Pebble Bay stands as one of Singapore's most recognisable waterfront addresses, stretching along Tanjong Rhu Road in District 15 with uninterrupted views across the Kallang Basin. Developed by CapitaLand (then trading as DBS Land) and completed in 1997, the four-tower, 510-unit project occupies a broad riverside lot that few newer condominiums can replicate in the tightly parcelled Tanjong Rhu enclave. Its position in the Rest of Central Region (RCR) places it squarely between the Central Business District and the East Coast corridor — close enough to the city for easy commutes, yet far enough to enjoy the open-water panorama that defines the Kallang Riverside precinct. Recent transactions have recorded prices between S$1,498 and S$2,094 per square foot, with an average across the past twelve months of approximately S$1,790 psf, underscoring a market that continues to prize the combination of location and unobstructed views. What complicates the calculus for prospective buyers in 2026, however, is a lease that commenced in 1994 and now carries roughly 67 years to run — a tenure figure that is becoming increasingly consequential as Singapore's leasehold-decay discourse intensifies.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
Tanjong Rhu is a slender peninsula flanked by the Kallang River to the west and the former Geylang River outlet to the east, formed largely on reclaimed land in the 1980s and 1990s. The Urban Redevelopment Authority's Kallang Riverside precinct master plan has earmarked the broader area for a commercial and waterfront residential transformation, with roughly 300,000 square metres of land zoned for approximately 4,000 new homes, retail, and leisure uses. This macro narrative has underpinned residential demand in Tanjong Rhu for over two decades and continues to lend a degree of structural price support to established condominiums like Pebble Bay. The single biggest infrastructure development in recent memory for this enclave is the opening of Tanjong Rhu MRT station (TE23) on the Thomson-East Coast Line (TEL) Stage 4. Prior to TEL, residents depended entirely on private vehicles or buses feeding into Stadium MRT on the Circle Line — a routing that added meaningful friction to daily commutes. The new TEL station delivers one-seat rides to Marina Bay (approximately 8 minutes), Orchard (around 15 minutes), and the upcoming cross-island interchanges, fundamentally repricing the accessibility premium that had historically been absent from Tanjong Rhu. Analysts tracking the seven condominiums with 2,048 units within 500 metres of Tanjong Rhu MRT note that Pebble Bay is among the most direct beneficiaries given its proximity to the station entrance on Tanjong Rhu Road. From a broader market context, District 15 has remained one of Singapore's most liquid residential districts, driven by an aspirational lifestyle narrative, a concentration of international schools, and strong demand from both locals and expatriates. The RCR segment where Pebble Bay sits recorded healthy transaction volumes through 2024 and into 2025, with the project itself logging 111 caveated transactions in URA records — a figure that speaks to consistent secondary-market activity for a 29-year-old development. Rental yields for the project are estimated at approximately 3.0%, which is modest by absolute standards but competitive for a waterfront asset in the RCR where tenants pay a location premium.
We track 111 sales and 647 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the PEBBLE BAY dashboard.
- Average sale price: $3,392,988 across 111 transactions
- Estimated gross rental yield: 2.7%
- District 15 PSF ranking: Above average (top 32%)
- 99 yrs lease commencing from 1994 · RCR · D15 · 510 units
About PEBBLE BAY
PEBBLE BAY is a 99 yrs lease commencing from 1994 condominium, located at TANJONG RHU ROAD in District 15 (Joo Chiat, Amber Road, Katong) (Rest of Central Region), developed by DBS PROPERTY SERVICES LTD (CAPITALAND), comprising 510 residential units, completed in 1997.
With approximately 67 years remaining on its 99-year lease, the property qualifies for full bank financing and CPF usage.
