The government has announced the release of 8,505 units of private residential units to meet housing demand and maintain market stability. This is part of the 1H2025 GLS Government Land Sales programme, with ten plots being offered under the Confirmed List and nine on the Reserved List.
Of the ten plots on the Confirmed List, three are executive condo (EC) sites, while the remaining seven are residential and residential-cum-commercial sites. These plots are expected to yield a total of 5,030 private residential units, including 980 EC units. While this is in line with the supply offered in the Confirmed List for 2H2024, it represents a 60% increase compared to the average supply in each GLS programme from 2021 to 2023.
The Reserve List, which consists of four private residential sites, one commercial site, three White sites and one hotel site, has the potential to yield an additional 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of commercial space.
The combined supply of 8,505 private housing units in 1H2025, including both the Confirmed and Reserve Lists, is on par with the 8,140 units offered in 2H2024.
This move to steadily increase private housing supply through the GLS programme has helped to stabilize the private residential market, reflected by the moderation in property price growth. From an increase of 10.6% in 2021, the URA private residential property price index has moderated to 6.8% in 2023, and further to 1.6% in the first three quarters of 2024.
To address the stiff competition and rising land prices for EC sites, the government has ramped up the supply of such sites, with three plots potentially yielding 980 units on the Confirmed List for 1H2025. This is a shift from previous GLS programmes since 2019, which only offered one EC site in each half-yearly land sales programme. This increase in supply is expected to ease competition among developers and help moderate EC land cost and prices.
Out of the seven new plots introduced in the 1H2025 GLS programme, three are located near MRT stations, making them highly attractive to developers and homebuyers. These include a plot near the Jurong Lake Gardens in Jurong Lake District, a site in Bukit Timah Turf City, and a plot on the former Keppel Golf Course site.
The Reserve List also includes three plots in two new housing precincts, a plot on Dorsett Road which can yield 430 residential units, and a mixed-use site in Hougang Central with 835 residential units and over 400,000 sq ft of commercial space, integrated with the Hougang MRT Station. These sites may appeal to developers and homebuyers due to their close proximity to major amenities and MRT stations.
Additionally, the URA has provided more flexibility for the residential plot in Upper Thomson Road (Parcel A), which saw no bids when its tender closed in June 2024. This site was previously earmarked for a mix of residential units and long-stay serviced apartments, but can now be used for other purposes subject to approval from technical agencies.
In Singapore, the government’s property cooling measures are a crucial factor to consider when investing in condos. In an effort to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have a short-term impact on the profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure environment for investors. If you’re interested in investing in condos in Singapore, be sure to keep these measures in mind. To learn more about condo options in Singapore, check out Singapore Condo.
Lastly, the Reserve List includes three plots which were not awarded in the previous GLS programme – Marina Gardens Crescent, the Jurong Lake District master developer site, and plots in Media Circle for long-stay serviced apartment use. These sites will be listed again on the Reserve List for 1H2025.
In summary, the government’s decision to sustain the supply of private residential units through the GLS programme has helped to stabilize the private residential market and moderate price growth. The 1H2025 GLS programme also includes a mix of attractive sites near major amenities and MRT stations, which are expected to generate strong interest from developers and homebuyers alike.