20 Sep 2024
September 2024 GLS Tender Review: Tampines Street 94 & Media Circle Analysis
Property Insight

The September 2024 GLS (Government Land Sales) commentary outlines the tender results for two key sites: Tampines Street 94 and Media Circle.

Tampines Street 94:

This site, zoned for mixed-use residential and commercial development, attracted six bids. The top bid came from a joint venture between Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd, offering $668.3 million (equivalent to $1,004 per square foot per plot ratio (psf ppr)). The second-highest bid by Sing Holdings Residential Pte. Ltd. was just 1.9% lower at $655.6 million ($985 psf ppr), highlighting competitive bidding despite a cautious market.

The keen interest in this site demonstrates continued demand for strategically located mixed-use parcels, offering both residential and commercial potential. The proximity to amenities and the Tampines West MRT station enhances its appeal. Recent mixed-use projects, like J’den, which saw over 80% of units sold at launch, indicate strong market demand. The upcoming Executive Condominium (EC) at Tampines Street 95 is expected to further increase foot traffic and commercial viability for the development, making it an attractive proposition for developers and investors alike.

The Tampines Street 94 development also benefits from its location within a residential area dense with HDB blocks, ensuring a ready customer base for its commercial offerings. Situated near educational institutions like Temasek Polytechnic, St. Hilda’s Secondary School, and others, the site is ideal for families. Given the market conditions, the expected launch price is projected to range between $2,200 to $2,300 psf, aligned with the Outside Central Region (OCR) median price of $2,107 psf as of Q2 2024. This site’s launch could be influenced by the earlier-launched Tampines Avenue 11 project, potentially setting price expectations for buyers.

Media Circle:

This site, located within the one-north Mediapolis precinct, was tendered for residential use (specifically for long-stay serviced apartments) with commercial space on the first storey. It attracted only one bid, submitted by Frasers Property in collaboration with Padawan MC Pte Ltd and Empire One North Property Pte Ltd, for $120.1 million ($461 psf ppr).

Frasers Property, known for its experience in serviced apartments, sees potential in the site's strategic location, close to media and technology job hubs within the vibrant Mediapolis area. This contrasts sharply with the lack of interest in the Upper Thomson Road (Parcel A) site, which also included a serviced apartment component. The one-north area's connectivity and appeal to expatriates and professionals looking for convenience and proximity to work explain the interest in Media Circle.

Click here for the full report   

 

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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01 Apr 2026
1Q2026 Flash Estimates Point to Stable Demand

According to the 1Q2026 flash estimates, Singapore’s residential property market is transitioning toward a more balanced and sustainable phase, supported by a calibrated increase in housing supply and steady underlying demand. Private residential property prices rose by 0.3% quarter on quarter in 1Q2026, moderating from the 0.6% growth recorded in 4Q2025, reflecting a healthier pace of appreciation amid improved supply conditions .

This moderation comes alongside a notable increase in new launches, with approximately 3,149 units, including Executive Condominiums, introduced during the quarter. Much of this supply was driven by sites from the Government Land Sales programme, which has significantly strengthened the pipeline of upcoming private housing. The expanded supply has enhanced market visibility and helped anchor buyer expectations, reducing the likelihood of sharp price movements while supporting a more orderly market environment .

In the public housing segment, HDB resale prices showed early signs of moderation, easing by 0.1% quarter on quarter in 1Q2026. This marks the first decline since 2Q2019 and reflects the impact of a significant ramp up in supply. The first BTO exercise of the year introduced about 4,692 flats, alongside approximately 4,320 Sale of Balance Flats, providing buyers with more options across both new and completed units .

Overall, the market is entering a phase where supply side measures are taking effect. The continued ramp up in both private and public housing supply is expected to support price stability while maintaining accessibility. With demand fundamentals remaining intact, the residential market is likely to see a more balanced and sustainable trajectory in the year ahead.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
01 Apr 2026
Dover Drive Site Draws 6 Bidders as One North Gains Traction

The Government Land Sales tender for the Dover Drive residential site closed with a total of 6 bidders, reflecting a notable increase in participation compared to recent GLS sites in the Media Circle area, which each attracted 3 bidders. This stronger turnout points to improving developer confidence in the one north and Queenstown precinct, supported by the area’s evolving residential and employment landscape.

