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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Property Insight
02 Jan 2026
4Q2025 Flash Estimates Reflect Sustainable Residential Market Momentum

The 4Q2025 flash estimates indicate that Singapore’s residential property market is transitioning into a more sustainable and balanced phase, marked by moderated price growth, resilient underlying demand, and a clearer alignment between supply and buyer absorption. In the private residential segment, prices continued to moderate in 4Q2025, recording a 0.7% quarter on quarter increase, easing from the 0.9% growth seen in 3Q2025. For the full year, private home prices rose by 3.4% in 2025, slightly lower than the 3.9% increase recorded in 2024. 

Non landed new home sales in 2025 continued to be anchored firmly in the mass market price segments. Units priced between $1.0 million and $2.0 million accounted for 44.2% of total transactions, remaining broadly stable compared to 2024. 

Looking ahead, the outlook for the 2026 private residential market remains stable. While transaction volumes may moderate from the exceptionally strong levels seen in 2025, demand is expected to remain resilient. Importantly, the market is not facing a supply shortfall. The confirmed list under the 1H2026 Government Land Sales programme provides a substantial pipeline of new supply, with units about 50% higher than the ten-year average. This deliberate injection of land supply helps mitigate upward price pressures and supports long term market stability. 

In the public housing market, HDB resale prices showed clear signs of stabilization. Prices were unchanged in 4Q2025, and for the full year, resale prices rose by about 2.9%, a sharp moderation from the 9.7% increase in 2024. This reflects improved market balance amid a steady ramp up in BTO supply and a significant expansion in Sale of Balance Flats exercises, which provided buyers with more ready or near ready alternatives.

Overall, both private and public housing markets are entering 2026 on a more sustainable footing, with price growth moderating in line with increased supply and demand remaining structurally supported

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here

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Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

Property Insight
23 Dec 2025
Singapore Private Property Market Outlook 2026

The Private Property Market Outlook 2026 highlights a transition from the exceptionally strong momentum seen in 2025 toward a more balanced and sustainable market environment in 2026. In 2025, buyer demand remained resilient despite higher price benchmarks, supported by stabilising interest rates, a fuller launch pipeline and strong domestic participation. Developers adjusted launch pacing more strategically as market visibility improved, while land tender activity strengthened meaningfully across all regions, signalling renewed confidence within the development sector 

Government Land Sales activity showed a clear uplift in 2025. Excluding EC sites, average land bid prices rose across the CCR, RCR and OCR, with the strongest growth recorded in the OCR. 

New private home sales surged in 2025, with 11M2025 transactions already surpassing full year 2024 figures. Total new sales reached 10,624 units in the first 11 months of 2025, representing a 64.2% year on year increase. All market segments recorded stronger sales, led by the OCR, which continued to anchor overall volumes. The CCR recorded the sharpest percentage growth, supported by a return of demand at the higher end of the market and a stronger pipeline of luxury launches.

Mass market projects dominated the list of best selling developments in 2025, reinforcing the depth of demand for well located and competitively priced OCR launches. Large scale developments such as Parktown Residence, Springleaf Residence and Aurelle of Tampines led sales volumes, while RCR and CCR projects also posted solid take up when pricing and location aligned with buyer expectations. This broad based performance underscores buyers continued preference for value alignment rather than speculative positioning.

The resale market also showed resilience in 2025, with total private resale transactions rising by 3.2% year on year. The RCR recorded the strongest resale growth, while OCR volumes remained stable despite competition from a very active primary market. Demand continued to favour relatively newer projects completed between 2018 and 2023, reflecting buyers preference for modern layouts, remaining lease tenure and established liveability.

Local buyers remained the dominant force in the private residential market. Singaporeans accounted for 83.9% of all non landed private transactions in 11M2025, while PR participation moderated slightly. Foreign buying activity remained subdued due to prevailing ABSD measures, with demand largely concentrated in specific market segments.

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here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
16 Dec 2025
Hougang Central GLS Attracts Top Bid of $1,179 psf ppr

The tender for the Hougang Avenue 10 / Hougang Central GLS site attracted sustained developer interest despite a more measured bidding environment. The mixed use site, which allows for a residential and commercial development integrated with a bus interchange, drew 3 bidders, reflecting selective yet committed participation for large scale integrated developments. This level of interest mirrors the earlier Chencharu Close tender, suggesting that developers remain focused on quality and strategic positioning rather than volume driven bidding 

The top bid of $1.50 billion was submitted by Horizon Residential Pte. Ltd. under UOL together with Horizon Commercial Trustee Pte. Ltd. under CapitaLand, translating to $1,179 psf ppr. This offer narrowly edged out the second highest bid by just 2.1 percent, highlighting strong conviction and disciplined pricing among the top contenders. The close spread between bids indicates that developers share a broadly aligned view on the underlying value of this site, particularly given its scale, commercial component, and transport integration.

The relatively limited number of bidders should be viewed in the context of the project’s size and complexity. Large integrated developments require strong balance sheets, operational expertise, and long term capital commitment. As such, participation tends to be concentrated among developers with proven mixed use experience. The high absolute bid values suggest that participating developers are taking a long term view of Hougang Central’s role as a town centre anchor that can support both residential demand and sustained retail activity over time.

From a locational perspective, the site benefits from immediate adjacency to Hougang MRT station, which supports strong and consistent footfall throughout the day. This advantage is expected to strengthen further when Hougang becomes an interchange with the completion of the new line around 2030. The surrounding mature HDB catchment provides a ready residential base that enhances the commercial viability of the development, while the integrated nature of the project appeals to both homeowners and investors seeking convenience and accessibility.

Looking ahead, broader infrastructure and planning initiatives under the Master Plan 2025 further reinforce the site’s appeal. Improved connectivity from the Cross Island Line, planned upgrades to Hougang Sport Centre, proximity to schools and healthcare facilities, and access to recreational spaces collectively enhance liveability and long term value. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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