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

You may also like

Property Insight
29 Jan 2026
Luxury Property Market Outlook 2026 Signals Price Resilience in the CCR

The luxury private residential market in the Core Central Region entered a more stable and resilient phase in 2025, underpinned by steady prime demand, disciplined supply, and a buyer base focused on long term ownership rather than short term speculation. CCR non landed private home prices rose by 2.2% in 2025, moderating from the 4.5% increase recorded in 2024. This easing reflects price stabilisation rather than weakening demand, with values remaining firm amid wealth driven interest and Singapore’s continued appeal as a safe and stable wealth hub.

New home sales in the CCR recovered meaningfully in 2025, rising to 1,916 units from a trough of 378 units in 2024. This improvement marked a clear turnaround following 2 softer years and brought sales activity closer to more normalised levels. The recovery was supported by improved pricing visibility, stabilising interest rate expectations, and sustained interest from local buyers and long-term investors.

This rebound was also largely driven by the earlier ramp up in GLS land sales, which gradually translated into project launches. Despite the higher supply, market conditions remained orderly, with launches paced across the year and demand absorbed progressively. Importantly, prices continued to record healthy growth, highlighting the depth and resilience of prime demand.

Well positioned developments anchored CCR performance in 2025. Projects such as Skye at Holland and River Green emerged as top performers, reflecting buyer preference for large scale developments with strong accessibility, reputable developers, and clear value propositions. 

Resale activity in the CCR segment also continued its gradual recovery. Private resale transactions increased to 2,699 units in 2025, extending the improvement seen since the 2023 trough. The resale segment remains an important complement to the new launch market, catering to buyers seeking immediate occupancy, established developments, and larger layouts not available in current launches.

Looking ahead to 2026, the CCR luxury market is expected to remain resilient and orderly. Upcoming prime launches such as River Modern and Newport Residences are likely to sustain interest, while limited new supply, disciplined developer strategies, and a strong domestic buyer base are expected to support price resilience and steady absorption rather than rapid acceleration.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
26 Jan 2026
HDB Resale Market Trends in 4Q2025 Signal Stable Prices

The HDB resale market in 4Q2025 continued its transition into a more stable and balanced phase, supported by expanded public housing supply and a gradual recalibration of buyer expectations. Price growth eased further in the final quarter, with the HDB resale price index recording no quarter on quarter change. 

On a full year basis, HDB resale prices rose by 2.9% in 2025, significantly lower than the 6.9% increase recorded in 2024. This moderation coincided with a sustained ramp up in Build To Order flats and an expanded Sale of Balance Flats programme, which broadened housing options and reduced pressure on the resale market. As a result, buyer behaviour has increasingly shifted towards choice and planning rather than urgency, supporting a healthier public housing ecosystem.

Resale activity in 2025 remained firmly anchored by genuine housing needs. Larger suburban towns such as Tampines, Sengkang, Woodlands, and Yishun recorded the highest number of resale transactions, reflecting the role of well-established estates in supporting market depth. Newer towns also benefitted from a growing pool of relatively younger flats, offering buyers longer remaining leases and more affordable price points compared to mature estates.

Family sized flats continued to form the backbone of the resale market. Four room flats accounted for 43.2% of transactions in 2025, followed by three room flats at 24.5% and five room flats at 23.0%. Together, these segments made up more than 90% of total resale transactions, reinforcing the needs driven nature of the market and the importance of practical layouts and liveability.

Looking ahead, the resale market in 2026 is expected to be supported by a meaningful uplift in supply. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
26 Jan 2026
Private Property Market Trends 4Q2025 Signal Stable Prices and Broad-Based Recovery

The private residential market closed 2025 on a firmer and more stable footing, supported by recovering resale activity, moderating price growth, and a strong rebound in new home sales. Overall market conditions point to a transition from the sharp post pandemic rebound toward a more balanced and sustainable growth phase.

Private resale transactions rose to 14,622 units in 2025, marking a 4.0% increase from 2024 and the highest level of resale activity since 2021. This recovery took place in an orderly manner, supported by stabilising financing conditions and improved alignment in price expectations between buyers and sellers. Large scale and recently completed developments such as Treasure at Tampines, Parc Esta, and Stirling Residences recorded the highest resale volumes, reflecting how project scale, location, and modern layouts continue to support healthy transaction turnover.

Private residential price growth moderated further in 4Q2025, with prices rising by 0.6% quarter on quarter. For the full year, prices increased by 3.3%, easing from the 3.9% growth recorded in 2024. This represents the lowest annual price growth since 2020. Importantly, this moderation occurred alongside an expansion in land supply rather than a tightening of availability, reinforcing the view that price stabilisation has been structurally driven by supply planning rather than weakening demand. The sustained ramp up in Government Land Sales since 2022 has strengthened future supply visibility and helped anchor pricing expectations across the market.

New private home sales staged a strong rebound in 2025, with total transactions rising to 10,815 units, up from 6,469 units in 2024. This 67.2% year on year increase reflects a broad-based recovery across the Core Central Region, Rest of Central Region, and Outside Central Region. 

Looking ahead, the outlook for 2026 remains stable. While sales volumes are expected to ease from the exceptionally active levels seen in 2025, underlying demand is likely to remain resilient. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Mask group
Singapore Realtors Inc

CEA License No. L3010738A

1 Kim Seng Promenade #17-10/12

Great World City, West Tower

Singapore 237994

+65 6958 5000

admin@sri.com.sg

For Home Owners

Buy
Sell
Rent
Search
New Launch
Commission Guidelines

For Corporate

Property Management
Local Project Marketing
Capital Markets
Auction
International Project Marketing

For Agents

Why Join SRI?
Culture and Community
Technology & Tools
Mentorship
Training

Company

About
Team
Technology
Agent Reviews
Insights
Contact

© 2023 SRI Pte Ltd • Privacy Policy & Data Protection

Follow us on
iconiconiconiconicon