02 Aug 2024
GLS Tender Results: Margaret Drive and Jalan Loyang Besar (EC) Analysis
Property Insight

Margaret Drive

The top bid for the Margaret Drive land parcel was submitted by Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited, and GuocoLand (Singapore) Pte. Ltd at $497.0 million, translating to $1,154 per square foot per plot ratio (psf ppr). There were only two bidders for this land parcel, which may reflect developers' cautious approach due to anticipated future land releases in the Queenstown area. Developers likely adopted a wait-and-see strategy, anticipating the impact of upcoming land releases on the market, such as Media Circle (Parcel A) and Media Circle (Parcel B) in the 2H2024 GLS programme.

Margaret Drive's location, within 300 meters of Queenstown MRT station on the East-West Line, makes it highly attractive. The site is surrounded by numerous amenities, including Dawson Place, Anchorpoint, Alexandra Central Mall, IKEA, Margaret Drive Hawker Centre, and Mei Ling Market & Food Centre. It is also near several schools like Queenstown Primary School, Queenstown Secondary School, and Crescent Girls' School, potentially increasing its marketability to families.

The parcel benefits from its proximity to the upcoming redevelopment of Tanglin Halt Estate and a new Integrated Development, which will introduce additional amenities and enhance the area's appeal. This development history, combined with successful past projects like Stirling Residences, indicates strong market demand in the Queenstown planning area.

Jalan Loyang Besar (EC)

The highest bid for the Jalan Loyang Besar EC land parcel was by CNQC Realty (Progressive) Pte. Ltd. (Qingjian Realty), Forsea Residence Pte. Ltd., and ZACD Laserblue Pte. Ltd. at $557.0 million, or $729 psf ppr. This bid was just 3.4% higher than the second-highest, showing strong competition and interest among developers.

This land parcel's attractiveness stems from its potential for a new executive condominium (EC) project, particularly since the last EC launch in Pasir Ris was Sea Horizon in 2013. The extended period without new EC developments in Pasir Ris indicates potential pent-up demand for new residential options, encouraging developers to bid.

Data from URA Realis reveals an increase in HDB upgraders purchasing new EC units, with 322 units bought by buyers with HDB addresses in the first half of 2024, a 65.1% year-on-year increase. This rise in demand highlights a growing interest in ECs among HDB upgraders.

The proximity of the parcel to Downtown East, known for its diverse retail, dining, and entertainment options, and the newly opened Pasir Ris Mall, enhances the lifestyle appeal of the future development. Nearby educational institutions like Hai Sing Catholic School, Casuarina Primary School, Pasir Ris Crest Secondary School, and Pasir Ris Primary School make the location appealing to families.

Click here for the full report   

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

You may also like

Property Insight
16 Jun 2025
May 2025 Sales Up Nearly 40% from a Year Ago

Developers sold 312 private residential units (excluding ECs) in May 2025, marking a measured pullback from April’s 663 units. This moderation was widely anticipated, as developers tactically held back major launches amidst external developments such as the Liberation Day tariff announcements and Singapore’s General Election period. 

However, May 2025 saw a 39.9% year-on-year increase in sales compared to May 2024’s 223 units, signaling improved market sentiment. The first five months of 2025 recorded 4,350 units sold, excluding ECs—an impressive surge from the 1,688 units in the same period last year. This rebound highlights resilient buyer confidence and more compelling project offerings, even amid broader economic uncertainties.

Among the best-selling projects, One Marina Gardens stood out as the top performer, with 62 units sold at a median price of $2,975 psf. This city-fringe development’s success reinforces strong demand for premium RCR homes. Following closely was Bloomsbury Residences with 32 units sold at $2,506 psf, and The Hill @ One-North, which moved 26 units at $2,484 psf. These results point to growing interest in One-North, a precinct benefiting from its proximity to research, innovation, and business hubs.

Looking ahead, the second half of 2025 presents a pivotal window of opportunity. Developers are aligning project launches to coincide with lower unsold inventory, especially in the mass-market segment. From high-end branded homes to city-fringe freehold residences and ECs in emerging precincts, a diverse slate of projects will drive market momentum amid evolving buyer preferences.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

Property Insight
13 Jun 2025
2H2025 GLS Programme Brings Fresh Opportunities for Homebuyers and Developers

The Government has expanded the 2H2025 Government Land Sales (GLS) Programme to maintain housing affordability and ensure a sustainable pipeline of private homes. The total estimated supply has increased by 8.2% compared to 1H2025, bringing it to 9,200 units across the Confirmed and Reserve Lists. This move builds on earlier injections of land supply and reflects a continued proactive approach in managing housing demand in Singapore’s land-scarce environment.

This calibrated supply approach is timely, especially as recent data shows that private residential prices moderated to a 0.8% increase in 1Q2025, down from 2.3% in 4Q2024. Inventory levels are also adjusting in response. Uncompleted unsold private residential units fell from 19,405 in 4Q2024 to 18,125 in 1Q2025, with the Outside Central Region (OCR) segment experiencing a sharp 43.6% year-on-year drop in unsold stock. This signals strong market absorption and buyer demand, especially among first-time buyers and HDB upgraders.

In response to the sustained demand for Executive Condominiums (ECs), the 2H2025 GLS Programme will introduce two new EC sites at Miltonia Close (Yishun) and Woodlands Drive 17, adding an estimated 990 units. This follows the introduction of three EC sites in 1H2025. Demand in the EC market remains robust. The expanded EC pipeline offers more options to middle-income households, reinforces affordability, and mitigates the “fear of missing out” effect in a tight market.

A clear theme in the 2H2025 GLS Programme is precinct intensification. This involves introducing sites in proximity to existing or upcoming developments, such as the second Turf City plot at Dunearn Road, the eighth site in Lentor at Lentor Central, and the new Dover Road plot in One-North. These strategic locations foster synergy between public infrastructure and housing, supporting the formation of cohesive, future-ready communities.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg 

Property Insight
04 Jun 2025
Lakeside Drive GLS Site Draws Strong Developer Interest with 6 Bidders

The Government Land Sales (GLS) site at Lakeside Drive attracted 6 bids, marking the second-highest number of bids for a GLS site in 2025 to date. CDL Polaris Properties and CDL Polaris Commercial secured the top spot with a $608 million bid, translating to $1,132 psf ppr. This bid outpaced the second-highest by approximately 10.4%, demonstrating CDL’s firm commitment and confidence in the site’s potential.

The strong showing contrasts with the response to the earlier Jurong Lake District white site, which received only two bids and was not awarded. This divergence underscores developers’ preference for sites with more straightforward development parameters and manageable risk, especially in today’s more cautious market climate. With commercial use permitted on the first storey, the Lakeside Drive parcel offers developers flexibility while remaining fundamentally residential in character.

Strategically located adjacent to Lakeside MRT Station, the site boasts immediate connectivity to Boon Lay and Jurong East MRT stations, placing residents within minutes of Jurong Point, Jem, Westgate, and IMM. The broader Jurong region is poised for enhanced accessibility with the upcoming Jurong Region Line and Cross Island Line, further integrating the area with major commercial and education hubs across Singapore.

Lakeside Drive stands out as a rare and timely opportunity for developers. Its location, potential buyer catchment, and proximity to key infrastructure upgrades position it as a highly desirable site with long-term value.

 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