The prime site of Keppel Club will be developed into 9,000 residential units including 6,000 BTO flats and about 3,000 private residential units.
The massive 48-hectare site of Keppel Club on Singapore's southern waterfront had a 30-year lease which ended in 31 Dec 2021. The URA had granted several extensions to Keppel Club with the latest unti 31 Mar 2023, to facilitate clearance and reinstatement of the site.
According to the URA 2019 Master Plan, the Keppel Club land site at Bukit Chermin Road was zoned under Residential.
Nearby in Telok Blangah Street 31 HDB resale prices of 4-room HDB flat was transacted at S$815,000 in March and a 3-room flat was sold in the resale market for S$646,000 with remaining lease of 90 years.
In the private residential market near the Greater Southern Waterfront, Skyline Residences, a freehold condo at Telok Blangah road has been transacted at S$2,171 per square foot (psf) for a 828 sqft two bedrooms unit. It is being developed by UOL Group, its subsidiary, United Industrial Corporation (UIC), and Kheng Leong Company.
The BTO flats at Keppel Club are expected to be heavily over-subscribed due to Singaporeans preference for flats in a very good locations.
With close proximity to two MRT stations nearby - Labrador Park MRT and Telok Blangah MRT - the residential development is likely to be car-lite and residents will be able to get around by walking or cycling.
Leasehold condo Reflections at Keppel Bay resale prices were not uniformed. A 2 bedrooms of 1,011 sqft was transacted at $1,709 PSF in March this year. The remaining lease is coming to 80 years soon.
It remains to be seen if HDB will classify Keppel Club as a Prime Location Public Housing model.
HDB had intented to apply the Prime Location Public Housing model to selected public housing projects in prime and central locations such as the city centre and surrounding areas, including the Greater Southern Waterfront, that have very high market values and would require significant additional subsidies to keep flats affordable.