2 December 2025, Singapore - The government has maintained its Confirmed List private housing supply under the Government Land Sales (GLS) programme for the first half of 2026 (1H 2026) to cater to the robust demand for private residential properties.

Confirmed List (CL)

The newly announced GLS slate will offer 4,575 private homes (incl. EC) under the Confirmed List (see Chart 1) - just down slightly by 3.2% from the 4,725 units offered in the 2H 2025 GLS programme. Of note, this is the lowest Confirmed List supply in three years, since 4,090 units were put forth in 1H 2023. However, the Confirmed List supply is still above the average Confirmed List supply of around 3,190 units per GLS programme from 2021 to 2023. The 1H 2026 Confirmed List will offer 9 residential sites (including 2 EC plots and 1 mixed-use site) which can yield 3,940 units of private homes, 635 new EC units and 22,500 sq m of commercial space.

Chart 1: Residential units offered under the GLS programme (CL and RL, incl. EC)

Source: PropNex Research, MND

Seven sites on the Confirmed List are newly introduced to the GLS programme. These plots are located at Peck Hay Road, Berlayar Drive, Canberra Drive (EC), New Upper Changi Road, Lorong Puntong, Sembawang Drive (EC), and Bayshore Drive. A majority of these sites are situated near existing MRT stations or within key growth areas highlighted in the recently gazetted URA Master Plan 2025, such as the former Keppel Club site, Scotts Road-Newton-Monk's Hill precinct and Bayshore estate.

In view of the continued strong demand for new Executive Condominium (EC) units, the Government has maintained a steady supply of EC sites, with two plots at Canberra Drive and Sembawang Drive. As at end-October 2025, there were approximately 53 new unsold EC units in the market. The stable pipeline of EC sites in the 2026 GLS programme is expected to help moderate competition for EC land among developers and support more measured land bid prices.

Notably, URA has also added two large residential sites on the Confirmed List, that can yield more than 1,000 units each: New Upper Changi Road (1,040 units) and Bayshore Drive (1,280 units). This is significant, as the last Confirmed List site offering more than 1,000 units was Tampines Avenue 11 in the 2H 2022 GLS programme. The inclusion of these sizeable plots underscores the Government's commitment to further developing the east region, particular the Bayshore and Bedok areas, expanding housing choices through both public (BTO) and private residential supply. These sites are expected to attract healthy developer interest despite their scale, given the sizeable upgrader demand in nearby established towns such as Tampines, Pasir Ris, and Marine Parade.

Reserve List (RL)

On the Reserve List, the government has placed 12 sites which can be triggered for sale by developers should there be market demand for them. The Reserve List comprises six residential plots, one commercial site, three white sites, and two hotel sites. They can collectively offer 4,610 residential units, 186,650 sq m gross floor area of commercial space, and 970 hotel rooms. Of the 12 Reserve List sites, three sites are new to the Reserve list - Morrison Lane, Kitchener Link and Town Hall Link.

We note that the Jurong Lake District (JLD) master developer site has been carved out, with the first parcel at Town Hall Link placed on the Reserve List. This parcel is roughly half the size of the original master developer site. This calibrated approach is timely, as the earlier master-developer model, involving a very large land plot and a significant office component of at least 1.5 million square feet, presented substantial risks for developers amid ongoing macroeconomic uncertainties. According to the Ministry of National Development (MND), the Government will also undertake some upfront infrastructure works to help reduce cost burdens for developers.

Taken together, the Confirmed List and Reserved List in 1H 2026 will provide a total of 9,185 private homes (incl. EC) - just a shade lower from the 9,200 units offered in 2H 2025. For the whole of 2025, the overall private housing supply (Confirmed list and Reserved list) came in at 17,705 units (incl. EC) - the highest supply offered since the 21,805 units were supplied in 2014.

Mr Kelvin Fong, CEO of PropNex said:

"In our view, the Government's decision to maintain a healthy private housing supply in 1H2026 is a positive move. Although the pace of price growth has slowed in recent months - reflecting a stabilising property market - underlying demand for homes remains robust.

Private home prices rose by a moderate 2.7% in the first nine months of 2025. This follows three consecutive years of slowing growth from 2022 to 2024, after the strong 10.6% increase recorded in 2021. At the same time, new home sales have strengthened significantly. Developers sold an estimated 10,564 new private homes (excluding ECs) in the year-to-23 November 2025, marking the first time in four years that annual new home sales have surpassed the 10,000-unit mark.

Given the pick-up in sales momentum, particularly in the second half of 2025, and the easing interest rate environment, sustaining housing supply in 1H2026 appears prudent. As mentioned by the National Development Minister Chee Hong Tat in August 2025, the government will commit to providing more than 25,000 new private homes through the GLS programme from 2025 to 2027, implying that a further 15,245 private new homes are expected in 2026 and 2027, following the 9,755 units supplied in 2025 through the Confirmed List.

