The government has kept up with efforts in boosting private housing land supply in the first half of 2025 (1H 2025) by offering 8,505 units on its upcoming Government Land Sales (GLS) programme under the Confirmed List and Reserve List.

For the 1H 2025 GLS Confirmed List, it will offer 10 sites, comprising nine residential sites (including three executive condo (EC) plots), and one residential cum commercial site. All in, the 10 Confirmed List sites can yield an estimated 5,030 residential units (including 980 EC units) - relatively on par with the 5,050 units offered in the Confirmed List of the 2H 2024 GLS programme (see Chart 1).

Chart 1: Residential units offered under the GLS programme (CL and RL)

Source: PropNex Research, MND

In view of the stiff competition for EC sites among developers and rising EC land prices, PropNex notes that the government has ramped up the supply of executive condo (EC) sites, with three such plots - potentially yielding 980 EC units - parked under the Confirmed List in 1H 2025. This is a shift from previous GLS programmes since 2018, where only one EC site was offered in each of the half-yearly land sales programme. The last time that three EC plots were launched for sale in a single GLS programme was in 2H 2014, where EC sites in Sembawang Road/Canberra Link, Anchorvale Crescent, and Woodlands Avenue 12 had been placed for tender. In addition, in 1H 2014, the HDB launched four EC sites (two in Yishun, one each in Sembawang and Choa Chu Kang) for sale via the GLS.

Meanwhile, the government has placed another nine sites on the Reserve List of the 1H 2025 GLS slate which can be triggered for sale by developers should there be market demand for them. The Reserve List comprises four residential plots, one commercial site, three white sites, and a hotel site; they can collectively offer 3,475 residential units, 199,900 sq m gross floor area of commercial space, and 530 hotel rooms.

There are seven brand-new sites introduced to the GLS in 1H 2025, with all of them under the Confirmed List. The newly added plots are: Lakeside Drive; Dunearn Road; Chuan Grove; Sembawang Road (EC); Dorset Road; Telok Blangah Road; and Hougang Central. In particular, the Dunearn Road site is located in the new housing precinct in Bukit Timah Turf City, while the Telok Blangah plot is situated in the former Keppel Golf Course site.

Also on the Confirmed List, is the residential plot in Upper Thomson Road (Parcel A) which saw no bids when its tender closed in June this year. Previously, the plot was to offer a mix of residential units and long-stay serviced apartments. Of note, the URA has provided more flexibility this time; it said that serviced apartment/long-stay serviced apartment use will not be mandated for the site but can be allowed subject to approval from technical agencies.

Several sites for which tender bids were rejected by the URA for being too low earlier this year have been listed on the Reserve List - they are the Jurong Lake District master developer site, and plots in Media Circle (for long-stay serviced apartment use) and Marina Gardens Crescent.

Mr Ismail Gafoor, CEO of PropNex said:

"In our view, the 1H 2025 land supply offers a good mix of sites both in the suburbs and also nearer to the city. Looking at the array of sites on the Confirmed List, it is clear that the government has its finger on the pulse of the market.

For instance, there has been strong demand for EC sites among developers, and PropNex has also advocated for the government to put out more EC land for tender, and we are heartened that three such plots are on the Confirmed List in 1H 2025. With ECs being a popular choice among eligible homebuyers, and EC projects generally enjoying healthy take-up, developers have been attracted to bid for such plots. A recent EC site in Tampines St. 95 was awarded for a record land rate of $768 psf ppr (see Chart 2). As EC land prices go up, the selling price to end-users will inevitably rise as well. Hence, by increase the EC land supply in 1H 2025, we hope that it will go some way to soothe the competition among developers in land tenders, and help to moderate EC land cost and prices accordingly.

The upcoming GLS offers many attractive sites and we think they will excite developers, who may be looking at replenishing their land inventory and development pipeline, in view of a positive turn in sentiment and uptick in home sales of late. In addition, the optimism around rate cuts and an improving economic outlook could support housing demand, and enhance developers' appetite for residential sites.

Chart 2: Land rates ($psf per plot ratio) for EC sites sold via GLS from 2013

Source: PropNex Research, HDB

It has been an unprecedented year where GLS tenders are concerned. For the first time, the URA had decided not to award the tender for three plots - Marina Gardens Crescent, Jurong Lake District master developer site, and Media Circle (SA2) - as the respective top bids were assessed to be too low. Meanwhile, a site in Upper Thomson Road (Parcel A) which has a long-stay serviced apartment (SA2) component drew no bids.

Given the revival in home buying sentiment, prospect of easing interest rates, and the paring down of unsold stock, we expect public land tenders could see more active participation in 1H 2025, particularly with a slate of exciting sites over a fairly good geographical spread, including in two new housing precincts in Bukit Timah Turf City and the former Keppel Golf Course site.