The top bid of $951.0 million, translating to $1,556 psf ppr, was submitted by a consortium comprising Qingjian Realty, Forsea Residence and Jianan Realty Investments. The relatively tight clustering of bids suggests that developers share a similar view of the site’s underlying value, while the leading bid reflects a strong level of conviction in the precinct’s long term demand fundamentals. The site’s attributes, including its proximity to one north MRT station and Buona Vista, as well as its allowable commercial use at the first storey, further enhance its attractiveness by supporting convenience and liveability for future residents. 

The positive response to the tender also comes on the back of growing momentum within the one north corridor. The Government’s continued push to strengthen Singapore’s innovation economy, including plans for an expanded AI park and initiatives such as Kampong AI, is expected to reinforce one north’s position as a key hub for research, technology and high value industries. This, in turn, is likely to support a sustained pool of housing demand from professionals working within the area. 

In addition, developers are increasingly looking to build scale within the precinct. Qingjian Realty and Forsea Residence have previously secured sites in Media Circle for projects such as Bloomsbury Residences and the upcoming Hudson Place Residences. The latest successful bid at Dover Drive reflects a continued effort to strengthen their presence in a precinct that is still in its growth phase but showing clear signs of maturation.

At the same time, the expanding pipeline of residential sites under the GLS programme, including potential future parcels in Media Circle, provides greater visibility on supply. This may help to anchor buyer expectations and support a more measured pace of price growth, ensuring that market movement remains aligned with underlying demand fundamentals.

Overall, the Dover Drive tender results reinforce growing confidence in the one north precinct. With continued investment in infrastructure, innovation driven industries and a steady pipeline of residential developments, the area is progressively shaping into a well-integrated live work environment with sustained long term residential appeal.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
16 Mar 2026
February Developer Sales Reflect Growing Buyer Interest in Prime Segment

Singapore’s new private home market saw a moderation in developer sales in February 2026, largely influenced by seasonal factors rather than any structural weakening in demand. According to SRI Research, developers sold 246 new private homes (excluding ECs) in February, down from 466 units in January, representing a 47.2% month on month moderation. This softer performance was widely anticipated as the month coincided with the Chinese New Year festive period, a time that typically experiences fewer marketing activities and lower buyer turnout. As such, the February figures should be interpreted within the context of seasonal timing and launch schedules rather than a fundamental shift in market demand. 

Despite the monthly moderation, the Core Central Region (CCR) segment has shown encouraging momentum at the start of the year. In the first two months of 2026, a total of 225 CCR units were transacted, compared to 149 units over the same period in 2025, representing a 51.0% year on year increase. This improvement suggests that buyer interest within the prime residential segment has strengthened relative to a year ago. The pickup in activity may reflect growing confidence among high-net-worth buyers, improved pricing alignment between developers and purchasers, as well as selective project launches that have resonated with market demand. Overall, the CCR segment appears to be demonstrating measured resilience despite a calibrated supply environment and existing policy framework. 

The renewed interest in the prime segment was further highlighted by the successful launch of River Modern, which reportedly sold more than 90% of its units during its launch weekend. The strong take up illustrates how well-located developments in prime districts continue to attract confident buyers, even after a series of launches across the River Valley and Zion corridor over the past year. Buyers appear willing to commit when developments offer strong locational attributes, connectivity and long-term value prospects. 

Looking ahead, market activity is expected to gain renewed traction as several upcoming developments enter the launch pipeline. Projects such as Rivelle Tampines, Pinery Residences, Vela Bay, Hudson Place Residences and Tengah Garden Residences are anticipated to re-energize primary market activity across a diverse range of locations and buyer segments. These developments collectively span city fringe areas as well as emerging regional growth corridors, and their launches are expected to reintroduce a steadier cadence of supply into the market. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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