The Government has just announced the GLS Programme for 1H2025. There will be ten Confirmed List sites (including 3 Executive Condominium sites), which can yield around 5,030 private residential units (including 980 EC units) and 43,000 sqm of commercial space.
The sustained level of land supplied by the government is a good method of ensuring healthy and calibrated stabilization of property prices. The GLS sites are also well-spread throughout the island, and will offer a wide variety of private homes that will appeal to most homebuyers, whether it is for own stay or for investment purposes.
Three EC sites are being introduced next year, which is a welcome move to meet demand for private properties from HDB upgraders, as well as to help to regulate the pace of price growth of ECs. From previous GLS exercises, normally only one EC site is released for sale on the Confirmed List. The last time three EC sites launched for sale through the GLS programme was in H2 2014. ECs continue to remain popular, and HDB upgraders or other eligible first timers will have more options to choose from.
Moreover, there are sites being sold at two new precincts, at the former Keppel Golf Course and Bukit Timah Turf City. The sale of these sites will kickstart the plans to develop these areas, and we would expect much buying interest in the future projects here especially as these two precincts are in established locations. The sites will also enjoy the first-mover advantage as the first parcels of land to be developed in their respective new precincts.
Site Analysis
1. Senja Close (EC) – This site may see moderate interest, as it is near Jelapang LRT station. There are also many HDB flats in the vicinity, which may form the demand base for the future project here. Senja Hawker Centre and Greenridge Shopping Centre are a short walk away, which will help to provide some of the amenities needed for residents staying here.
2. Woodlands Drive 17 (EC) – We may expect higher demand for this site in the future, given its excellent location. It is located just a short walk away from Woodlands South MRT on the TEL, connecting the project here all the way to the city centre. It is also one stop away from Causeway Point, and will also be near the future RTS Link at Woodlands North. It is also next to Woodlands Health Campus, which may make it attractive for those who are working there, and may also be a potential rental asset in the future.
3. Lakeside Drive – Interest in this site may be moderate. While it is walkable to Lakeside MRT station, there is still existing inventory from the recent launches of SORA and The Lakegarden Residences. There are numerous schools in the vicinity of the area, including the popular Rulang Primary school, making this site ideal for families who want to stay in the west. Being close to Jurong Lake Gardens will also provide greenery close by and provide more recreational activities for residents.
4. Dunearn Road – This site will kickstart the rejuvenation of Bukit Timah Turf City, and is also closer to Sixth Avenue MRT station on the Downtown Line. Connectivity will also be boosted by an upcoming station on the future Cross Island Line. The site will likely be popular, being located in the prestigious Bukit Timah area and also near popular schools.
5. Chuan Grove – Taking the strong launch of Chuan Park as an indicator of high demand for homes in Lorong Chuan, we expect developers to find this site attractive. It is near Lorong Chuan MRT on the Circle Line, and there is a small mall next to the site as well which will provide some amenities for residents. Major malls such as Junction 8 or NEX are just one MRT stop away as well. Many schools are also located nearby, which may further boost the popularity of this site among families.
6. Sembawang Road (EC) – While the irregular land parcel may be a point of consideration, the future project here will likely see keen interest. The large population of HDB flats in Yishun and Sembawang will also contribute to the future demand for the EC project here.
7. Upper Thomson Road (Parcel A) – The removal of the mandatory long-stay serviced apartments may make the site more palatable to developers. The site will benefit from the development of the North-South Corridor, and being close to Springleaf MRT station may still make this site relatively popular, especially among potential landed home downgraders in the vicinity.
8. Dorset Road – This site may appeal most to investors, who may wish to leverage on the relatively central location close to the city centre, and the short distance away from Farrer Park MRT station on the NEL. City Square Mall is just a short walk away which will provide for the needs of the residents here. The last major launch in the area was Piccadilly Grand, which was well-received during its launch period.
9. Telok Blangah Road – This project here will be the first near the former Keppel Golf Course, which may appeal to developers looking for the first-mover advantage in developing the new precinct here. The site here will be close to Telok Blangah MRT station, and is also near Vivocity. Higher-level units facing north will also enjoy unblocked views of Mount Faber. More diversity will also be offered through this area, which is predominantly developed by Keppel.
10. Hougang Central – We expect this site to be one of the most popular sites as it will be a new integrated development built above Hougang MRT station, and will enjoy access to two different MRT lines in the future. It has also been some time since the last land parcel in Hougang was sold in 2014, which is now the project Stars of Kovan. The future development here will also help to meet the needs of HDB upgraders in the area, as well as inject new amenities to residents here.