SRI - Singapore Realtors Inc.

31 Jul 2025

GLS Commentary - Tender Results for Holland Link

The tender for the Holland Link Government Land Sales (GLS) site drew a total of five bids, with Sim Lian Group submitting the highest offer of $368.4 million, translating to $1,432 per square foot per plot ratio (psf ppr). This residential (non-landed) site is located within the Bukit Timah Planning Area and is expected to yield around 230 units. Its proximity to prestigious landed enclaves and upcoming transformation at Turf City positions it as a rare opportunity for boutique high-end development.

The response to the Holland Link tender follows strong interest in the nearby Dunearn Road GLS site at Turf City, which received nine bids earlier this year. The Holland Link tender list reveals that some developers who participated in the Dunearn Road bid have returned to vie for this plot, indicating continued interest in well-located Core Central Region (CCR) sites. This also suggests positive spillover effects from the Turf City transformation, which is poised to rejuvenate the wider Bukit Timah area.

The Holland Link site stands out due to its boutique scale, exclusivity, and connectivity. Surrounded by greenery, nestled near landed housing, and well-linked to transport nodes, it offers strong fundamentals for a premium development. The manageable project size makes it attractive in today’s risk-aware environment, where developers are more cautious about large-scale launches.

Successful recent launches such as Upperhouse at Orchard Boulevard and The Robertson Opus also illustrate that demand for well-designed, well-located CCR homes remains intact. These projects demonstrate that buyers remain selective but are willing to commit when the right product is offered.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

25 Jul 2025

Resale Activity Picks Up in 2Q2025 as HDB Prices Stabilise

The HDB resale market in the second quarter of 2025 saw a clear moderation in price growth, aligning with the ongoing trend of a stabilising market. The Resale Price Index (RPI) recorded a 0.9% quarter-on-quarter increase in Q2 2025, bringing the total rise for the first half of 2025 to 2.5%. This is a notable deceleration from the 4.2% growth registered during the same period in 2024, reflecting a shift towards more measured and sustainable price movements.

Resale activity saw a modest rebound in Q2 2025, with 7,102 flats transacted, up 7.8% from the previous quarter. This increase is partly attributed to the deferment of the June BTO exercise to July, prompting some buyers to turn to the resale market instead. Nevertheless, on a half-yearly basis, transaction volumes fell to 13,692 flats – a 5% year-on-year decline – with steeper drops observed among larger flat types.

Million-dollar deals remain a small fraction of the total market. Looking ahead, the market is expected to stabilise further, supported by increased BTO and SBF flat supply, including more Shorter Waiting Time (SWT) flats. These are likely to absorb some demand from the resale market, particularly among buyers who are willing to wait for a new flat instead of paying a premium in the resale segment.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

25 Jul 2025

New Private Home Sales More Than Double in 1H2025

The private residential market in Singapore demonstrated resilience in 1H2025, despite a moderation in the second quarter. Private resale volumes rose 11.1% year-on-year to 7,212 transactions, up from 6,491 in 1H2024. This growth reflects continued demand for move-in-ready homes, particularly among upgraders. In the resale segment, large-scale developments with full facilities and strong MRT connectivity remained top choices. Treasure at Tampines led with 45 transactions, followed by Parc Esta (33), The Tapestry (31), and Riverfront Residences (30), reaffirming buyer preference for projects with practical layouts and location advantages.

New home sales recorded a remarkable surge in 1H2025, jumping from 1,889 to 4,587 units. This more than twofold increase signals strong buyer confidence and renewed interest in project launches. The Rest of Central Region (RCR) accounted for much of this growth, driven by successful launches such as One Marina Gardens, Bloomsbury Residences, and The Orie. The Outside Central Region (OCR) also saw robust demand, especially for affordably priced projects offering suburban convenience.

Newly launched luxury projects such as Robertson Opus saw strong uptake, with over 41% of units sold—primarily 2- and 3-bedroom units. This reflects continued appetite for well-curated, prime residences that offer exclusivity and long-term value.

Launches such as LyndenWoods, which sold 94% of its units on launch day, along with strong previews at River Green and Promenade Peak, suggest that underlying buyer confidence remains intact. These developments, located in tightly held areas near Great World MRT, offer rare opportunities for buyers seeking new supply in established neighbourhoods.

Despite global uncertainties, Singapore’s private residential market is expected to maintain its overall stability, anchored by sound fundamentals and buyer confidence.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg