25 Jun 2024
GLS Commentary: Tender Results on Upper Thomson Road (Parcel A) & River Valley Green (Parcel A)
Property Insight

River Valley Green (Parcel A)

Tender Overview

The top bid for River Valley Green (Parcel A) was submitted by Winchamp Investment Pte. Ltd. (Wing Tai Holdings) at $464.0 million, translating to $1,325 per square foot per plot ratio (psf ppr). This bid was 4.3% higher than the second-highest offer by Hong Realty (Private) Limited (Hong Leong Group), indicating strong interest and confidence in the site's potential. The River Valley Green site is expected to yield approximately 380 units.

Location and Appeal

The site's prime location near the Central Business District (CBD), Clarke Quay, Robertson Quay, and the Great World MRT station on the Thomson-East Coast Line (TEL) enhances its attractiveness. It is also close to several educational institutions, including River Valley Primary School, Outram Secondary School, Zhangde Primary School, and Singapore Management University (SMU). These factors make the site a desirable residential area, appealing to developers looking to capitalize on high demand for housing in well-connected neighborhoods.

Market Projections

Based on data from URA Realis, the average unit prices for new non-landed properties in the Core Central Region (CCR) were around $3,190 psf in the first five months of 2024. Consequently, it is anticipated that the new launch prices for the development on River Valley Green (Parcel A) will range between $3,000 psf to $3,200 psf, reflecting the premium market positioning and expected demand for high-quality residential properties in this area.

Upper Thomson Road (Parcel A)

Tender Outcome:

No bids were received for Upper Thomson Road (Parcel A), indicating that it is likely to be included in the second half of the 2024 Government Land Sales (GLS) programme. The lack of bids reflects a more cautious approach by developers since the implementation of property cooling measures in April 2023.

Strategic Considerations

Developers are adopting a measured approach, thoroughly evaluating potential sites for market demand, project feasibility, and long-term investment returns. This strategy aims to ensure the success and sustainability of their projects. The need for more time to assess the viability of Upper Thomson Road (Parcel A) likely contributed to the absence of bids in this round.

Outlook

The strategic moderation in GLS supply, combined with cautious investment strategies, aligns with current market conditions. This approach ensures a balanced supply that meets demand without oversaturating the market, supporting stable and sustainable growth in Singapore's real estate sector.

 Click here for th e full report   

 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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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

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Prepared By:

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Email: mohan@sri.com.sg

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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. 

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Prepared By:

Mohan Sandrasegeran

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Email: mohan@sri.com.sg

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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

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