Telok Blangah Road GLS

The research read

Telok Blangah Road GLS is a planned 745-unit condo on the former Keppel Club land, in District 4. The lease is 99 years, and the developer is Kingsford Huray Development. The site drew three bids and was awarded in November 2025 at $918.3 million, or $1,326 psf ppr. Preview is estimated for Q1 2027 and keys for around 2032. The developer has confirmed neither date.

Two facts separate it from the rest of the pipeline. The first is that this is the first private housing plot released inside the Berlayar estate. That estate is the roughly 48-hectare former Keppel Club land, planned for about 10,000 homes at the western end of the Greater Southern Waterfront. The last state land sold in this stretch of Telok Blangah was Harbour View Towers in 1990, a 35-year gap. The second is that this land was bought before the area repriced. The next Berlayar plot, on Berlayar Drive, went to tender nine months later at $1,515 psf ppr, 14.3% higher.

Being first 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 what a local upgrader has. How it reads against Keppel Bay resale a kilometre away. And what a 3,000-unit private pipeline in the same estate 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 plot in the same estate has since gone to tender, there is now a live benchmark to read it against.

Land is only one line in the cost stack. Add construction, finance, professional fees and marketing to the $918.3 million land cost. That gives a development cost of roughly $1.70 billion, over about 692,500 sq ft of buildable floor area. The breakeven works out at about $2,450 psf ppr. Applying the 1.15–1.30 margin band we use on every project on this site gives an indicative launch range of $2,820–$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 follows it, but 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.

With any line that has not opened, we ask what holds if it slips. Here there is nothing to slip. The rail upgrade in this project’s story was delivered before the site has even released a price list. That is the reverse of the usual new-launch position. What is genuinely still ahead is the Greater Southern Waterfront’s walking and cycling network. Treat that as a quality-of-life addition rather than part of 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 change is dated, funded and visible. Flats have launched, land has been tendered, and a rail loop has closed. The wider Greater Southern Waterfront is a decades-long masterplan. Its port-relocation timeline is not something a buyer should bet on at a specific date. Folded together into one story about to happen, 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. Radin Mas Primary is about 1.44km away, CHIJ (Kellock) about 1.83km, and Gan Eng Seng Primary about 1.90km. These 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 you rely on it.

What being close buys here is unusually easy by Singapore standards. In the 2025 P1 exercise, Blangah Rise took 19 Phase 2C applicants against 89 places, and did not ballot at any phase. Phase 2C is the round for children with no prior link to the school. So the 1km band here is a comfort rather than a contest.

The competitive school nearby is Radin Mas. It balloted at Phase 2C with 56 citizen applicants living within 1km for 47 places. At roughly 1.44km, this site sits outside the band that ballot was decided on. Being inside a band gets a family into the ballot. It does not win a place, and for Radin Mas this address does not even offer the entry. Our wider analysis is in primary schools and new launch demand.

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

Rental demand versus rental yield

Reflections at Keppel Bay is the nearest deep rental comparison. Across the 6,143 rental contracts lodged there in our dataset, it lets at an average of $4.81 psf a month. Against its average transacted price of $1,813 psf, that is a gross yield near 3.2%. Now apply that same rent to an entry at our indicative $2,820–$3,180 psf. The gross yield falls to roughly 1.8% to 2.1% before costs. It falls again after the higher non-owner-occupied property tax, maintenance and a month of empty weeks. That gap is what happens when you pay a new-build premium into an existing rental market. 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 can be named. Mapletree Business City at Alexandra. The one-north research cluster, a few Circle Line stops away. And the PSA and shipping employers along the harbour front. But for an investor the case here is the area repricing over a seven to ten year hold, not the rent. Run your own entry price through our new launch ROI calculator rather than a corridor average.

Who a first-mover position here suits

Four kinds of buyer fit. 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 a working rail position rather than a promised one. Households who treat the Southern Ridges and the waterfront as a daily amenity rather than a weekend outing. And investors buying the first plot in an estate whose next two land sales have already priced higher.

