SRI - Singapore Realtors Inc.

02 Dec 2025

1H2026 GLS Programme To Deliver a Calibrated and Steady Supply Pipeline

Property Insight

The 1H2026 Government Land Sales programme will introduce 4575 private housing units on the confirmed list, which is 3.2% lower than the 4725 units in 2H2025 and 9.0% below the 5030 units in 1H2025. Despite this moderation, the overall pipeline remains healthy when including the reserve list, resulting in a total of 9185 units, broadly comparable with earlier programmes. The calibrated adjustment reflects the authorities’ intention to pace out land supply following the stronger injections seen from 2024 to 2025, which had helped stabilise market conditions and ease previous tight inventory.

The confirmed list features nine sites across multiple regions. Bayshore Drive is the largest site, capped at 1280 units, positioning it as a future mega development anchoring the transformation of the Bayshore precinct. New Upper Changi Road contributes about 1040 units, reinforcing the Eastern Corridor’s residential pipeline. At the other end of the spectrum, Lorong Puntong is the smallest site with about 140 units, likely taking shape as an exclusive low density project benefiting from strong connectivity via the Thomson East Coast Line.

Two Executive Condominium (EC) sites are included — Sembawang Drive and Canberra Drive — providing a combined supply of about 635 units. ECs have demonstrated strong performance, with 1550 new EC units sold in the first nine months of 2025, surpassing the full year figure of 1227 units in 2024. ECs continue to show investment resilience, supported by their hybrid nature and strong resale outcomes.

Overall, the 1H2026 GLS programme presents a balanced and well timed pipeline across city fringe, suburban, and transformation areas. The moderated confirmed list supply, paired with a still robust total pipeline, supports sustainable market conditions while allowing earlier GLS injections to be absorbed progressively.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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RCR Demand Drives 43.3% Growth in New Home Sales in May 2026

Singapore's new home market moderated in May 2026, with developers selling 447 new private homes excluding Executive Condominiums (ECs), down from the 1,548 units transacted in April.

Despite the monthly moderation, market performance remained encouraging on a year on year basis. New home sales increased by 43.3% from the 312 units sold in May 2025 to 447 units in May 2026. The improvement was primarily driven by stronger activity in the Rest of Central Region (RCR), where sales rose from 191 units to 334 units over the same period. The strong showing highlights continued demand for city fringe developments that offer a balance between accessibility, lifestyle amenities and relative affordability. The year on year growth also suggests that buyer confidence remains intact, with purchasers continuing to participate actively in the market despite a more measured operating environment.

Hudson Place Residences emerged as the standout performer of the month. As the only major launch in May, the project accounted for nearly half of all new private home sales, moving 209 units at a median price of $2,465 psf. The strong response demonstrates that buyers remain receptive to projects that are well located, well connected and competitively positioned within their respective market segments.

Looking ahead, new home sales are expected to remain relatively subdued in June due to the seasonal impact of the mid year school holidays and the limited number of major launches scheduled during the month. However, this is likely to be temporary. Market activity is expected to regain momentum in the second half of 2026 as a fresh pipeline of launches enters the market. Upcoming projects such as Lentor Gardens Residences and Dunearn House are expected to attract healthy interest, while buyers who have remained on the sidelines may return as more options become available. Barring any significant external shocks, the primary residential market is expected to remain on stable footing, supported by resilient underlying demand and a steady pipeline of new launches.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Peck Hay Road GLS Draws Top Bid of $1,865 psf ppr from CDL and Hong Leong Group

Peck Hay Road Government Land Sales GLS site attracted four bids at the close of its tender on 11 June 2026, with the highest offer submitted by CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited (Hong Leong Group) at $542.4 million, translating to a land rate of $1,865 psf per plot ratio (psf ppr). The winning bid reflects strong confidence in the long term prospects of the Newton area despite a relatively lower number of participants compared to the neighbouring Bukit Timah Road GLS site, which attracted eight bids earlier this year.

Despite fewer bidders, bidding intensity remained healthy. The top bid exceeded the $1,820 psf ppr achieved for the nearby Bukit Timah Road site awarded earlier this year, highlighting continued confidence in well located Core Central Region developments. This suggests that developers remain willing to compete aggressively for prime sites with strong fundamentals, particularly those located within established residential districts and supported by future transformation plans.

The Peck Hay Road site enjoys several locational advantages. Situated within the Newton Planning Area, the site is expected to yield approximately 315 residential units and is located near Newton MRT Interchange, providing direct access to both the North South Line and Downtown Line. Residents will benefit from excellent connectivity, including being just one MRT stop from Orchard Road and only minutes away from the Central Business District. These attributes enhance the site's appeal among owner occupiers, investors and affluent homebuyers seeking a central location.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Higher GLS Supply in 2H2026 Supports Long Term Residential Market Growth

The Government has announced the 2H2026 Government Land Sales (GLS) Programme, which will introduce 4,745 private residential units under the Confirmed List, representing a 3.7% increase from the 4,575 units released in 1H2026. The latest programme reflects the Government's continued commitment towards maintaining market stability through proactive land supply management. By ensuring a steady pipeline of future housing supply, the authorities provide greater visibility to both developers and homebuyers while supporting a more balanced and sustainable residential market.

A notable feature of the 2H2026 GLS Programme is the concentration of supply within several large development parcels. The Town Hall Link White Site alone is expected to yield approximately 1,200 residential units, accounting for about a quarter of the total Confirmed List supply. Together with the Jurong East Avenue 1 Executive Condominium (EC) site, Berlayer Close and Holland Plain, these larger sites contribute a substantial portion of the overall housing pipeline. This suggests that the Government is prioritising land parcels capable of delivering significant housing stock in key growth locations.

The programme also demonstrates a strong emphasis on transit-oriented development. Many of the sites are located near existing or future MRT stations, including Orchard Boulevard, Marina Gardens Lane, Tanjong Rhu Close, Berlayer Close and Town Hall Link. This reflects the Government's ongoing efforts to concentrate housing supply in highly accessible locations where residents can benefit from established transport infrastructure and amenities.

Overall, the 2H2026 GLS Programme reflects a coordinated approach towards meeting future housing demand while advancing broader planning priorities such as decentralisation, connectivity and urban transformation. With sites spread across the Core Central Region, Rest of Central Region and Outside Central Region, the programme offers a diverse range of housing opportunities while supporting long term market stability and sustainable growth.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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