Unit Mix Distribution
Transaction data breakdown by bedroom type at PEBBLE BAY:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 7 | $1,594 psf | $1,441,429 |
| 3 BR | 9 | $1,503 psf | $1,932,333 |
| 4 BR | 50 | $1,718 psf | $3,049,880 |
| 5+ BR | 45 | $1,733 psf | $4,369,926 |
Sales Market Overview
PEBBLE BAY has recorded 111 sale transactions with an average transaction price of $3,392,988, ranging from $1,260,000 to $9,000,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 24 | $1,498 psf | $2,924,292 | — |
| 2022 | 22 | $1,636 psf | $3,170,764 | ↑ 9.2% |
| 2023 | 16 | $1,735 psf | $3,828,000 | ↑ 6.1% |
| 2024 | 26 | $1,765 psf | $3,289,898 | ↑ 1.7% |
| 2025 | 19 | $1,863 psf | $3,914,026 | ↑ 5.5% |
| 2026 | 4 | $1,896 psf | $3,882,500 | ↑ 1.8% |
PEBBLE BAY ranks in the top 32% of condos in District 15 by average PSF.
Compared to the RCR average of $2,047 psf, PEBBLE BAY trades 17% below the segment benchmark.
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Rental Market Overview
PEBBLE BAY has recorded 647 rental transactions with monthly rents averaging $7,588/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 1 BR | 94 | $3,614/mo | $2,350/mo | $5,000/mo |
| 2 BR | 133 | $5,541/mo | $3,250/mo | $7,500/mo |
| 3 BR | 330 | $8,324/mo | $5,500/mo | $12,500/mo |
| 4 BR | 90 | $12,066/mo | $8,000/mo | $21,000/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 140 | $5,956/mo |
| 2022 | 127 | $7,288/mo |
| 2023 | 118 | $8,599/mo |
| 2024 | 118 | $8,056/mo |
| 2025 | 125 | $8,211/mo |
| 2026 | 19 | $8,342/mo |
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Investment Analysis
Based on average rents and sale prices, PEBBLE BAY delivers an estimated gross rental yield of 2.7%. This is below the 3% benchmark, suggesting stronger capital appreciation potential.
Competing Condos in District 15
Side-by-side comparison against the most actively traded condos in District 15 (Joo Chiat, Amber Road, Katong):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| GRAND DUNMAN | 99 yrs lease commencing from 2022 | 1008 | $2,537 psf | 909 |
| EMERALD OF KATONG | 99 yrs lease commencing from 2023 | 846 | $2,640 psf | 844 |
| THE CONTINUUM | Freehold | 816 | $2,790 psf | 754 |
| TEMBUSU GRAND | 99 yrs lease commencing from 2022 | 638 | $2,462 psf | 634 |
| AMBER PARK | Freehold | 592 | $2,544 psf | 392 |
Location Map
Map shows PEBBLE BAY (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- PEBBLE BAY
- Tanjong Rhu MRT
- Stadium MRT
- Nicoll Highway MRT
- Promenade MRT
- Promenade MRT
- St. Andrew'
- St. Andrew'
- St. Andrew'
Nearby MRT Stations
PEBBLE BAY is 520m from Tanjong Rhu MRT (Thomson-East Coast Line), with 8 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Tanjong Rhu | TE23 | Thomson-East Coast Line | 520m |
| Stadium | CC6 | Circle Line | 660m |
| Nicoll Highway | CC5 | Circle Line | 980m |
| Promenade | CC4 | Circle Line | 1.4 km |
| Promenade | DT15 | Downtown Line | 1.4 km |
| Katong Park | TE24 | Thomson-East Coast Line | 1.4 km |
| Mountbatten | CC7 | Circle Line | 1.5 km |
| Lavender | EW11 | East-West Line | 1.5 km |
Nearby Schools
There are 4 schools within 2 km of PEBBLE BAY.
