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

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.

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here

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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28 Nov 2025
Positive EC Market Momentum Builds Confidence Ahead of Coastal Cabana Launch

The Executive Condominium market continued to show firm momentum in the first 10 months of 2025, reinforcing its reputation as one of the most resilient and value driven residential segments in Singapore. SRI Research’s analysis of 67 EC developments recorded 1,625 resale transactions during this period, and more than 97 percent of caveated resales achieved positive gains. This high success rate reflects the EC model’s strength as a pathway for long term capital appreciation, particularly for HDB upgraders seeking private housing at a more accessible entry point. 

Both recently completed and older ECs contributed to profitable outcomes, although newer projects made up the larger share of gains. Around 69.1 percent of profitable transactions came from ECs completed within the last 10 years, signalling sustained demand for developments with modern facilities and longer remaining leases. 

Buyer profiles also highlight the EC market’s broadening reach. Private address buyers made up 53.4 percent of profitable resale transactions, showing increased participation from owners already in the private segment who seek larger formats at comparatively attractive price points. At the same time, 46.6 percent of transactions involved HDB address buyers, indicating that ECs remain a key stepping stone for upgraders entering the private housing market. 

Land bid patterns further reinforce the affordability edge. EC land bids averaged $748 psf ppr in the first ten months of 2025, while OCR private residential land bids averaged $1,114 psf ppr, creating a 49 percent gap. Despite gradually rising EC land prices, the cost structure remains favourable enough for developers to price EC launches below the broader mass market. 

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Allgreen Tops Bedok Rise GLS with Competitive Land Bid

The Bedok Rise Government Land Sales tender drew strong interest from developers, marking one of the most competitive suburban land tenders in recent years. A total of 10 bidders participated, exceeding the 8 bidders seen at the nearby Bayshore Road site and matching the strongest participation levels last recorded at Slim Barracks Rise in 2021 . This reflects the continued appeal of residential plots in the Outside Central Region, a segment that remains the anchor of new home sales across the island.

Bellis Residential Pte Ltd, linked to Allgreen Properties, submitted the top bid at $464.8 million dollars, translating to $1,330 dollars psf ppr. The gap with the second placed bid by Hoi Hup Realty was very narrow at just 0.4 percent, highlighting the close competition among developers. The spread from the highest to the lowest bid reached 18.6 percent, showing a wide range of price expectations for this site .

Following the recent launch of Promenade Peak in the Rest of Central Region, Allgreen appears to be extending its footprint into the suburban market through this acquisition. The Bedok Rise site provides an opportunity to tap into resilient upgrader demand in a location with an established track record of strong sales. The success of Seneca Residence next door reinforces that confidence. Seneca, launched on the earlier Tanah Merah Kechil Link GLS site, achieved a full sellout and had originally attracted 15 bidders for its land tender, a sign of strong interest in this precinct .

The Bedok Rise plot is expected to yield around 380 units and is well supported by transport and amenity offerings. Its location beside Tanah Merah MRT station offers immediate connectivity to the East West Line. Nearby expressways such as the PIE and ECP enhance accessibility to the rest of Singapore. Schools in the area, including Bedok Green Primary School and Bedok View Secondary School, add to its attractiveness for families. Residents will also enjoy proximity to markets, sports facilities, and neighbourhood parks .

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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