17 May 2024
GLS Commentary for Zion Road (Parcel A) & Upper Thomson Road (Parcel B)
Property Insight

The report on the tender results for Zion Road (Parcel A) and Upper Thomson Road (Parcel B) highlights significant insights into their respective real estate markets and development prospects within the Government Land Sales (GLS) programme.

Zion Road (Parcel A) Overview:

Zion Road (Parcel A) received a sole bid from CDL & Mitsui Fudosan at $1.11 billion, translating to $1,202 per square foot per plot ratio (psf ppr). This parcel is strategically placed within the Bukit Merah planning area and is part of a pilot program introducing a new category of serviced apartments with a minimum three-month stay requirement. This initiative aims to address the rental market's demand, particularly for those seeking longer-term accommodations.

The parcel's proximity to the 455-unit Rivière condominium, which was fully sold out, underscores the high market demand in the area. The lack of new project launches nearby further makes Zion Road (Parcel A) an attractive development opportunity. Positioned between Great World and Havelock MRT stations, its location ensures excellent connectivity, enhancing its appeal to developers.

Market trends in the Rest of Central Region (RCR), where this parcel is located, show signs of recovery with a modest increase in property prices. Given this backdrop, the expected launch prices for new properties on Zion Road (Parcel A) are projected between $3,000 and $3,300 psf.

Upper Thomson Road (Parcel B) Overview:

Upper Thomson Road (Parcel B) saw a bid of $779.56 million from GuocoLand and Intrepid Investments (a subsidiary of Hong Leong Holdings Limited), amounting to $905 psf ppr. Like Parcel A, Parcel B forms part of the GLS program in the emerging Springleaf Precinct and offers a first-mover advantage to its developer. Its strategic location near the Springleaf MRT station on the Thomson-East Coast Line (TEL) is pivotal, especially given the area's primary characteristic of landed housing.

The last non-landed GLS site awarded in the vicinity was at Chong Kuo Road in 2018, indicating a potential pent-up demand in the area. The success of recent developments in nearby Lentor also hints at a strong market appetite for new projects in emerging locales such as Springleaf Precinct. Expected launch prices for properties on Upper Thomson Road (Parcel B) are anticipated to be around $2,000 to $2,200 psf.

Both parcels present significant development opportunities, each with unique strategic advantages that cater to specific market needs. Zion Road (Parcel A) is poised to cater to the high demand for serviced apartments, while Upper Thomson Road (Parcel B) is set to capitalize on the scarcity of new launches in its area, offering a diversification in housing types. Developers are likely to find these parcels especially lucrative given their strategic locations, anticipated market demand, and the overall positive shifts in regional property market trends.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

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Developer Sales Jump to 1,937 Units in March 2026 on Surge in New Launches

Developer sales staged a strong recovery in March 2026, with a total of 1,937 units sold including Executive Condominiums (ECs), a significant increase from the 266 units transacted in February. This marks the first time this year that monthly sales have crossed the 1,000-unit threshold, signalling a meaningful pickup in primary market activity following the seasonal lull during the Chinese New Year period.

The rebound in sales was largely driven by a corresponding increase in new project launches. Developers released 1,615 units in March, a substantial rise from the limited supply seen in February. Key projects such as Pinery Residences, Rivelle Tampines and River Modern were major contributors, collectively accounting for about 76.9% of total transactions. This highlights a clear trend in the current market environment where buyer demand remains intact, but is closely tied to the timing, quality and positioning of new launches.

The strong performance of these projects reflects how well calibrated offerings continue to resonate with buyers. In particular, Pinery Residences and Rivelle Tampines each recorded over 500 units sold, underscoring the continued strength of demand in the Outside Central Region (OCR), where pricing remains relatively accessible and is supported by first time buyers and upgraders. At the same time, River Modern’s robust take up, with 416 units sold at a median price of about $3,220 psf, points to sustained interest within the Core Central Region (CCR). 

