Commentary on the GLS 1H 2025 - Stable Housing Supply

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

Stable land supply after strong developer home sales in November

The latest Government Land Sale (GLS) program saw the government increase the residential supply very marginally compared to 2H24. The overall private housing supply from the GLS programme will be raised to about 8,505 units in 1H2025, from about 8,140 units in 2H2024. These comprise about 5,030 private housing units, including 980 Executive Condominium (EC) units, to be tendered out via the Confirmed List in 1H2025. This is broadly similar to the 5,050 units in 2H2024, and close to 60% higher than the average Confirmed List supply in each GLS programme from 2021 to 2023. An additional 3,475 units will be made available via the Reserve List, higher than the 3,090 units in 2H2024. We believe the stable supply is an appropriate response as despite the strong private home sales numbers reported in November, the full year home sales at 6,000 – 7,000 units are still below historical average. Developers in the recent land tenders have also been measured in their bids, signalling their cautious outlook. 

Excluding 980 EC units, 1H 2025 GLS Confirmed List of 4,050 private homes would translate into 8,100 private homes on an annualised basis, higher than 2023’s 6,421 developer sales (excluding ECs), and similar with the 2014-2023 10-year average developer sales of 8,853 units. This should provide ample future land banking opportunities for developers and satisfy the resilient demand and hopefully stabilise prices.


Source: CBRE Research, MND. Resi: Residential. CL: Confirmed List. RL: Reserve List.

Which are the most attractive new sites on GLS 1H 2025? 

There are 9 residential sites on the Confirmed List, of which 6 are new and 3 are carried over from 2H 2024’s Reserve List. They are well spread-out and offer a diversity of sites to suit different budgets and needs. There are a few standout sites which are near mature public housing estates and MRT stations. We find the most attractive sites to be Hougang Central commercial and residential site, Chuan Grove (2) and Woodlands Drive 17 (EC). Telok Blangah and Dunearn Road sites, being the first private housing site in two new precincts at the former Keppel Golf Course and Bukit Timah Turf City, would also be interesting to watch.    

There are no new sites on the Reserve List, with most sites carried over from earlier Reserve Lists, including relatively prime sites such as Marina Gardens Lane, Holland Plain, River Valley Green (Parcel C), and previously tendered but unawarded sites – Media Circle (SA2), Jurong Lake District white site and Marina Gardens Crescent white site.  With ample attractive sites on the Confirmed List, we do not expect them to be triggered for sale in the near term. 

ECs by itself is popular due to its affordability. The government has put 3 ECs on the Confirmed List this time, instead of the usual fashion of placing one in Confirmed List and one in Reserve List. Of the three ECs in 1H25 GLS Confirmed List – Senja Close, Woodlands Drive 17 and Sembawang Road - the Woodlands Drive 17 may be the most attractive given its proximity to Woodlands South MRT station and the recent success of Norwood Grand launch. 

Chuan Grove (2) is next to the Chuan Grove GLS site on the 2H24 GLS programme, near Lorong Chuan MRT station. The first tender with 555 units will close 8 July 2025. The extended timeline may be for developers to consider bundling with this second site of 505 units. Developers can amalgamate the two sites to build a mega project which is popular, evidenced from the success of nearby Chuan Park launch which sold 76% of its 916 units in its November launch weekend at an average price of $2,579 psf. 

Hougang Central commercial and residential site is attractive as it is integrated with the Hougang MRT station, and in a mature housing estate. However, the capital outlay and scale could be large, with its GFA exceeding 1 mil sq ft and 835 residential dwelling units and 40,000 sqm of commercial space. Developers could form partnerships or JVs to participate in this tender. Mixed-use projects near key transport nodes in suburban Tampines St 94 and Tampines Ave 11 had received good developer response with 6 and 3 bids respectively and bid prices of $1,004 psf ppr and $884 psf ppr respectively.  

Sale of first private housing site in two new precincts at the former Keppel Golf Course and Bukit Timah Turf City
The Government had earlier unveiled plans for two new housing precincts at Bukit Timah Turf City and the former Keppel Golf Course to provide more housing options to meet Singaporeans’ diverse aspirations and lifestyle needs.

The 48-hectare former Keppel Golf Course site will yield about 9,000 new homes, including approximately 6,000 public housing units. Located near to the city centre, this new housing precinct will bring homes closer to jobs and kickstart the transformation of the Greater Southern Waterfront into a new major mixed-use gateway where Singaporeans can enjoy living, working and playing along the southern coast. The first private housing site at Telok Blangah Road will be launched for sale in 1H2025. At 740 units, it is quite a large site which will require high development outlay amidst a lack of upgraders’ demand around it. Its main draw will be its proximity (less than 500m) to Telok Blangah MRT station and a station away to VivoCity and Sentosa.  

The sale of the first private residential site along Dunearn Road in 1H2025 will kickstart the longer-term rejuvenation of Bukit Timah Turf City and its surrounding area. At 370 units, it is of a palatable size, and should be popular with homebuyers and investors given its proximity (less than 500m) to the Sixth Avenue MRT and multiple popular schools in Bukit Timah, such as Methodist Girls’ School and Nanyang Girls’ School. 

The Bukit Timah Turf City will be transformed into a new liveable and endearing housing estate with approximately 15,000 to 20,000 public and private homes over a period of 20 to 30 years. Served by the existing Sixth Avenue Downtown Line station and an upcoming Cross Island Line station, Bukit Timah Turf City is envisioned to be a people-centric, pedestrian-friendly, and car-lite estate.

