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  

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11 Feb 2026
What Lies Ahead for Singapore Rental Market in 2026

The Singapore rental property market has entered a more stable and balanced phase heading into 2026, following a period of sharp adjustment in earlier years. Data from 2025 points to a market that remains fundamentally resilient, underpinned by genuine housing demand rather than speculative pressures. Total non-landed rental transactions rose by 3.8% year on year to 84,622 units, reflecting sustained leasing activity even as rental growth moderated and conditions normalised.

Leasing momentum in 2025 was broad based across all market segments. The Core Central Region recorded the strongest growth, with rental transactions increasing by 5.7% to 25,532 units. This reflects a gradual return of depth in the prime rental segment, supported by expatriates, senior professionals, and corporate tenants who continue to prioritise centrality, connectivity, and proximity to employment nodes. 

At the project level, rental demand in 2025 remained concentrated within large scale, well located developments across all regions. In the CCR, projects such as The Sail @ Marina Bay, D’Leedon, and Marina One Residences continued to anchor leasing activity due to their proximity to employment hubs and transport infrastructure. In the RCR, Normanton Park emerged as the top performing project by rental transactions following its recent completion, highlighting strong tenant acceptance for large, amenity rich city fringe developments. In the OCR, rental demand was more evenly distributed across multiple projects, reflecting tenant preferences for affordability and convenience rather than concentration in a single dominant development.

Overall, the rental market in 2026 is likely to be characterised by stability rather than acceleration, supported by steady employment conditions, population stability, and a more balanced supply environment.

 

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here

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 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

Property Insight
11 Feb 2026
CDL and Woh Hup Emerge as Top Bidder for Tanjong Rhu Road GLS at $1,455 psf ppr

The tender for the residential Government Land Sales site at Tanjong Rhu Road has officially closed, with a joint venture between CDL and Woh Hup emerging as the top bidder at $1,455 $psf ppr, translating to a total land price of about $709.3 million. The tender attracted 5 bidders, signalling sustained developer interest in rare city fringe sites with strong long term locational fundamentals.

Notably, this site marks the first residential land parcel released for sale in the Tanjong Rhu area in more than 2 decades. The previous GLS site in the vicinity was awarded in 1997 and subsequently developed into Water Place. The long interval since the last land release underscores the scarcity of new private residential opportunities in this established waterfront precinct, enhancing the appeal of the site to both developers and future homebuyers.

The level of participation reflects continued confidence in well located Rest of Central Region sites, even within a more calibrated and disciplined bidding environment. Developers appear increasingly mindful of demand conditions, upcoming supply visibility and cost considerations, contributing to bids that remain competitive while staying measured.

The site benefits from direct access to Tanjong Rhu MRT station on the Thomson East Coast Line, providing seamless connectivity to major employment and lifestyle nodes such as Marina Bay, Orchard and Changi Airport. It is also located near the Singapore Sports Hub, which is set to be progressively rejuvenated under the Kallang Alive Masterplan. Over time, this transformation is expected to introduce more community focused waterfront spaces, enhanced recreational facilities and a more vibrant lifestyle environment, further strengthening the liveability of the precinct.

Based on planning parameters, the site is expected to yield approximately 525 private residential units, allowing for a meaningful development scale while preserving the exclusivity associated with a waterfront city fringe address. With limited new private residential supply in the immediate vicinity, the future development is well positioned to attract interest from both owner occupiers and long term investors.

Overall, the outcome of the Tanjong Rhu Road GLS tender reflects the continued effectiveness of a calibrated ramp up in land supply. By improving visibility over the future housing pipeline, the GLS programme supports a healthier development environment and contributes to more balanced and sustainable pricing dynamics over the longer term.

Click

here

for the full report:  

 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

Property Insight
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

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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