launch psf against our $2,810–$3,180 indicative range: near the bottom, the November 2025 land cost has genuinely passed to the buyer; at or above the top, Kingsford has priced off the Berlayar Drive benchmark instead of its own. The second is the December 2026 Berlayar Close tender, which will show whether this precinct's land re-rating is a trend or a single sole-bid outlier. Both are re-checked here the day the price list lands. Wider context sits in our GLS pipeline tracker, our 1H2026 GLS programme analysis and our first-mover pricing analysis. The Telok Blangah Residences project site carries the developer's launch updates, floor plans and preview timing as they are confirmed; this page stays the independent yardstick to measure them against.

Sources: URA GLS tender results and our own land-sale and development-cost register; URA quarterly price index releases (2Q2026); LTA Circle Line Stage 6 releases (May and July 2026); HDB BTO sales exercises, October 2025 and June 2026; URA Greater Southern Waterfront masterplan material; CBRE and Realis Keppel Bay cluster transaction data to August 2026; 99.co and EdgeProp rental data; MOE school data and P1 balloting releases compiled in our own schools dataset; data.gov.sg HDB resale prices (1Q2025); URA statements on the Normanton Park licence, 2019–2020. 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. Indicative pricing restated to $2,810–$3,180 psf from the $2,444 psf ppr breakeven and the 1.15–1.30 margin band, replacing the earlier third-party $2,650–$2,900 analyst band. Berlayar Drive's 4 August 2026 tender result ($1,515 psf ppr, +14.3%) added to the land table and timeline; Berlayar Rise BTO (June 2026) and the December 2026 Berlayar Close tender added as catalysts; Circle Line Stage 6's 12 July 2026 opening added to connectivity; school distances and 2025 P1 ballot figures restated from our own dataset; rental counter-case, financing, risk and verdict sections added. Corrected: the 2019 no-sale licence was issued for Normanton Park, not for Hillview Peak in 2017, and the earlier "~30ha / ~9,000 homes" description of the former Keppel Club land is restated as the ~48ha Berlayar estate planned for about 10,000 homes.
• 12 Aug 2026 — Land-cost table and resale cross-check refreshed against 2026 transactions.
• Next scheduled update — the December 2026 Berlayar Close tender result, and then the day Kingsford publishes a price list, when the indicative range is replaced with actual pricing and stack data is added.

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