It does not suit the buyer whose whole budget is HDB sale proceeds with nothing on top. Average five-room resale prices in Bukit Merah and Queenstown ran about $1.04M and $1.15M in 1Q2025. On our indicative range, a three-bedroom here is a long way past what that bridges after the CPF refund and loan redemption. Nor does it suit anyone who needs quiet, because this estate is under construction into the mid-2030s.

Eligibility, duties and financing

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, not the rate you are offered. You can borrow up to 75% of the price on a first housing loan.

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. Foreign buyers pay 60% flat, which makes the buyer pool here local by design. Buyer’s Stamp Duty runs on the tiered scale, $94,600 on a $2.5M purchase.

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 timeline, a purchase would normally be clear of it before the keys arrive.

Progressive payments soften the cash profile. You pay 5% on booking, then 15% plus Buyer’s Stamp Duty at exercise. After that, payments are staged against construction milestones, with 25% at completion and the balance a year on.

Note the bridge most buyers miss. If you borrow 75%, you must find the other 25% from cash and CPF. Booking and exercise together only cover 20% of 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. The wider trade-off is in our new launch versus resale guide. 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. Each comes with the context it 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 $2,820–$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

Stated as a trade, it reads like this. You pay an estimated $2,820–$3,180 psf, a premium over Keppel Bay resale in the $1,751–$2,496 psf range. In exchange you get a fresh 99-year lease, and a Circle Line station running since 2011 on a loop that closed in 2026. You also get the first private address in a 10,000-home estate. Its next two land plots have already priced 14% or more above this one. That suits a buyer with room above the local flat-equity bridge, on a seven to ten year view, who is comfortable being early. It does not suit a buyer stretching to the last dollar. Nor one who needs a quiet neighbourhood over the next decade. Nor one buying for rental income, since at these entry levels the gross yield is closer to 2% than to 4%.

Two things to watch. The first is the launch price against our $2,820–$3,180 indicative range. Near the bottom, the November 2025 land cost has genuinely reached the buyer. At or above the top, Kingsford has priced off the Berlayar Drive benchmark instead of its own numbers. The second is the December 2026 Berlayar Close tender. That will show whether this estate’s land re-rating is a trend, or one sole-bid outlier. We re-check both 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. Interested buyers should visit the Telok Blangah Residences appointed developer sales website to register interest, get the latest e-brochure and book a showflat viewing. Preview timing and floor plans are posted there as they are confirmed. Use this page as the yardstick to measure them against.

Telok Blangah in brief

• This is the first private plot in the Berlayar estate, and the first state land sold in this stretch since 1990.
• The land cost $1,326 psf ppr in November 2025. The next plot next door went for $1,515, some 14.3% higher.
• Our indicative launch range is $2,820–$3,180 psf. It is our estimate, not a developer figure.
• Keppel Bay resale runs $1,751–$2,496 psf, so this would launch above the local band, not into it.
• The Circle Line station has run since 2011, and the loop closed in 2026. Nothing here waits on a future opening.
• Blangah Rise Primary is about 0.91km away and did not ballot at all in 2025. The busier school, Radin Mas, is outside 1km.
• Rental yield would be roughly 2.1–2.3% gross (est.), against 3.7% at Reflections.
• The estate is under construction into the mid-2030s.

So what should you do with this? Be clear that you are buying early into an estate, and that early means living beside building work for years. If that is acceptable, the strongest fact in your favour is that the next two plots here already cost more. Watch the December 2026 Berlayar Close tender to see whether that holds. And compare any eventual price list against Keppel Bay’s $1,751–$2,496, because that is what a future buyer of yours will be comparing it with.

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; URA lodged rental contracts for Reflections at Keppel Bay, compiled in our own resale and rental dataset; 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 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

• 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: $2,450 psf ppr; indicative range now $2,820–$3,180 psf. Cost lines quoted in the text updated to match.
• 29 Sep 2026 — Rent benchmark for Reflections at Keppel Bay re-sourced to the lodged rental contracts in our own dataset ($4.81 psf a month across 6,143 contracts, against a $1,813 psf average price). Gross yield at our entry range restated to roughly 1.8% to 2.1%.
• 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 — 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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