13 Dec 2024
1H2025 GLS Update: Expanding Residential Supply and Transforming Key Areas
Property Insight

The Government Land Sales (GLS) Programme for 1H2025 reflects a strategic expansion, increasing the combined supply of residential units by 4.5% compared to 2H2024, totaling 8,505 units. This adjustment aligns with the stabilization of private property prices, such as the modest -0.7% price change observed in 3Q2024. The GLS programme highlights a measured approach to land allocation, addressing both immediate market demands and long-term sustainability to support market equilibrium.

The moderation of unsold private residential units, from 20,566 in 2Q2024 to 19,940 in 3Q2024, a 3.0% quarter-on-quarter decrease, underscores a healthier absorption rate. Developers, however, displayed cautious interest in GLS sites throughout 2024, with three sites rejected due to low bids and stringent assessments, reflecting market prudence.

For 1H2025, the inclusion of three Executive Condominium (EC) sites—Senja Close, Woodlands Drive 17, and Sembawang Road—marks the highest number of EC sites in the Confirmed List in recent years. These sites, offering approximately 980 units, aim to meet the robust demand for ECs, driven by their hybrid nature combining public housing affordability with private property exclusivity. The narrowing price gap between new and resale ECs has bolstered developer confidence, ensuring sustained interest in the segment.

Notable sites in the 1H2025 GLS programme include:

1. Hougang Central: A mixed-use site offering excellent connectivity near Hougang MRT Station and Hougang Central Bus Interchange. The vibrant town center and proximity to reputable schools make it appealing for families. This rare opportunity in a mature estate is expected to attract strong developer interest.

2. Dunearn Road: Situated in Bukit Timah Turf City, this site is pivotal in transforming the area into a vibrant housing precinct. Proximity to the Sixth Avenue MRT Station and renowned schools like Hwa Chong Institution enhances its appeal.

3. Telok Blangah Road: Located within the Greater Southern Waterfront, this site is poised to be a benchmark for future developments in the area. Its excellent connectivity via Telok Blangah MRT Station and major expressways adds to its strategic value.

Developers remain cautious yet selective, with notable interest in mixed-use developments, as seen in the strong bidding for Tampines Street 94 in 2024. This reflects a preference for well-located, integrated sites with high potential.

The expanded GLS supply reinforces the government’s efforts to balance housing affordability, market competition, and sustainability. By addressing the evolving dynamics of the residential property market, the 1H2025 GLS programme aims to ensure a steady pipeline of developments, catering to diverse needs while supporting Singapore’s broader urban planning goals.

Click here for the full report 

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email: mohan@sri.com.sg
  

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07 Aug 2026
Singapore Shophouse Market 1H2026: Higher Value Deals Drive Investment Growth

Singapore's shophouse market in 1H2026 demonstrated continued resilience despite a moderation in transaction volumes, with investment activity increasingly concentrated in higher-value assets. While the number of caveated shophouse transactions declined from 34 deals in 1H2025 to 25 deals in 1H2026, the total transaction value increased by 14.9% year-on-year, rising from $234.7 million to $269.5 million. This suggests that investors remained willing to deploy significant capital into larger, well-located and higher-quality conservation assets, reinforcing confidence in the long-term fundamentals of the shophouse sector.

Investor preference continued to favour longer-tenure properties. Freehold shophouses accounted for 76.0% of total transaction value in 1H2026, broadly unchanged from the previous year, while transaction value within this segment increased substantially from $176.7 million to $224.0 million. Although 99-year leasehold properties recorded a higher share of overall transactions compared to a year ago, demand remained firmly concentrated in freehold and 999-year leasehold assets, which together represented 84.0% of total transaction value. This reflects continued demand for scarce commercial assets that offer long-term capital preservation, stable rental income and limited exposure to lease decay.

Looking ahead, investment demand is expected to remain resilient through the second half of 2026, supported by Singapore's healthy economic performance, lower interest rate environment and the structural scarcity of conserved shophouses. Investors are likely to continue prioritising well-located assets offering resilient rental income, asset enhancement opportunities and long-term capital appreciation. The combination of limited supply, heritage value and stable income-generating potential is expected to provide continued support for transaction values and reinforce the long-term attractiveness of Singapore's shophouse market.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
07 Aug 2026
Berlayar Drive GLS Attracts Sole Top Bid of $576.8 Million

The Berlayar Drive Government Land Sales site attracted a sole bid of $576.8 million, equivalent to $1,515 per square foot per plot ratio, from a joint venture between Intrepid Investments Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd. The bid underscores the developers’ continued conviction in the long-term potential of the Greater Southern Waterfront and their commitment to establishing a presence within one of Singapore’s most significant waterfront transformation precincts. 

Although the site received only one bid, this should not necessarily be interpreted as weak confidence in its prospects. Instead, it reflects increasingly disciplined land-acquisition strategies amid a larger GLS pipeline and more selective capital deployment. With a wider range of sites available, developers are likely to prioritise parcels that best complement their existing landbanks, development pipelines and risk profiles.

Berlayar Drive is the second private residential parcel within the new estate, following the Telok Blangah Road site. A further residential parcel at Berlayar Close is expected to be launched in December. This phased release reflects the Government’s measured approach to developing the Greater Southern Waterfront, allowing future housing supply to be introduced progressively rather than all at once.

The Berlayar Drive site is expected to yield approximately 415 residential units. Its smaller project scale should require a lower upfront capital commitment and reduce construction, financing and market-absorption risks compared with larger developments. The site also carries a maximum building height of five storeys, creating the potential for a distinctive low-rise residential offering focused on privacy, greenery and resort-style living.

Future residents are expected to benefit from proximity to Telok Blangah MRT station, VivoCity, Sentosa, the Southern Ridges and Labrador Nature Reserve. This combination of connectivity, retail and lifestyle amenities, waterfront surroundings and access to nature is likely to support healthy long-term owner-occupier demand.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
07 Aug 2026
Chitty Road and Veerasamy Road GLS Tender Draws $35.3 Million Top Bid

The tender for the Chitty Road and Veerasamy Road Government Land Sales site attracted seven bids, with YK Land Pte. Ltd submitting the highest offer of $35.3 million. The bid translates to approximately $962 per square foot of site area and was substantially higher than the second-ranked bid of $23.8 million, or $650 per square foot, submitted by Conint Pte Ltd and SEEDoE Ventures Pte Ltd. RPC One Pte Ltd placed third with a bid of $23.7 million. 

The site benefits from strong accessibility and a central location. It is within walking distance of Jalan Besar and Little India MRT stations, while Bugis, Rochor and the Central Business District are also nearby. Opportunities to acquire an entire cluster of conserved residential buildings in Singapore’s Central Area are exceptionally rare, giving the project the potential to become a distinctive heritage residential development.

Under the SA2 option, the site may accommodate up to 36 serviced apartment units with a minimum stay of three months. This could appeal to professionals, expatriates and other residents seeking medium- to longer-term accommodation. The higher unit yield may also offer the developer recurring rental income and greater operational flexibility.

Alternatively, the site could be developed into up to 18 strata landed houses, subject to approval. This option may appeal to affluent owner-occupiers and collectors seeking rare, restored heritage homes within a city-fringe location. With few new landed developments entering the market, the combination of conservation architecture and modern residential use could create a highly differentiated product.

The development’s value creation potential will depend less on maximising density and more on delivering a high-quality restoration. The investment proposition is therefore centred on placemaking, heritage preservation and product differentiation. The site may also benefit from the wider transformation of the surrounding precinct, including continued public investment and the nearby River Peaks I and II public housing developments.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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