SRI - Singapore Realtors Inc.

31 Jul 2025

GLS Commentary - Tender Results for Holland Link

Property Insight

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.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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Kingsford Tops Bid for Telok Blangah Road GLS Site at $1,326 psf ppr

Kingsford Development has emerged as the top bidder for the Telok Blangah Road Government Land Sales (GLS) site, marking a strategic expansion of its landbank into the Rest of Central Region (RCR). The developer submitted a winning bid of $918.3 million ($1,326 psf ppr), surpassing the second-highest offer by 4.4%. This reflects Kingsford’s strong conviction and competitive stance in securing a site within one of Singapore’s most ambitious urban transformations—the Greater Southern Waterfront (GSW).

With the GLS programme ramping up to ensure a steady housing pipeline, developers are exercising greater selectivity and spreading participation across more sites. The Telok Blangah Road parcel stands out as a trophy opportunity for forward-looking developers seeking early positioning in this transformative district. The site is expected to yield about 745 residential units, offering excellent connectivity and proximity to HarbourFront, VivoCity, and Sentosa Island—key lifestyle and retail anchors that enhance its attractiveness. Nearby rejuvenation works, including the planned redevelopment of HarbourFront Centre into a 33-storey mixed-use building, will further reinforce the precinct’s long-term appeal.

As the first private residential plot under the GSW transformation, the Telok Blangah Road site is expected to set early benchmarks for design, pricing, and urban integration—much like the Turf City GLS site in Bukit Timah.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

3Q2025 HDB Resale Market Trends: Steady Growth and Sustained Demand

The HDB resale market maintained steady momentum in 3Q2025, reflecting sustained buyer confidence amid an evolving public housing landscape. While the pace of growth moderated compared to 2024, transaction volumes and prices continued to show resilience, supported by stable demand for well-located and newer flats that have recently reached their Minimum Occupation Period (MOP).

Overall, HDB resale prices increased by 2.9% in the first nine months of 2025, moderating from the stronger 6.9% growth recorded during the same period in 2024. The moderation reflects a gradual normalisation in market conditions as more Build-To-Order (BTO) and Sale of Balance Flats (SBF) supply enters the pipeline. The ramp-up of new flats, particularly those with shorter waiting times, provided buyers with more options and helped to ease the pace of resale price growth.

Resale transactions reached about 7,500 cases in 3Q2025, slightly higher than the previous quarter. Demand remained healthy in both mature and non-mature towns. Mature estates such as Ang Mo Kio, Toa Payoh, and Queenstown continued to attract steady demand due to their accessibility and established amenities, while non-mature towns such as Yishun, Woodlands, and Sengkang drew buyers looking for affordability and newer flats with remaining lease value.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Developers Regain Confidence as Private Home Sales Surge in 3Q2025

Singapore’s private residential market recorded a strong rebound in the third quarter of 2025, reflecting renewed confidence and improved buyer sentiment following the Federal Reserve’s rate cut in September. Developers launched a total of 4,746 new private homes, marking the highest quarterly launch volume since 2Q2013. The surge in supply was driven by several major projects across all market segments, including Skye at Holland, Penrith, and Faber Residence, which collectively contributed to the robust sales momentum observed during the quarter.

Sales performance was equally upbeat, with 3,320 units (excluding ECs) transacted — a sharp increase from 1,212 units sold in the previous quarter. The healthy take-up rate demonstrates buyers’ growing readiness to re-enter the market, buoyed by an improved macroeconomic outlook, greater project diversity, and stabilising interest rates. Many of these launches stemmed from Government Land Sales (GLS) sites, underlining the government’s continued effort to ensure a sustainable supply pipeline to meet housing needs.

The primary market’s resilience was complemented by sustained activity in the resale segment, which benefited from a tightening pool of completed units and healthy owner-occupier demand. Despite some buyers adopting a more selective approach, resale prices held firm, underscoring the market’s underlying stability.

As Singapore continues to advance its housing pipeline through GLS and urban renewal initiatives under the upcoming Draft Master Plan 2025, the residential market is well-positioned to maintain stability and gradual growth. Buyer prudence is still encouraged, but confidence is expected to strengthen in the months ahead as both affordability and supply visibility improve.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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