| School | Type | Distance |
|---|---|---|
| St. Andrew's Junior School | Primary | 1.7 km |
| St. Andrew's Secondary School | Secondary | 1.7 km |
| St. Andrew's Junior College | Jc | 1.7 km |
| One World International School (Mountbatten) | International | 1.7 km |
Pebble Bay's most enduring competitive advantage is one that cannot be replicated by any new development in the vicinity: an unobstructed, south-facing water view across the Kallang Basin. Singapore's stringent planning controls mean that the open-water corridor in front of the development is preserved in perpetuity as a reservoir and recreational waterway, making the view a permanent feature rather than a conditional one. A 25-year transaction study of Pebble Bay published by Stacked Homes found that high-floor, water-facing units commanded meaningfully higher PSF premiums and resale gains than interior-facing units in the same development — evidence that the waterfront attribute translates directly into measurable return differentiation. The arrival of Tanjong Rhu MRT (TE23) represents the second structural positive. For the first time in the development's history, residents have a grade-separated rapid-transit option within walking distance. The TEL connects directly to Thomson, the Downtown Core, and Changi Airport, and will eventually extend to link major nodes including Woodlands and the future Cross Island Line interchange at Bright Hill. This connectivity upgrade addresses the single most frequently cited negative in resident and buyer reviews of the project, which historically flagged public transport as the primary lifestyle compromise. The development's scale and facilities have aged well. The 510-unit count supports a full suite of amenities including a 50-metre swimming pool, gymnasium, tennis and squash courts, putting green, driving range, and 24-hour security — a facilities profile that matches projects developed a decade later. CapitaLand's build quality is generally regarded as robust, and the four-tower configuration means that the majority of units enjoy cross-ventilation and natural light that smaller footprint developments cannot provide. The absolute price quantum also remains accessible relative to newer waterfront alternatives. A comparable unit in a recently launched RCR waterfront project would typically command S$2,500 to S$3,200 psf, meaning Pebble Bay trades at a 15 to 30 per cent discount on a per-square-foot basis — a gap that some buyers view as value and others interpret as the market pricing in the lease trajectory. For investors with a 10-year hold horizon, the combination of TEL connectivity uplift, Kallang Riverside development tailwinds, and relative affordability may present a case for selective entry, particularly for high-floor, water-view units which have historically demonstrated the most resilient resale performance in the development. Use our ROI calculator to model holding-period returns under different exit-price assumptions, and the lease decay calculator to quantify the tenure haircut over your intended investment horizon.
The single most material risk facing any buyer of Pebble Bay in 2026 is lease decay. With the 99-year tenure commencing in 1994, the development enters 2026 carrying approximately 67 years remaining on the lease — a figure that has crossed the threshold at which several Singapore banks apply more conservative loan-to-value treatment and at which CPF usage for purchase begins to face restrictions. Under current CPF rules, the lease must cover the youngest buyer to the age of 95; for a 35-year-old buyer in 2026, the lease would expire when that buyer is approximately 102, which nominally clears the CPF bar, but the margin narrows considerably for buyers in their mid-40s or older. As the remaining lease continues to shorten, the pool of eligible buyers — particularly those relying on maximum CPF drawdown — will progressively contract, which in isolation applies structural downward pressure on capital values relative to developments with longer tenures. The lease-decay risk is compounded by the absence of en-bloc potential in the near term. En-bloc proceedings require at least 80 per cent owner consent, and at a land area that would command a reserve price north of S$1 billion at current land rates, assembling that consensus at a price that adequately compensates existing owners is a high bar. Property records indicate Pebble Bay is not currently in en-bloc proceedings, and the development's tenure and site configuration make a near-term collective sale structurally difficult. A second risk is the concentration of the price premium in a single amenity — the water view. Interior-facing and low-floor units in the same development have historically underperformed water-facing stacks significantly, meaning that buyers selecting units for affordability rather than view quality may own assets that are more lease-sensitive and less differentiated. Third, competition from new supply is increasing in the broader Tanjong Rhu and Kallang Riverside corridor. The CDL-Woh Hup joint venture that submitted the top bid of S$1,455 psf per plot ratio for a nearby Tanjong Rhu Road government land sale signals that developers see value in launching new freehold or long-leasehold product at this location — product that will directly compete with Pebble Bay's waterfront positioning but with significantly more lease tenure remaining. Buyers should model their exit scenario carefully using the mortgage calculator and the total cost of ownership calculator before committing, and review the District 15 market overview for comparative pricing across peer condominiums.
