Developers face tighter supply as GLS shifts to triggers: analysts

The H1 2026 Confirmed List includes nine sites with 4,575 units, a 3.2% decline from the previous half and a 9% drop YoY.

Analysts say Singapore’s Government Land Sales programme for the first half of 2026 points to a modest pullback in confirmed supply and a clearer shift toward reserving more sites for developer-initiated triggers.

Knight Frank noted that the H1 2026 Confirmed List contains 4,575 private residential units, down 150 from the preceding half year. Total potential supply, including the Reserve List, stands at about 9,185 units, broadly unchanged.

The firm said authorities appear to be moving some supply toward the Reserve List whilst encouraging developers to trigger plots when demand strengthens.

It added that several former transitional office sites have been re-designated as residential, including Peck Hay Road on the Confirmed List and Morrison Lane on the Reserve List.

Among the sites highlighted by Knight Frank, Berlayar Drive in the Greater Southern Waterfront offers sea views and proximity to Mapletree Business City and the central business district.

New Upper Changi Road in Bedok carries about 1,040 units and would be the first private project in Bedok Central in around 15 years, likely attracting larger developers or joint ventures. Lorong Puntong in Thomson, at around 140 units, is expected to draw strong interest.

In a separate review, Realion from OrangeTee & Tie said the upcoming slate emphasises growth areas such as Holland Plain, Berlayar Drive, and Bayshore, alongside an effort to align private supply near new Build-to-Order towns.

Realion said the Holland Plain parcel is the second of eight in the precinct, with the adjacent site sold to Sim Lian at $1,432 per square foot per plot (psf ppr) ratio after attracting five bids.

It added that River Valley Green, now on its third plot, continues to perform well, with Parcel A selling 86.1% in its first month and Parcel B slated for launch in early 2026.

Other sites flagged by Realion include Berlayar Drive, the second parcel stemming from the Keppel Club redevelopment, where earlier waterfront projects saw strong sales.

Canberra Drive EC is expected to tap pent-up demand, following a nearby EC site that closed in September 2025 at $691.9 psf ppr.

The H1 2026 Confirmed List includes nine sites with 4,575 units, a 3.2% decline from the previous half and a 9% drop YoY.

Berlayar Drive, about 500 metres from Telok Blangah MRT, could see up to six bidders and a potential top bid above $500m.

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