Looking ahead, the momentum observed in March is expected to carry into the coming months, supported by a pipeline of upcoming launches such as Vela Bay and Tengah Garden Residences. As more projects enter the market across both established and emerging precincts, transaction volumes are likely to remain supported by genuine demand, albeit at a more calibrated pace.

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Prepared By:

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Email: mohan@sri.com.sg

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15 Apr 2026
Hoi Hup Tops Miltonia Close EC Site at $732 psf ppr

The tender for the Executive Condominium site at Miltonia Close has concluded with a total of 3 bidders, with Hoi Hup Realty Pte Ltd emerging as the top bidder with an offer of $340.9 million, translating to $732 psf ppr. While the number of bidders is more selective compared to some earlier tenders, it continues to reflect steady developer interest in well located EC sites, particularly within established residential areas.

The top bid is about 7.8% lower than the recently awarded Woodlands Drive 17 GLS site, which achieved $794 psf ppr. Rather than signalling a pullback, this difference points towards a more measured and calibrated approach by developers. With a growing pipeline of EC sites in the North, including parcels in Woodlands, Sembawang, Canberra Drive and Sembawang Drive, developers are likely pacing their land acquisitions more carefully. This reflects a more forward looking strategy, where developers are balancing immediate opportunities with the need to remain competitive within an expanding supply landscape. 

At the same time, the Miltonia Close site presents a compelling proposition from a locational and lifestyle perspective. Situated near Lower Seletar Reservoir and within a quieter residential enclave, the site is well positioned to appeal to buyers who prioritise a more tranquil and nature oriented living environment. This suggests that the future development may attract a more defined buyer profile, particularly families and genuine owner occupiers, rather than those driven primarily by proximity to MRT connectivity or commercial nodes.

From a broader market perspective, the EC segment continues to be supported by a stable base of upgrader demand, especially from HDB households seeking to transition into private housing in a more accessible manner. This underlying demand has remained resilient, as seen in recent launches such as Rivelle Tampines, which recorded strong take up rates when projects are well positioned in terms of pricing and attributes.

Looking ahead, the EC market is entering a phase of greater supply visibility, following the ramp up in Government Land Sales supply. This is a positive development for the market, as it supports a more balanced and sustainable environment. With a more consistent pipeline of projects, price movements are likely to become more measured and closely aligned with underlying demand fundamentals, rather than being driven by supply constraints.

Overall, the tender outcome reflects a market that is evolving in a more balanced and sustainable manner. While developers remain active, there is a greater emphasis on discipline, positioning and long term planning. At the same time, demand fundamentals for ECs remain intact, supporting the outlook for steady absorption in well located and appropriately priced developments such as Miltonia Close.

 

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for the full report: 

  

  

  

  

  

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

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Kallang Close GLS Draws 4 Bidders with Top Bid of $1,415 psf ppr

The Government Land Sales tender for the Kallang Close site has closed with Frasers Property and Mitsubishi Estate (via MJR Investment) emerging as the top bidder at $1,415 psf ppr, narrowly ahead of City Developments Limited. The relatively tight spread between bids reflects a broadly aligned view among developers on the site’s underlying value and long-term potential. In total, the site attracted 4 bidders, with the outcome broadly in line with recent GLS tenders, including the Tanjong Rhu site which was awarded at $1,455 psf ppr. 

The results point to continued confidence in well-located city fringe sites, although developers remain measured in their bidding approach. The ongoing ramp-up in the GLS programme has contributed to a more visible supply pipeline, allowing developers to adopt a more disciplined stance without the need to bid aggressively for individual sites.

At the same time, rising construction costs driven by geopolitical developments, particularly increases in diesel and bitumen, are beginning to influence development considerations. This has likely been factored into bids, especially for sites like Kallang Close which come with additional infrastructure and placemaking requirements. The presence of joint venture participation also reflects a growing trend of developers partnering to manage costs and risks more effectively. 

Looking ahead, the site is expected to yield about 470 residential units and could tap into underlying demand in the Kallang and Boon Keng area, where new private housing supply has been relatively limited. Over time, the development may contribute to the transformation of the Kallang River corridor into a more vibrant waterfront residential cluster. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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