[
{
"persona": "Lifestyle owner-occupier seeking waterfront living",
"fit_color": "green",
"reason": "Pebble Bay delivers a genuine waterfront lifestyle at a meaningful PSF discount to comparable new launches. The TEL now resolves the historical public-transport gap. Buyers planning to owner-occupy for 10 or more years get full enjoyment of the amenities and views without immediate lease-pressure concerns. Select a high-floor, water-facing unit for the strongest long-term hold."
},
{
"persona": "Expatriate tenant seeking a premium rental home",
"fit_color": "green",
"reason": "The development's resort-style facilities, large unit sizes (many above 1,700 sqft), Kallang Basin views, and new TEL access make it a strong rental proposition for corporate tenants and families. Gross yields of approximately 3.0% are in line with comparable RCR waterfront stock, and demand from long-term expatriate professionals in the Kallang-East Coast corridor remains consistent."
},
{
"persona": "Yield-focused investor with a 5-year horizon",
"fit_color": "yellow",
"reason": "Rental income is stable but yield is modest at around 3.0%. Capital appreciation is possible if TEL connectivity and Kallang Riverside development catalysts materialise, but the shortening lease compresses the realistic exit multiple. Investors should use the <a href=\"/calculator/cash-flow\">cash flow calculator</a> and stress-test exit pricing assuming a lease-adjusted buyer pool at resale."
},
{
"persona": "CPF-dependent buyer in their late 40s or older",
"fit_color": "red",
"reason": "With approximately 67 years remaining, CPF usage flexibility is shrinking. Buyers aged 45 and above may face restrictions on CPF drawdown amounts, and the bank financing pool that will extend full LTV loans against this lease profile is narrowing. Run a detailed CPF and financing check with a mortgage broker before proceeding. Use the <a href=\"/calculator/affordability\">affordability calculator</a> to model realistic CPF and cash outlay."
},
{
"persona": "First-time buyer seeking a starter condo in D15",
"fit_color": "yellow",
"reason": "Entry-level units in Pebble Bay are available from approximately S$1.43 million, which is accessible relative to newer D15 launches. However, first-time buyers should weigh lease decay carefully — at resale in 10 years, the project will carry only 57 years, which will further constrain the buyer pool. Suitable only if the buyer has a clear lifestyle rationale and is not purely chasing capital growth."
},
{
"persona": "En-bloc speculator",
"fit_color": "red",
"reason": "No en-bloc proceedings are currently active, and the development's size (510 units, large site, high reserve price threshold) makes a near-term collective sale structurally difficult. Do not factor en-bloc upside into the investment thesis."
}
]
Pebble Bay is a development that rewards buyers who understand precisely what they are acquiring: an established waterfront lifestyle asset in a location that has just received a long-overdue connectivity upgrade via the Thomson-East Coast Line, in a precinct with genuine long-term URA development tailwinds — but encumbered by a 99-year lease that is now firmly into its second third. For owner-occupiers who value the open-water views, the scale of the facilities, and the relative affordability versus new-launch RCR waterfront alternatives, Pebble Bay can represent compelling value, particularly in high-floor, water-facing stacks that have historically delivered the strongest price performance. For investors, the case is more nuanced. The TEL effect should sustain near-term demand and may provide a modest capital uplift window, but the lease clock is ticking in a market where banks, CPF rules, and an increasingly sophisticated buyer base are all beginning to price leasehold decay more explicitly. At approximately S$1,790 psf average, buyers are not overpaying for the location in absolute terms, but they must enter with clear eyes about a resale pool that will narrow as the years pass. Buyers who approach this project as a 7-to-10-year lifestyle hold, enjoy one of the best water-view addresses in the RCR, and budget conservatively for an eventual lease-adjusted exit will find the numbers workable. Those seeking pure capital appreciation in a competitive shorter-hold window should review comparable properties in District 15 or consider the newer supply entering the Tanjong Rhu corridor before committing. Wherever you land, model the full numbers using our stamp duty calculator and total cost of ownership calculator before signing.
