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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03 Jul 2025
CCR Property Prices Rise in 1H2025 Amid Renewed Luxury Market Confidence

The Core Central Region (CCR) continued to demonstrate resilience and growth in the first half of 2025. According to flash estimates, non-landed private residential prices in the CCR increased by 3.1%, slightly above the 3.0% growth in 1H2024. Notably, 2Q2025 alone contributed a 2.3% rise, rebounding from a more muted 0.8% gain in the first quarter. This sequential improvement underscores renewed confidence and a firmer price trajectory in the prime segment.

High-value transactions, particularly in the $10 million and above category, nearly doubled year-on-year to 29 deals in 1H2025, with 21 Anderson, Park Nova, and Skywaters Residences recording standout performances. This uplift reflects healthy demand for large-format luxury homes in coveted CCR addresses and has reinforced price resilience, especially in the new sale market.

New sale activity in CCR also showed signs of recovery, with an estimated 236 transactions in 1H2025, a 26.2% increase from the 187 units sold in 1H2024. While still below the peak of 986 units in 1H2023, the figures signal a gradual return of buyer confidence. The rebound follows the cautious sentiment in 2024, largely influenced by the April 2023 ABSD hike, including the steep 60% rate on foreign buyers.

Looking ahead, the market is poised for revitalisation with a slate of anticipated launches in 2H2025, including The Robertson Opus, W Residences – Marina View, Upperhouse at Orchard Boulevard, River Green, Skye at Holland, and One Leonie Residences. With limited fresh supply and evolving urban transformation under the Draft Master Plan 2025, these projects are expected to reignite interest in the CCR.

The evolving demand for well-positioned homes, stable macro fundamentals, and selective pricing strategies by developers have set the stage for a more sustained recovery in Singapore’s prime residential segment.

Click

here

for the full report 

 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

research@sri.com.sg

 

  

   

Property Insight
01 Jul 2025
Q2 2025 Flash Estimates Signal Steady Price Growth Across Private and HDB Segments

In the second quarter of 2025, Singapore’s private residential property market continued to show steady growth, with the price index rising by 0.5%, slightly below the 0.8% recorded in the first quarter. 

Developers adopted a more cautious approach in light of external uncertainties such as the Liberation Day tariff announcements and the General Election. This conservative stance helped support pricing levels amid a quieter launch pipeline.

The broader private residential market is expected to hold firm in the second half of 2025, buoyed by upcoming launches across a range of housing segments—from luxury freehold homes to Executive Condominiums (ECs) in emerging locations. 

In the public housing segment, the HDB resale market showed continued signs of price moderation. Resale prices rose by 0.9% in 2Q2025, following a 1.6% increase in the previous quarter. Cumulatively, prices grew by 2.5% in the first half of 2025, compared to 4.2% in the first half of 2024. 

Looking ahead, the HDB resale market is expected to remain resilient, supported by demand from families, couples, and unsuccessful BTO applicants. 

Over 50,000 new flats are set to be launched from 2025 to 2027, including Shorter Waiting Time flats and Sale of Balance Flats (SBF). Additionally, 50,000 existing flats will reach their Minimum Occupation Period (MOP) between 2026 to 2028, expanding resale supply and easing price pressures. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

Property Insight
26 Jun 2025
Consortium of Frasers, Sekisui & CSC Land Tops Nine Bids for Dunearn Road GLS Plot

The Government Land Sales (GLS) site at Dunearn Road attracted intense competition, reflecting a resurgence of developer confidence in the Core Central Region (CCR). The top bid of $491.5 million (or $1,410 psf ppr) was submitted by a consortium of CSC Land Group (Singapore), Sekisui House, and Frasers Property Phoenix II, outbidding eight other contenders. This marks the highest number of bids for any GLS site in 2025 so far, surpassing the eight received for Bayshore Road.

The strong interest underscores the strategic appeal of the site, which benefits from excellent connectivity, a prime Bukit Timah location, and proximity to elite educational institutions. Notably, the site is directly served by Sixth Avenue MRT on the Downtown Line (DTL), and will also be within walking distance of the upcoming Turf City MRT on the Cross Island Line (CRL). Together, these transport nodes enhance the site’s accessibility to the city and other key areas, boosting its attractiveness to both homeowners and tenants.

Developers were likely drawn to the first-mover advantage of this plot, as it is the inaugural GLS site in the Turf City rejuvenation initiative. Launching early offers the opportunity to set a pricing benchmark and define the tone and positioning for future developments within this emerging precinct. The site’s close proximity to top schools such as Hwa Chong Institution, National Junior College, and Raffles Girls’ Primary School further strengthens its appeal for family-oriented buyers.

In conclusion, the Dunearn Road GLS site represents a unique convergence of strategic location, transport accessibility, proximity to top schools, and early entry into a rejuvenating precinct. Its outcome affirms that well-located sites in established districts, especially those with upcoming infrastructure boosts, continue to command strong interest from developers eager to capitalise on future growth and set the pace for a new residential enclave.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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