Singapore, Feb 7, 2026, 15:34 SGT — The market has closed.
- CDL shares ended the session 0.6% lower at S$9.57.
- A consortium led by CDL put in the highest offer for the Tanjong Rhu Road residential plot, with a bid coming in at S$709.25 million.
- Investors are keeping tabs on the tender award process, with CDL’s results briefing set for Feb 27 also on the radar.
City Developments Limited (CDL) is set for a fresh spark next week, as a CDL-led consortium put in the highest offer—S$709.25 million—for the Government Land Sale (GLS) site at Tanjong Rhu Road. That works out to roughly S$1,455 per square foot per plot ratio, coming in above bids from teams linked to Sunway MCL, Sim Lian, and GuocoLand. Shares in CDL ended Friday down 0.6% at S$9.57.
CDL’s got skin in the game here—the price paid for land sets the bar for what they’ll need to charge and spend if they don’t want margins under pressure. Singapore property folks toss around “psf ppr”—that’s price per square foot per plot ratio—when they size up land deals, just to keep comparisons quick.
The move comes just as volatility creeps back into the broader market. On Friday, Singapore’s Straits Times Index dropped 0.8% to 4,934.41, ending a three-day record streak.
The Urban Redevelopment Authority (URA), which handled the tender, cautioned that the bid list doesn’t equal an award and stressed it will make its decision after reviewing the offers. There’s now short-term headline risk tied to whether the top bid gets the nod, is turned down, or ends up on hold.
CDL Constellation and Bedrock Ventures led the bidding, according to The Edge Singapore. Bedrock, fully owned by Woh Hup, forms part of the consortium, which has a 90:10 equity split. “We are very pleased to have emerged as the top bidder for this highly sought-after Tanjong Rhu Road site,” CDL group CEO Sherman Kwek said. The Edge Singapore
Property agents pointed out how close the leading bids landed. “The tight 2.5% margin between the top two bids signals strong competition for the site,” said Marcus Chu, chief executive of ERA Singapore. EdgeProp
CBRE’s Tricia Song called out the land rate in her note on the tender, labeling it the priciest seen for a 99-year GLS pure private residential plot in Singapore’s Rest of Central Region, that in-between strip separating the city’s top-dollar and outlying areas. Over at PropNex, Wong Siew Ying framed the tender as “a rare opportunity for developers to offer fresh private housing in the neighbourhood”. The Business Times
Paying top dollar for land isn’t a one-way bet. Should buyer appetite fade or construction expenses jump more than planned, developers might be forced to push for steeper sale prices just to protect margins. That’s usually when investors start pressing them with harder questions.
Monday, the focus for traders isn’t really the bid list—it’s reading the signals about appetite and discipline. CDL’s pipeline just picked up a new possible site. This time, though, the cost isn’t just a footnote; it’s right up there in the spotlight.
Feb 27 is the next key date on the calendar: CDL plans to post its unaudited full-year numbers for the period ending Dec. 31, 2025, ahead of the market open, according to an exchange filing. A results briefing is set for later that morning.