Event and Details

Overall Government Land Sales (GLS) private housing supply increased in First Half 2025 (1H2025)

The Government has announced the GLS Programme for 1H2025. Comprising ten Confirmed List sites and nine Reserve List sites, the 1H2025 GLS Programme can yield about 8,505 private residential units, 242,900 sqm gross floor area (GFA) of commercial space and 530 hotel rooms.

The Confirmed List, which comprises nine private residential sites (including three EC sites) and one commercial & residential site, can collectively yield about 5,030 private residential units (including 980 EC units) and 43,000 sqm GFA of commercial space.

The Reserve List includes four private residential sites, one commercial site, three White sites and one hotel site, which can potentially yield an additional 3,475 private residential units, 199,900 sqm GFA of commercial space and 530 hotel rooms.

The Government will continue to closely monitor economic and property market conditions and adjust the GLS Programme as necessary to meet Singapore’s housing, commercial and hospitality needs.

PROPOSED RESIDENTIAL, COMMERCIAL AND HOTEL SITES FOR 1H2025 GLS PROGRAMME

S/N	Location	Site Area (ha)	Proposed GPR	Estimated No. of Residential Units (1)	Estimated No. of Hotel Rooms	Estimated Commercial Space (m2)	Estimated Launch Date	Sales Agent
Confirmed List
Residential Sites
1	Senja Close (EC) (2)	1.01	3.0	295	0	0	Mar 2025	HDB
2	Woodlands Drive 17 (EC) (2)	2.52	1.7	420	0	0	Apr 2025	HDB
3	Lakeside Drive (3)(4)	1.39	3.6	575	0	1,000	Apr 2025	URA
4	Dunearn Road (3)(5)	1.34	2.4	370	0	0	Apr 2025	URA
5	Chuan Grove (2)(3)	1.45	3.0	505	0	0	May 2025	URA
6	Sembawang Road (EC) (3)	1.90	1.4	265	0	0	May 2025	HDB
7	Upper Thomson Road (Parcel A) (6)	2.44	2.2	595	0	2,000	Jun 2025	URA
8	Dorset Road (3)	1.05	3.5	430	0	0	Jun 2025	URA
9	Telok Blangah Road (3)(5)	1.36	4.7	740	0	0	Jun 2025	URA
Commercial & Residential Sites
10	Hougang Central (3)(7)	4.68	2.5	835	0	40,000	May 2025	HDB
	Total (Confirmed List)			5,030	0	43,000

  

S/N	Location	Site Area (ha)	Proposed GPR	Estimated No. of Residential Units (1)	Estimated No. of Hotel Rooms	Estimated Commercial Space (m2)	Estimated Available Date (16)	Sales Agent
Reserve List
Residential Sites
1	Marina Gardens Lane (8)	0.60	5.6	390	0	150	Available	URA
2	Holland Plain (9)	1.57	1.8	280	0	0	Available	URA
3	Media Circle (10)	0.57	4.2	520	0	400	Available	URA
4	River Valley Green (Parcel C)	1.15	3.5	470	0	0	Available	URA
Commercial Sites
5	Punggol Walk (11)	1.00	1.4	0	0	13,350	Available	URA
White Sites
6	Marina Gardens Crescent (12)	1.73	4.2	775	0	6,000	Available	URA
7	Jurong Lake District (13)	6.47	-	600	0	100,000	Available	URA
8	Woodlands Avenue 2 (14)	2.75	4.2	440	0	78,000	Available	URA
Hotel Sites
9	River Valley Road (15)	1.02	2.8	0	530	2,000	Available	URA
	Total (Reserve List)			3,457	530	199,900
	Total (Confirmed List and Reserve List)			8,505	530	242,900

(1) The estimated number of dwelling units (DU) for Executive Condominium and private residential sites take into account the average unit sizes of recent comparable developments and prevailing Development Control guidelines.
(2) Sites are imposed with a minimum 500 sqm GFA for childcare centre.
(3) New sites introduced in 1H2025.
(4) Site is imposed with a retail cap of 1,000 sqm GFA.
(5) Sites are imposed with a minimum 600 sqm GFA for childcare centre.
(6) Site is imposed with a retail cap of 2,000 sqm GFA and a minimum 1,000 sqm GFA for childcare centre. Serviced apartment/long-stay serviced apartment use will not be mandated but can be allowed subject to approval from technical agencies.
(7) A mixed-use development with integrated bus interchange facilities (estimated 5,660 sqm GFA). Retail cap is 40,000 sqm GFA.
(8) Site is imposed with a retail cap of 150 sqm GFA.
(9) Site is imposed with DU cap of 282 residential units.
(10) Site is for long-stay Serviced Apartments use only and imposed with a retail cap of 400 sqm GFA.
(11) Site is imposed with a minimum office quantum of 8,400 sqm GFA and a minimum 650 sqm GFA for childcare centre.
(12) Site is imposed with a retail cap of 6,000 sqm GFA and a minimum 500 sqm GFA for childcare centre.
(13) This is a Master Developer site with a total GFA of 365,000 sqm. The estimation of 600 residential units and office quantum of 70,000 sqm GFA is based on the minimum quantum to be developed in Phase 1, which are specified in the sales conditions.
(14) Site is imposed with a retail cap of 33,000 sqm GFA and a minimum office quantum of 45,000 sqm GFA.
(15) Site is imposed with a retail cap of 2,000 sqm GFA.
(16) Refers to estimated date the detailed conditions of sale will be available, and applications can be submitted.