_Knight Frank Commentary | H1 2026 GLS List

The private home supply in the Government Land Sales (GLS) Programme continues to be maintained at fairly stable levels in H1 2026. Although the 4,575 private residential units in the H1 2026 Confirmed List fell by a slight 150 units from 4,725 in H2 2025, the total number of potential future private homes held steady at 9,185 units with both the Confirmed and Reserve Lists combined, similar to the 9,200 units in H2 2025. While the number of residential units in the Confirmed List has come down by 16.1%, from 5,450 units in H1 2024, the overall potential private housing supply is maintained above the 9,000 level through the combination of both the Confirmed and Reserve Lists.

It has been a running trend since H1 2025 (a year ago), where the government has been carefully lowering the number of units in the Confirmed List while at the same time steadily increasing the number of units in the Reserve List. The messaging for developers from the government is clear. Should developers sense that homebuyer demand cannot be met by the sites in the Confirmed List, they should dip into the Reserve List to trigger additional sites instead, even though developers have generally given the Reserve List a wide berth. There were only two (non-industrial) sites triggered for tender since 2020, comprising the plots of Marina View in 2020 and Zion Road (Parcel B) in 2024.

As part of the provision of residential sites, previous GLS sites that were sold on short 15-year tenures for transitional office development have been reclaimed by the government to be repurposed as residential sites. This included the Bukit Timah Road parcel that was just awarded recently in November 2025. In the H1 2026 GLS Programme, the Peck Hay Road plot on the Confirmed List and the Morrison Lane in the Reserve List were formerly transitional office developments.

While the government has carved out the former JLD site by introducing a white site at Town Hall Link for mixed commercial and residential development, the lack of any commercial sites whether on the Confirmed or Reserve Lists in the Downtown Core Planning Area is starting to become an obvious omission, discomfortingly so. New office supply in the CBD will be limited until 2028, and arguably, the provision of a commercial site for office use in the CBD from the GLS programme sooner-rather-than-later might serve to mitigate any potential future undersupply scenario, such as that circa 2006/2007. This was when a surge in office demand led to skyrocketing rents and the introduction of transitional office sites with 15-year tenures as a stop-gap measure. In hindsight, not a very sustainable or environmentally friendly option, given the ESG push today.

Confirmed List

Peck Hay Road

Previously a transitional office (that will likely need to be demolished if awarded), this 0.55 ha residential plot is expected to yield around 315 non-landed homes. With its close proximity to Newtown MRT station, it is anticipated to draw strong interest from both developers and homebuyers, given the eight bids at the nearby Bukit Timah Road GLS site across Scotts Road, that was recently awarded. In addition, its prime District 9 location within the Core Central Region makes it an attractive option for a wide range of homebuyers, from singles to families and dual-income couples, as it is close to the Orchard Road shopping belt and a 10-minute drive away from the Central Business District (CBD) in Raffles Place and Marina Bay.

Berlayar Drive

This 2.54 ha Berlayar Drive GLS site is the second private residential GLS plot on the former Keppel Club site to be put for sale as part of the Greater Southern Waterfront. Additionally, with its sea-facing orientation, developers can tap on this attribute to attract homebuyers that are keen to own a waterfront home. Moreover, with the site located close to the Mapletree Business City and the CBD in Tanjong Pagar, investors may be drawn to a waterfront project that can be rented out to foreign professionals working in these commercial zones.

New Upper Changi Road

The 3.16 ha site in the Bedok Planning Area was previously used as a temporary school, and it is expected to yield approximately 1,040 non-landed private homes. Located within walking distance to Bedok MRT station, the site offers strong connectivity to both the CBD and Changi Airport. The last nearby residential GLS around Bedok Town Centre was awarded in September 2010 (the present Bedok Mall & Bedok Residences), which attracted nine bids. With this plot being the first new private residential project in Bedok Central in the past 15 years, demand can be expected from developers and homebuyers. However, the development envelop is substantial at and only the largest developers, or joint ventures will be able to fund such a land price.

Lorong Puntong

Despite its smallish size of 0.43 ha and estimated 140 units, this Lorong Puntong GLS site is expected to garner a lot of interest from both developers and homebuyers. It is located within close proximity to a Thomson East Coast Line station, Bright Hill, which connects to Orchard and workplaces at Shenton Way and Marina Bay. In the near future, the TEL will be connected to the RTS Link via the Woodlands North MRT station, making it more accessible to Johor Bahru. In addition, this plot will gain interest with young families as it is right opposite Ai Tong School.

Bayshore Drive

The site at Bayshore Drive also seems promising, situated above Bedok South MRT station that is currently under construction. Potential residents will be able to enjoy the convenience of mass transit access to the Central Business District (CBD), Gardens by the Bay, as well as the Orchard Road Shopping Belt via the Thomson-East Coast Line (TEL). Furthermore, residents can easily reach Changi Airport, that is a ten-minute drive eastward. The developer that is awarded this site at Bayshore Drive will have an early mover advantage to create an integrated mixed-development where a decent-size suburban mall will forge a nexus of human activity for the growth area planned for Bayshore. However, given the scale of this potential development, most developers will need to form partnerships in order to finance the land quantum.

Reserve List

Town Hall Link

The white site at Town Hall Link could revitalise developer interest in Jurong East, now that the former JLD site has been carved up into a more palatable size and given the government’s resolve to establish a decentralised CBD outside the current Downtown Core. The land parcel can potentially house 1,200 private residential units, as well as accommodate over 400,000 sf of office space and a good size-suburban mall for a significant integrated development. Future residents as well as commercial space users within the development can enjoy close proximity to myriad amenities ranging from shopping malls, a regional library, key transport nodes (both MRT and bus interchange) as well as attractions that include Jurong Lake Gardens, the Science Centre, as well as the planned up-and-coming tourist developments in JLD. This potential development is also of substantial size, where the land quantum can likely be afforded by either the largest of developers and/or through the formation of major consortiums.