Commentary on the GLS 2H 2025 - More residential and SA2 land but via Reserve List

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

More residential and SA2 land but via Reserve List

The latest Government Land Sale (GLS) program saw the government reduce the residential supply on the Confirmed List by 6%, but increase that on the Reserve List by 29% compared to 1H25. The overall private housing supply from the GLS programme will be raised to about 9,200 units in 2H2025, from about 8,505 units in 1H2025. The supply consists of a good spread of sites across various geographical locations, supporting the development of both conventional private residential units and long-stay Serviced Apartments, to cater to both owner-occupation and rental housing demand.

4,725 private housing units, including 990 Executive Condominium (EC) units, will be launched via the Confirmed List in 2H2025. An additional 4,475 units will be made available via the Reserve List, higher than the 3,475 units in 1H2025. Included in the Reserve List are 2 new sites at Cross Street and Telok Ayer that can build 500 SA2 units. If we include Media Circle SA2 site, there are a total of 1,020 SA2 units that could be built, all via the Reserve List, and could be triggered if there is demand.  

We believe placing more supply in the Reserve List is an appropriate response taking into consideration the slower home sales since April, still-rising prices yet tentative macroeconomic climate. Developers in the recent land tenders have also been measured in their bids, signalling their cautious outlook. 

Excluding 990 EC units, 2H 2025 GLS Confirmed List of 3,735 private homes plus the 1H 2025’s 4,050 private homes on Confirmed List will bring a total of 7,785 private homes on the Confirmed List for the full year 2025, higher than 2024’s 6,469 developer sales (excluding ECs), but lower than the 2014-2023 10-year average developer sales of 8,853 units. This should provide ample future land banking opportunities for developers, who can also trigger the Reserve List sites should they deem there is more demand.
  

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

Which are the most attractive new sites on GLS 2H 2025? 

There are 10 residential sites on the Confirmed List, of which all are new. 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 Bukit Timah, Kallang Avenue and Dover Road sites.     

There are 2 new sites on the Reserve List – interestingly, both are in the CBD, with 1 residential site on Cross Street which is entirely SA2, and 1 hotel site at Telok Ayer which also comes with 200 units of SA2 requirement. The remaining sites are carried over from earlier Reserve Lists, including relatively prime sites such as Marina Gardens Lane, Holland Plain, River Valley Green (Parcel C), 1 site which received zero bids in 1H25 Confirmed List Media Circle (Parcel B). Previously tendered but unawarded sites – Media Circle (SA2), Jurong Lake District (JLD) white site and Marina Gardens Crescent white site continued to be on the Reserve List. 

We note that the JLD white site’s office requirements for the first phase has been reduced to 40,000 sqm from 70,000 sqm previously. URA may have taken in some feedback in view of the heightened macroeconomic risks. However, the total GFA of the white site remains at 365,000 sqm, signalling an unchanged long term vision.    

With ample attractive sites on the Confirmed List, we do not expect the sites on the Reserve List to be triggered for sale in the near term. 

ECs have continued to do well and with very limited unsold inventory, the government has put 2 ECs totalling 990 units on the Confirmed List this time, similar to the 3 ECs totalling 980 units in 1H25. Of the two ECs in 2H25 GLS Confirmed List –Woodlands Drive 17 and Miltonia Close - the Woodlands Drive 17, the second to be put up after the first in 1H25, may be the more attractive one given its proximity to Woodlands South MRT station and the recent success of Norwood Grand launch. 

The Bukit Timah Road site is located right next to the underground Newton MRT which is also an interchange for the downtown and north-south line. In addition, it is a regular shaped site with a palatable 340 private homes that could be built on it. 

The Kallang Avenue site is 400 metres away from Kallang MRT station, and has some frontage to the Kallang River. There has been a scarcity of private home supply in the location – the most recent sizeable project was 212-unit freehold Kallang Riverside at Kampong Bugis which was launched in 2014. With 450 units, this site could see pent-up demand from upgraders in nearby HDB estates. 

The Dover Road site is near one-north MRT station, and also near to many educational institutes including Fairfield Methodist Primary and Secondary, INSEAD, SIT, ACS Independent.

Event and Details

High level of Government Land Sales (GLS) private housing supply sustained in second half 2025 (2H2025)

The Government has announced the GLS Programme for the second half of 2025 (2H2025). Comprising 10 Confirmed List sites and 12 Reserve List sites, the Programme can yield about 9,200 private residential units, 178,315 sqm gross floor area (GFA) of commercial space, and 880 hotel rooms.

The Confirmed List, which comprises 10 private residential sites, can yield 4,725 private residential units, including 990 EC units from two EC sites, and 4,515 sqm GFA of commercial space.

