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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29 Jul 2026
Commentary on Latest Annoucements

Singapore’s latest housing measures represent a calibrated easing of selected market constraints while retaining safeguards against speculative demand, affordability pressures and delayed project delivery. The two key changes are the removal of the 15-month wait-out period for certain HDB resale buyers and longer Additional Buyer’s Stamp Duty redevelopment timelines for qualifying large and mega en bloc sites. 

With immediate effect, private residential property owners and former owners may purchase a non-subsidised HDB resale flat without waiting 15 months, provided they do not use an HDB housing loan. Eligible buyers must still obtain an HDB Flat Eligibility letter and dispose of any private property in Singapore or overseas within six months of completing the resale-flat purchase. The 30-month wait-out period remains applicable to subsidised HDB flats, executive condominiums purchased from developers and buyers using an HDB housing loan.

The easing restores housing mobility for genuine owner-occupier right-sizers and households undergoing retirement, employment changes, divorce or financial pressure. It removes the need for an extended temporary accommodation period while preserving important eligibility and financing controls.

The policy change comes as HDB resale price momentum has moderated. Resale prices declined by 0.4% in the first half of 2026, the first first-half contraction since 2019. Larger-flat resale volumes have also eased from recent peaks. This suggests that the market has become more balanced following pandemic-era price gains, successive cooling measures and an expansion in housing supply.

The second measure provides longer redevelopment and sales periods for qualifying en bloc sites acquired from 29 July 2026. Large sites with 700 to 1,399 units will receive six years to complete and sell their projects, while mega sites with at least 1,400 units will receive seven years. Mega projects must still sell at least 50% of their units by the end of Year 6, while the 2.5-year construction commencement deadline remains unchanged.

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here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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29 Jul 2026
GLS Commentary - Tender Results on Chitty Road and Veerasamy Road

The tender for the Chitty Road and Veerasamy Road Government Land Sales site attracted seven bids, with YK Land Pte. Ltd., linked to Soon Hock Group, submitting the highest offer of $35.3 million. The bid translates to approximately $962 per square foot of site area and was substantially higher than the second-ranked bid of $23.8 million, or $650 per square foot, submitted by Conint Pte Ltd and SEEDoE Ventures Pte Ltd. RPC One Pte Ltd placed third with a bid of $23.7 million. 

The site benefits from strong accessibility and a central location. It is within walking distance of Jalan Besar and Little India MRT stations, while Bugis, Rochor and the Central Business District are also nearby. Opportunities to acquire an entire cluster of conserved residential buildings in Singapore’s Central Area are exceptionally rare, giving the project the potential to become a distinctive heritage residential development.

Under the SA2 option, the site may accommodate up to 36 serviced apartment units with a minimum stay of three months. This could appeal to professionals, expatriates and other residents seeking medium- to longer-term accommodation. The higher unit yield may also offer the developer recurring rental income and greater operational flexibility.

Alternatively, the site could be developed into up to 18 strata landed houses, subject to approval. This option may appeal to affluent owner-occupiers and collectors seeking rare, restored heritage homes within a city-fringe location. With few new landed developments entering the market, the combination of conservation architecture and modern residential use could create a highly differentiated product.

The development’s value creation potential will depend less on maximising density and more on delivering a high-quality restoration. The investment proposition is therefore centred on placemaking, heritage preservation and product differentiation. The site may also benefit from the wider transformation of the surrounding precinct, including continued public investment and the nearby River Peaks I and II public housing developments.

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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
27 Jul 2026
2Q2026 Singapore Residential Market Report: Resilient Demand Despite Global Uncertainty

Singapore's private residential market remained resilient in 2Q2026, supported by healthy buyer demand despite a gradual moderation in price growth. New home sales (excluding Executive Condominiums) increased to 2,141 units, representing a 6.4% quarter-on-quarter increase from 2,013 units in 1Q2026. The improvement was driven primarily by strong demand within the Outside Central Region (OCR) and Rest of Central Region (RCR), which more than offset slower sales in the Core Central Region (CCR). Well-priced projects such as Tengah Garden Residences, Vela Bay, and Hudson Place Residences attracted strong interest from HDB upgraders and owner-occupiers, reflecting continued preference for city fringe and suburban developments offering better affordability and value. 

The resale private residential market also strengthened during the quarter, with transactions rising from 3,225 units to 3,813 units, representing an 18.2% increase from the previous quarter. Growth was broad-based across all market segments, with the OCR continuing to account for the largest share of resale activity due to its relatively affordable pricing, established residential estates and wider selection of family-oriented housing. The increase in completed developments over recent years has expanded resale supply, providing buyers with greater choice while supporting a more balanced and orderly market. 

Private residential prices continued to increase during the first half of 2026, although growth moderated. Prices rose 1.4% in 1H2026, compared with 1.8% in 1H2025, reflecting a market transitioning towards a more sustainable pace of appreciation. The moderation is attributed to the Government's sustained expansion of housing supply through the Government Land Sales programme and the increasing completion of residential developments, which have widened housing options and reduced upward price pressures. 

Looking ahead, market activity is expected to remain supported by a healthy pipeline of new launches, including Dunearn House, Thomson Reserve, and Lucerne Grand. The successful launch of Lentor Gardens Residences demonstrates that buyer demand remains healthy for well-located and appropriately priced developments. Although global uncertainties, including interest rate expectations, geopolitical tensions and new trade tariffs, may encourage buyers to adopt a more measured approach, Singapore's strong economic fundamentals and transparent regulatory framework are expected to continue supporting market confidence. 

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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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