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
17 Nov 2025
New Projects Lift Developer Sales to 2,424 Units in October 2025

October 2025 marked one of the strongest months for Singapore’s private new home market, with developers transacting 2,424 units excluding Executive Condominiums. This represented a sharp rebound from the slower September showing of 255 units and exceeded the previous monthly peak of 2,142 units in August. 

October’s performance also stood out as the highest monthly developer sales recorded since November 2024 which saw 2,560 units sold. The significant swing in momentum reflected the market’s ability to adapt quickly following the quieter Hungry Ghost Festival period as buyers returned in force to capitalise on the wave of anticipated launches.

The month was defined by four major project debuts which collectively reshaped overall sales. Skye At Holland, Zyon Grand, Penrith, and Faber Residence released a combined total of 2,233 units and accounted for 84.6 percent of all private new home transactions in October. 

Their strong take up underscored the market’s continued appetite for well-located and thoughtfully curated developments that blend convenience, product appeal, and lifestyle value. 

Overall, October demonstrated how fresh supply continues to be the strongest driver of new home sales. When developers introduce well positioned projects with compelling concepts, the market’s response remains swift and decisive. The results for the month highlight both healthy underlying demand and the stabilising confidence of buyers who remain ready to commit when presented with tangible value and strong locational attributes.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
11 Nov 2025
Bukit Timah Road GLS Draws Strong Developer Interest with Top Bid at $1,820 psf ppr

The Bukit Timah Road Government Land Sales (GLS) site attracted strong developer interest, drawing eight bidders in total. The top bid was submitted by HH Investment Private Limited, a company linked to Taiwan’s Huang Hsian Construction Corporation, at $566.3 million or $1,820 psf ppr. This outpaced the second-highest bid from Hoi Hup Realty and Sunway Developments by 12.3%, underscoring robust confidence in the site’s long-term potential. It also marks the highest GLS land bid since the Cuscaden Road site in 2018, which achieved $2,377 psf ppr.

The spirited participation highlights developers’ optimism toward the Core Central Region (CCR) market amid its ongoing recovery. With limited centrally located residential plots available, the strong premium over competing bids demonstrates the strategic value developers place on sites that combine connectivity, exclusivity, and investment resilience.

Located within the Newton Planning Area, the site is zoned for Residential (Non-Landed) use and is expected to yield about 340 housing units. It benefits from direct access to Newton MRT Interchange, linking the North–South and Downtown Lines, and close proximity to Orchard Road and the CBD. This connectivity enhances its appeal among both investors and owner-occupiers seeking convenience and long-term capital stability.

The area’s transformation is further supported by the upcoming Draft Master Plan 2025, which envisions Newton evolving into a vibrant mixed-use precinct anchored around Newton Circus, Scotts Road, and Monk’s Hill. These clusters are set to feature enhanced greenery, improved public spaces, and an integrated mix of residential, lifestyle, and retail offerings. The Bukit Timah Road GLS site will likely emerge as a key catalyst in this rejuvenation, potentially serving as the first major residential development to lead Newton’s renewal journey.

The tender outcome mirrors earlier activity in the Newton precinct, particularly the Kampong Java Road GLS site that was awarded for Kopar at Newton, which attracted seven bids at the time. The consistency of competition affirms the enduring attractiveness of Newton as a luxury residential enclave and its positioning for long-term growth.

Market momentum in the CCR strengthened in 3Q2025, with developers selling 903 units, the highest quarterly figure since 4Q2010 (994 units). This resurgence reflects growing confidence and demand among affluent buyers, buoyed by recent successful launches such as River Green, UpperHouse at Orchard Boulevard, and The Robertson Opus. These projects have reignited enthusiasm for luxury homes through strong branding, architectural distinction, and desirable locations.

The sustained performance of the CCR segment reinforces the market’s resilience, particularly for premium developments that continue to draw discerning local and foreign buyers seeking enduring value.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
04 Nov 2025
Kingsford Tops Bid for Telok Blangah Road GLS Site at $1,326 psf ppr

Kingsford Development has emerged as the top bidder for the Telok Blangah Road Government Land Sales (GLS) site, marking a strategic expansion of its landbank into the Rest of Central Region (RCR). The developer submitted a winning bid of $918.3 million ($1,326 psf ppr), surpassing the second-highest offer by 4.4%. This reflects Kingsford’s strong conviction and competitive stance in securing a site within one of Singapore’s most ambitious urban transformations—the Greater Southern Waterfront (GSW).

With the GLS programme ramping up to ensure a steady housing pipeline, developers are exercising greater selectivity and spreading participation across more sites. The Telok Blangah Road parcel stands out as a trophy opportunity for forward-looking developers seeking early positioning in this transformative district. The site is expected to yield about 745 residential units, offering excellent connectivity and proximity to HarbourFront, VivoCity, and Sentosa Island—key lifestyle and retail anchors that enhance its attractiveness. Nearby rejuvenation works, including the planned redevelopment of HarbourFront Centre into a 33-storey mixed-use building, will further reinforce the precinct’s long-term appeal.

As the first private residential plot under the GSW transformation, the Telok Blangah Road site is expected to set early benchmarks for design, pricing, and urban integration—much like the Turf City GLS site in Bukit Timah.

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