Singapore’s private housing supply under the confirmed list of the Government Land Sales (GLS) programme is set to decline by 6.1 per cent over the next six months, resulting in 4,725 units being made available. This reduction, attributed by analysts to the uncertain economic environment and labour market concerns, reflects a more cautious approach by the government in land release planning. Conversely, the Ministry of National Development (MND) announced an increase in supply on the reserve list. Reserve list sites are only launched for sale when developers submit acceptable minimum bids or when there is sufficient interest from the market. Tricia Song, CBRE’s head of research for Singapore and South-east Asia, noted that the expanded reserve list is a measured response to slower new home sales since April and persisting upward price pressures, in the face of an uncertain macroeconomic outlook. She added that developers have shown restraint in recent tenders. Nicholas Mak, chief research officer at Mogul.sg, echoed that the reduced confirmed supply likely reflects growing economic headwinds and labour market instability. Despite the dip, Lee Sze Teck, senior director of data analytics at Huttons Asia, pointed out that the 4,725 units are still significantly higher than the average annual supply between 2015 and 2023. On June 13, MND unveiled a total of 22 GLS sites – 10 on the confirmed list and 12 on the reserve list – with the potential to yield about 9,200 private homes, up from 8,505 in the first half of the year. These sites also offer 178,315 square metres of gross floor area for commercial use and 880 hotel rooms.
Included in the confirmed list are two executive condominium (EC) plots – at Woodlands Drive 17 and Miltonia Close – which raise the total number of EC plots in 2025 to five. This is more than double the typical offering in recent years and represents the highest number of EC sites since 2014. Together, the five EC plots can produce nearly 2,000 units, with 990 units contributed by the Woodlands Drive and Miltonia Close plots in Yishun. PropNex CEO Ismail Gafoor highlighted that as of April 2025, there were only 50 unsold new EC units on the market. He expects the new EC supply to relieve pressure from intense competition and prevent land prices from rising steeply. Other confirmed list sites include plots at Dover Road, Dunearn Road, Bukit Timah Road, Bedok Rise, Dairy Farm Walk, Tanjong Rhu Road, Kallang Avenue, and Lentor Central. According to Knight Frank Singapore’s head of research Leonard Tay, these sites span both prime and suburban areas, with a strong emphasis on EC supply. ERA Singapore CEO Marcus Chu said that releasing these sites is a strategy to manage aggressive bidding, especially in areas that previously saw overwhelming interest. He noted that the launch of sites like Dunearn Road and Woodlands Drive 17 may help moderate competition and land prices. Specifically, the Woodlands Drive 17 site, near the Woodlands South MRT station, is the fourth EC site in the northern region. Developers are expected to base their bids for this site on the outcome of another Woodlands Drive EC tender that closes in August.
Among the confirmed sites, the one at Dover Road, near one-north MRT station, is likely to draw strong interest due to its proximity to major educational institutions such as the National University of Singapore (NUS) and Insead, and nearby science parks. Leonard Tay suggested the site would appeal to both renters and investors. The Dover site also features the highest estimated residential yield – 625 units – and includes 3,000 square metres of commercial space, potentially helping to meet housing demand in the vicinity. Another key site is Bedok Rise, near Tanah Merah MRT station, which is the final available parcel near that MRT node. It follows the 2020 sale of Tanah Merah Kechil Link (now Sceneca Residence), and PropNex’s Ismail Gafoor anticipates high demand. Tanjong Rhu Road is another site expected to generate healthy interest, having not seen a GLS launch in nearly three decades. The last development in the area, now Water Place condominium, was awarded in 1997.
The reserve list for the second half of 2025 includes six private residential sites, three white sites (which allow mixed-use development), one commercial site, and two hotel plots. These locations could collectively yield an additional 4,475 private homes, up from 3,475 units in the first half of the year. They also offer 173,800 square metres of commercial gross floor area and 880 hotel rooms. Among the carried-over sites are mixed-use developments at Jurong Lake District and Woodlands Avenue 2, as well as a short-term lease commercial plot in Punggol Walk. A new addition to the reserve list is a hotel site at Telok Ayer Street, intended for a mixed-use project with hotel rooms, long-stay serviced apartments, and retail space. This site is part of ongoing efforts to support vibrancy and rejuvenation in the Central Business District. Overall, the government’s calibrated approach to land supply through the GLS programme demonstrates a balance between ensuring sufficient housing supply and responding prudently to dynamic market conditions and broader economic trends.