FAQ
What is the average price for PEBBLE BAY?
What is the rental yield for PEBBLE BAY?
Is PEBBLE BAY freehold or leasehold?
How much lease is left on Pebble Bay and why does it matter?
Pebble Bay's 99-year lease commenced in 1994, leaving approximately 67 years as of 2026. This matters for three practical reasons. First, CPF usage for purchase becomes more restricted as the remaining lease shortens relative to the buyer's age — buyers in their mid-40s or older may face reduced CPF drawdown limits. Second, certain banks apply more conservative loan-to-value ratios to properties with less than 70 years remaining, which will affect financing options at resale. Third, the buyer pool at exit will narrow over time as the lease continues to run down, which historically constrains resale price appreciation relative to properties with longer or freehold tenure. Use the lease decay calculator to model the specific impact on your projected exit price.
Is Pebble Bay walkable to the MRT?
Yes. With the opening of Tanjong Rhu MRT station (TE23) on the Thomson-East Coast Line as part of TEL Stage 4, Pebble Bay residents now have a walkable MRT connection for the first time in the development's 29-year history. The station provides direct, one-seat access to the Marina Bay financial district (approximately 8 minutes), Orchard Road (around 15 minutes), Woodlands in the north, and eventually Changi Airport via the TEL extension. Stadium MRT on the Circle Line remains an alternative option approximately 10 to 12 minutes on foot. This connectivity upgrade is widely regarded as the single most significant positive catalyst for Tanjong Rhu residential values in recent years.
Is Pebble Bay suitable for families with school-age children?
Pebble Bay is a workable family choice, particularly for expatriate families whose children attend international schools in the East Coast and Mountbatten corridor. The development's on-site facilities — swimming pool, tennis and squash courts, gym, and function room — provide strong recreational infrastructure within the compound. The immediate neighbourhood is quiet and car-light, with the Kallang Riverside park connector accessible for cycling and jogging. Primary schooling options within the 1km priority zone include Kong Hwa School and Tanjong Katong Primary School, while a range of local secondary and international schools are within a 10 to 20 minute drive. The new TEL connection also improves school-run flexibility for families whose children commute independently.
What is the en-bloc potential of Pebble Bay?
En-bloc potential at Pebble Bay is considered low in the near to medium term. Property records confirm the development is not currently in collective sale proceedings. The primary structural barriers are the large unit count (510 units requiring 80 per cent consent), the substantial reserve price that would be needed to compensate owners at current market values, and the fact that the land sits in a precinct where planning parameters and density configurations would need to support a significant redevelopment premium to make the numbers work for a developer. While the long-term Kallang Riverside URA master plan provides a supportive macro narrative, buyers should not incorporate en-bloc upside into their investment thesis when evaluating Pebble Bay at current asking prices.
How does Pebble Bay compare to newer condominiums in District 15?
Pebble Bay trades at a PSF discount of roughly 15 to 30 per cent versus recently launched RCR waterfront or near-waterfront condominiums in District 15, which typically command S$2,500 to S$3,200 psf. In exchange for this lower entry price, buyers accept a shorter remaining lease, older fittings and finishes, and infrastructure that reflects a 1997 build standard. The tradeoff can be favourable for buyers who prioritise absolute quantum, unit size, and established waterfront amenity over new-build specifications. For a side-by-side comparison with current D15 alternatives, visit the District 15 market overview or use the property comparison tool.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 111 transactions analysed
- Rental data: 647 lease records analysed
- Gross yield = (avg monthly rent × 12) / avg sale price
Median values used to minimise outlier impact. PSF = price per square foot.
View Live Data for PEBBLE BAY
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