The 1H 2026 Confirmed List slate is diversified, comprising land parcels in various geographical locations, including up-and-coming housing precincts at Bayshore, Scotts Road-Newton-Monk's Hill and former Keppel Club site. We anticipate many of the sites may draw strong interest among developers, who will be seeking to build up their land inventory and development pipeline following healthy sales at new launches this year. Furthermore, the number of unsold uncompleted private homes (ex. EC) hit the lowest in seven quarters in Q3 2025 at 17,029 units - a relatively manageable stock which may be absorbed by the market in less than three years, if we take a conservative sales tally of 7,000 units each year.

Several sites on the Confirmed list in 1H 2026 stood out for us, and their respective land tenders should see keen competition among developers. They include:

Lorong Puntong

The Lorong Puntong site, which can yield about 140 units, a palatable development size that is highly manageable for developers. It is a short walk from Bright Hill MRT station on the Thomson-East Coast Line (TEL) and sits opposite the popular Ai Tong School which is likely to appeal to families prioritising proximity to reputable primary schools. Developers, however, may factor in the potential impact of future supply in the vicinity, particularly the sizeable Thomson View en bloc site, which could introduce more than 1,200 units into the estate.

Berlayar Drive

The Berlayar Drive site is expected to yield 415 units. The site is likely to benefit from unblocked sea views overlooking the Keppel Bay area. It forms part of the former Keppel Club site within the emerging Greater Southern Waterfront region. This is the second private residential parcel released from the former Keppel Club site; the first, located along Telok Blangah Road, was sold at a land rate of $1,326 psf ppr during its tender closing in November 2025. The healthy performance of that tender underscores the appeal of this precinct to developers.

New Upper Changi Road

The New Upper Changi Road parcel is a large residential site with a potential yield of 1,040 units. It is a short walk to Bedok MRT station and Bedok Integrated Transport Hub, and enjoys close proximity to a wide range of amenities including Bedok Mall, Bedok Hawker Centre, and Bedok Public Library and Polyclinic. Its strategic location within a mature heartland estate positions the site well to attract strong upgrader demand, which is likely to be a key draw for developers. We anticipate that demand for mass market homes, particularly those with strong public transport connectivity will remain sought-after.

Bayshore Drive

The Bayshore Drive site is a large mixed-use plot offering 1,280 residential units along with a sizeable commercial component of 22,500 sqm. It sits within the upcoming Bayshore precinct, where the Government is driving revitalization of the estate through the injection of new homes and commercial amenities. The site will be directly integrated with the upcoming Bedok South station on the Thomson-East Coast Line (TEL), providing strong transport connectivity. Its integrated, mixed-use character is expected to appeal to both developers and homebuyers, reflecting the positive market response typically seen in past integrated mixed-use developments such as Parktown Residence, Pasir Ris 8, and Lentor Modern.

Peck Hay Road

The Peck Hay Road site is another standout plot, offering 315 new private homes. It will be the second GLS site to be offered, as part of the new Newton neighbourhood outlined in the URA Master Plan 2025. The first private residential site in this precinct was the Bukit Timah Road plot adjacent to Newton MRT station, whose tender closed in November 2025. That tender was highly competitive, attracting eight bids and was awarded at a land bid price of close to $1,820 psf ppr. The firm recovery in the Core Central Region (CCR) new launch market in the second half of this year, together with sustained demand for well-connected projects near MRT stations, suggests that new homes in this precinct are likely to see healthy demand. We believe that renewed interest in CCR homes, particularly those in prime, amenity-rich locations, combined with easing interest rates, have strengthened developers' confidence in this segment.

Meanwhile, we are heartened that the Government continues to release more EC sites under the GLS programme, in response to strong demand from first-time homebuyers and HDB upgraders. Among the two EC sites on the 1H2026 Confirmed List, the Canberra Drive plot appears particularly attractive, given its short walking distance to Canberra MRT station. However, we note that the EC plot is relatively small, with only 185 units. In the whole of 2025, the HDB launched five EC sites- which offered a combined 1,970 EC units - for tender. The competition for EC GLS sites among developers remain stiff with a record GLS land rate being set when the Woodlands Drive 17 EC plot was awarded for $782 ps ppr in August 2025.

With a benign interest rate environment, lower financing costs, improved homebuyer sentiment, positive economic outlook, and the need to replenish land inventory amid robust sales, we expect developers to show active interest in the 1H 2026 GLS slate. Homebuyers, meanwhile, can look forward to more diverse project options that will fit their lifestyle, housing preferences and budgets. By keeping a relatively stable private housing supply across different housing segments, we reckon it will also give prospective buyers confidence that the government is managing affordability, and that there are ample alternatives at different price points for them."