SRI - Singapore Realtors Inc.

15 Jan 2025

GLS Tender Analysis: Future Residential Developments in Bukit Panjang and Tengah

Property Insight

The tender results for the Government Land Sales (GLS) sites at Dairy Farm Walk and Tengah Garden Avenue underscore competitive bidding and robust market interest.

Dairy Farm Walk:

The top bid for this residential site was $504.5 million, translating to $1,020 psf ppr, by a consortium including SNC2 Realty Pte. Ltd. This bid outperformed the second-highest offer by 23.1%, highlighting a strong commitment to develop in the area. Recent GLS projects, such as Dairy Farm Residences and The Botany at Dairy Farm, have shown exceptional sales performance, with nearly 100% unit sales, reflecting high demand in the Bukit Panjang planning area.

The location’s appeal stems from its access to natural spaces, proximity to Dairy Farm Mall, reputable schools, and connectivity to Hillview and Cashew MRT stations.

Tengah Garden Avenue:

The site, intended for residential use with commercial space on the first floor, received a top bid of $675 million ($821 psf ppr) from a joint venture between Intrepid Investments, CSC Land Group, and GuocoLand. The narrow margin of 0.7% above the second-highest bid underscores intense competition for this pioneering project in Tengah.

This marks Tengah’s first private condominium development, benefiting from a first-mover advantage in Singapore’s inaugural smart and sustainable town. This development is expected to appeal to buyers who value exclusivity, unlike Executive Condominiums (ECs) that face eligibility restrictions. Proximity to the Hong Kah MRT station and integration with Jurong Region Line connectivity enhances its attractiveness, alongside its strategic location near Jurong's second Central Business District.

Both sites represent promising opportunities in Singapore’s evolving residential landscape, reflecting strategic planning and strong buyer interest in suburban and emerging areas.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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here

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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2H2025 GLS Programme Brings Fresh Opportunities for Homebuyers and Developers

The Government has expanded the 2H2025 Government Land Sales (GLS) Programme to maintain housing affordability and ensure a sustainable pipeline of private homes. The total estimated supply has increased by 8.2% compared to 1H2025, bringing it to 9,200 units across the Confirmed and Reserve Lists. This move builds on earlier injections of land supply and reflects a continued proactive approach in managing housing demand in Singapore’s land-scarce environment.

This calibrated supply approach is timely, especially as recent data shows that private residential prices moderated to a 0.8% increase in 1Q2025, down from 2.3% in 4Q2024. Inventory levels are also adjusting in response. Uncompleted unsold private residential units fell from 19,405 in 4Q2024 to 18,125 in 1Q2025, with the Outside Central Region (OCR) segment experiencing a sharp 43.6% year-on-year drop in unsold stock. This signals strong market absorption and buyer demand, especially among first-time buyers and HDB upgraders.

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Click

here

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Strategically located adjacent to Lakeside MRT Station, the site boasts immediate connectivity to Boon Lay and Jurong East MRT stations, placing residents within minutes of Jurong Point, Jem, Westgate, and IMM. The broader Jurong region is poised for enhanced accessibility with the upcoming Jurong Region Line and Cross Island Line, further integrating the area with major commercial and education hubs across Singapore.

Lakeside Drive stands out as a rare and timely opportunity for developers. Its location, potential buyer catchment, and proximity to key infrastructure upgrades position it as a highly desirable site with long-term value.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

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