1-12-2025 (SINGAPORE) Allgreen Properties, the real estate arm of Malaysian billionaire Robert Kuok, submitted the highest bid of S$464.8 million (US$358 million) in Singapore’s latest government land tender for a prime residential plot in eastern Bedok.
The Bedok Rise site, measuring 20,294 square meters with a 99-year leasehold, will support a condominium development of up to 380 units across a maximum gross floor area of 32,470 square meters and buildings rising to 12 stories. Facing Tanah Merah MRT station—an interchange for the East-West and Thomson-East Coast lines—the location promises excellent connectivity for commuters and residents.
The tender, launched in September and closed last Thursday, drew a record 10 bids, the most since September 2021, reflecting renewed developer interest amid stabilizing property prices. Kuok’s Allgreen outpaced rivals including Hoi Hup Realty’s S$1,324 per square foot per plot ratio offer and a consortium led by ABR Holdings at S$1,291 psf ppr. Other participants featured Hong Leong Holdings and UOL Group.
As part of the Kuok Group’s portfolio—bolstered by Kuok’s US$13.4 billion fortune—Allgreen recently sold over half of 596 units at its Promenade Peak project within days of launch and announced a revamp of its Johor Bahru City Square mall to capitalize on upcoming cross-border rail links. The Urban Redevelopment Authority will review the bid before awarding the site, with developers eyeing similar upcoming tenders for signs of market momentum.
