To ensure a stable housing market and meet the growing demand for private residential units, the government is offering a total of 8,505 units under the Confirmed List and Reserved List of the 1H2025 Government Land Sales (GLS) programme.
In the Confirmed List, there are ten plots available, with nine residential sites and one residential cum commercial site. Of these, three executive condo (EC) plots can yield 980 units, while the remaining sites can produce an estimated 5,030 residential units. This is in line with the 5,050 units offered in the Confirmed List of 2H2024, but almost 60% higher than the average supply in each GLS programme from 2021 to 2023.
In addition, the Reserve List includes four private residential sites, one commercial site, three White sites, and one hotel site. These plots can potentially yield an extra 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of commercial space. This is higher than the 3,090 units offered in the Reserve List of 2H2024, bringing the total private housing supply to 8,505 units in 1H2025, on par with the 8,140 units in 2H2024.
The government has progressively increased the supply of private residential units in the GLS programmes over the past three years, resulting in an increase in inventory from 16,100 units at the end of 2021 to around 21,000 units by the end of 2024. This has contributed to the market stabilisation, with property price growth moderating to 6.8% in 2023, from 10.6% in 2021 and 8.6% in 2022, based on the URA private residential property price index. It is expected that private residential prices will see more modest gains in 2024, with a cumulative increase of around 1.6% in the first three quarters of the year.
In an effort to ease competition among developers and curb rising EC land prices, the government has increased the supply of EC sites, with three plots potentially yielding 980 units in the Confirmed List of 1H2025. This is a shift from previous GLS programmes since 2019, where only one EC site was offered in each half-yearly land sales programme, says CEO of PropNex Ismail Gafoor.
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The 1H2025 GLS programme will introduce seven new plots, including a plot at Lakeside Drive near the Jurong Lake Gardens, a plot in the new housing precinct in Bukit Timah Turf City, and a plot on the former Keppel Golf Course site. Additionally, the site of the former Singapore Indian Fine Arts Society on Dorsett Road, off Rangoon Road, which can yield approximately 430 residential units, will be launched for sale in 1H2025. A residential and commercial site at Hougang Central, which can yield a new mixed-use development with 835 residential units and over 400,000 sq ft of commercial space, is also offered for sale, likely to be integrated with the Hougang MRT Station on the Northeast Line.
The Confirmed List also includes a residential plot in Upper Thomson Road (Parcel A), which was previously unable to find a buyer in June 2024. While this plot was originally intended to offer a mix of residential units and long-stay serviced apartments, the URA has now provided more flexibility and will allow serviced apartment/long-stay serviced apartment use subject to approval from technical agencies, notes PropNex.
The year 2024 saw a record