There are numerous well-located sites on the Confirmed List, with majority of them close to an MRT station, which would appeal to both developers and homebuyers alike. In our view, the most attractive ones are the mixed-use site in Hougang Central (835 units) that will be connected to the Hougang MRT station, the Telok Blangah Road plot (740 units) and Dunearn Road (370 units) site in new housing precincts, and within minutes' walk to the MRT station, as well as the Lakeside Drive site (575 units) which is right next to the Lakeside MRT station, and is near to Jurong Lake Gardens and the Jurong East commercial hub."

Table 1: Brief summary of Confirmed List sites 1H 2025

Site	Remarks
Senja Close (EC) - 295 units	Located in a predominantly public housing area in Bukit Panjang, which will present potential HDB upgraders' demand in the future when the project is launched Near to several schools; within 1-km from West View Primary School, Greenridge Primary School, and West Spring Primary School Site is about 300m from the Jelapang LRT station which will take commuters to the Bukit Panjang MRT station on the Downtown Line, and the bus interchange Amenities in the vicinity include Senja Hawker Centre, Greenridge Shopping Centre, Hillion Mall, and Junction 10
Woodlands Drive 17 (EC) - 420 units	Located next to the Woodlands Health Campus, and near to several schools including Innova Primary School, Christ Church Secondary School and Woodgrove Secondary School It is about 8 minutes' walk to the Woodlands South MRT station on the Thomson-East Coast Line Not far from Woodlands Regional Centre and the Woodlands Checkpoint Last EC GLS plot awarded in the Woodlands area was the Woodlands Avenue 12 EC site (Northwave) in February 2015
Sembawang Road (EC) - 265 units	*New Site An odd-shaped plot overlooking the serene Sembawang Springs landed housing estate. It is also near to the Sembawang Hot Spring Park. One side of the plot fronts the Sungei Simpang Kiri waterway, potentially offering some waterfront homes Short distance to the Canberra MRT station on the North-South Line and Canberra Plaza Last EC GLS plot awarded in this area was the Canberra Link EC site (Provence Residences) in October 2019
Lakeside Drive - 575 units	*New Site Attractive location within the Jurong planning area. It is at the doorstep of the Lakeside MRT station, and is near Jurong Lake Gardens and the upcoming Jurong Lake District. Site is within 1-km radius of several schools including Rulang Primary School, Shuqun Primary School, and Lakeside Primary School The last GLS site awarded in this vicinity was the Jurong West Street 41 site (Lake Grande) which was sold in March 2015
Dunearn Road - 370 units	*New Site Part of the Bukit Timah Turf City redevelopment - the first plot to be offered in this upcoming housing precinct Attractive location in the city fringe along Dunearn Road, and within walking distance to the Sixth Avenue MRT station It is also near to the Sixth Avenue commercial node, and several popular schools in Bukit Timah including Nanyang Girls' High School, Hwa Chong Institution, and Methodist Girls' School The last GLS site to be sold in this area was the Fourth Avenue site, which was awarded in December 2017
Chuan Grove - 505 units	*New Site Second Chuan Grove site to be offered under the GLS; the first plot (adjacent to the subject site) was launched for sale via tender in December 2024 Within walking distance to the Lorong Chuan MRT station on the Circle Line Could appeal to families given the numerous schools nearby, including St. Gabriel's Primary School, Yangzheng Primary School, Zhonghua Secondary School, Nanyang Junior College, and the Australian International School
Upper Thomson Road (Parcel A) - 595 units	The site was previously launched in Dec 2023 offering a mix of residential units and long-stay serviced apartments. Its tender closed in June 2024 with no bids received. In 1H 2025, it will no longer be mandatory to offer serviced apartments or long-stay serviced apartments in the project, but such uses can be allowed subjected to approvals The plot is at the doorstep of the Springleaf MRT Station on the Thomson East Coast line
Dorset Road - 430 units	*New site City fringe plot located within the Little India heritage area Attractive locational attributes include being near several amenities, such as Pek Kio Market and Food Centre, Pek Kio Community Centre, City Square Mall, and Mustafa Centre The site is close to the upcoming integrated sports and recreational facilities in Farrer Park that is being developed as part of a new public housing estate The site is within walking distance to the Farrer Park MRT station on the North-East Line, and is a stone's throw to the Farrer Park Primary School
Telok Blangah Road - 740 units	*New site The plot is located on the former Keppel Golf Course site, and is part of the Greater Southern Waterfront masterplan. This is be the first private residential plot to be offered in this new precinct It is near to the Telok Blangah MRT station on the Circle Line which takes commuters to Harbourfront where there are plenty of commercial offerings at Vivocity There are also recreational options, given its proximity to Sentosa, Mount Faber and The Southern Ridges
Hougang Central - 835 units	*New site This mixed-use plot can yield 835 homes and 40,000 sq m of commercial space, which will inject new F&B and retail offerings for residents in Hougang. This development will likely become a commercial focal point in the housing estate and supplement the amenities and infrastructure in the neighbourhood. The site will be integrated with the Hougang MRT interchange on the North-East Line and upcoming Cross-Island Line, as well as the existing Hougang Bus Interchange