The Reserve List includes six private residential sites, one commercial site, three White sites and two hotel sites, which can potentially yield an additional 4,475 private residential units, 173,800 sqm GFA of commercial space, and 880 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.

Appendix 1

PROPOSED RESIDENTIAL, COMMERCIAL AND HOTEL SITES FOR 2H2025 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	Bukit Timah Road (2)	0.59	4.9	340	0	0	Aug 2025	URA
2	Bedok Rise (2)	2.03	1.6	380	0	0	Sep 2025	URA
3	Woodlands Drive 17 (EC) (2)(3)	2.70	2.1	560	0	0	Oct 2025	HDB
4	Dairy Farm Walk (2)	3.06	1.4	500	0	0	Nov 2025	URA
5	Dover Road (2)(4)	1.35	4.2	625	0	3,000	Nov 2025	URA
6	Tanjong Rhu Road (2)(3)	1.23	3.7	525	0	0	Nov 2025	URA
7	Dunearn Road (2)(5)	1.91	1.6	335	0	1,400	Dec 2025	URA
8	Kallang Avenue (2)(6)	1.21	3.5	450	0	115	Dec 2025	URA
9	Lentor Central (2)	1.65	3.0	580	0	0	Dec 2025	URA
10	Miltonia Close (EC) (2)	1.54	2.8	430	0	0	Dec 2025	HDB
	Total (Confirmed List)			4,725	0	4,515

  

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 (18)	Sales Agent
Reserve List
Residential Sites
1	Holland Plain (7)	1.57	1.8	280	0	0	Available	URA
2	Marina Gardens Lane (8)	0.60	5.6	390	0	150	Available	URA
3	Media Circle (9)	0.57	4.2	520	0	400	Available	URA
4	Media Circle (Parcel B) (10)	1.00	4.3	500	0	400	Available	URA
5	River Valley Green (Parcel C)	1.15	3.5	470	0	0	Available	URA
6	Cross Street (2)(11)	0.23	6.3	300	0	750	Sep 2025	URA
Commercial Sites
7	Punggol Walk (12)	1.00	1.4	0	0	13,350	Available	URA
White Sites
8	Marina Gardens Crescent (13)	1.73	4.2	775	0	6,000	Available	URA
9	Jurong Lake District (14)	6.47	-	600	0	70,000	Available	URA
10	Woodlands Avenue 2 (15)	2.75	4.2	440	0	78,000	Available	URA
Hotel Sites
11	River Valley Road (16)	1.02	2.8	0	530	2,000	Available	URA
12	Telok Ayer Street (2)(17)	0.42	7.0	200	350	2,750	Dec 2025	URA
	Total (Reserve List)			4,475	880	173,800
	Total (Confirmed List and Reserve List)			9,200	880	178,315

(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) New sites introduced in 2H2025.
(3) Sites are imposed with a minimum 500 sqm GFA for childcare centre.
(4) Site is imposed with a retail cap of 3,000 sqm GFA and a minimum 550 sqm GFA for childcare centre.
(5) Site is imposed with a retail cap of 1,400 sqm GFA and a minimum 600 sqm GFA for childcare centre.
(6) Site is imposed with a retail cap of 117 sqm GFA and a minimum 500 sqm GFA for childcare centre.
(7) Site is imposed with DU cap of 282 residential units.
(8) Site is imposed with a retail cap of 150 sqm GFA.
(9) Site is for long-stay Serviced Apartments use only and imposed with a retail cap of 400 sqm GFA.
(10) Site is imposed with a retail cap of 400 sqm GFA.
(11) Site is for long-stay Serviced Apartments use only and imposed with a retail cap of 750 sqm GFA.
(12) Site is imposed with a minimum office quantum of 8,400 sqm GFA and a minimum 650 sqm GFA for childcare centre.
(13) Site is imposed with a retail cap of 6,000 sqm GFA and a minimum 500 sqm GFA for childcare centre.
(14) This is a Master Developer site with a total GFA of 365,000 sqm. The estimation of 600 residential units and office quantum of 40,000 sqm GFA is based on the minimum quantum to be developed in Phase 1, which are specified in the sales conditions.
(15) Site is imposed with a retail cap of 33,000 sqm GFA and a minimum office quantum of 45,000 sqm GFA.
(16) Site is imposed with a retail cap of 2,000 sqm GFA.
(17) Site is imposed with a retail cap of 2,750 sqm GFA. Long-stay Serviced Apartments use will be required for the site.
(18) Refers to estimated date the detailed conditions of sale will be available and applications can be submitted.