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Dunearn Road GLS Tender Closes at $1,625 psf ppr with 6 Bidders

The tender for the second land parcel at Dunearn Road has closed on a firm note, with a top bid of $1,625 psf ppr submitted by the consortium of Wing Tai and Metro Holdings. This marks a notable increase from the $1,410 psf ppr achieved for the first land parcel, reflecting continued developer confidence in the long-term potential of the Turf City precinct. A key factor supporting the stronger land price is the inclusion of a residential development with commercial space at the first storey. Such configurations tend to enhance overall project attractiveness by introducing convenience driven amenities such as retail and supermarket offerings. In emerging precincts like Turf City, where infrastructure is still progressively taking shape, this added layer of liveability can support stronger end user demand and contribute to pricing resilience over time. The tender attracted a total of 6 bidders, moderating from the 9 bidders seen for the first parcel. This suggests that while interest in the site remains healthy, developers are becoming more selective in their participation. The moderation in bidder numbers is not unexpected, particularly in light of the broader ramp up in Government Land Sales supply and the upcoming GLS site at the Holland Plain precinct. With more opportunities available, developers are likely to adopt a more measured approach towards capital deployment, focusing on risk management and project execution considerations rather than bidding aggressively across all sites. In addition, the inclusion of a commercial component introduces a higher degree of development complexity, which may have further contributed to the more selective participation. Broader macroeconomic conditions, including volatility in global energy prices, could also influence construction and financing costs, reinforcing a more calibrated bidding strategy among developers. Looking ahead, the first Dunearn Road parcel, tentatively known as Dunearn House, is expected to launch around 3Q2026, with an estimated 380 units. As the first private residential project within this part of the Turf City precinct, it is likely to establish initial pricing benchmarks and benefit from an early mover advantage. In comparison, the second land parcel is expected to yield around 330 units and may take on a more low to mid rise profile, contributing to a more diverse mix of housing options within the area.

Singapore Private Residential Market 1Q2026 Performance and Outlook

Singapore’s private residential market in 1Q2026 reflects a phase of steady recalibration, where headline moderation masks underlying resilience. While new private home sales excluding Executive Condominiums declined from 2,940 units in 4Q2025 to 2,013 units in 1Q2026, this does not fully capture market activity. When EC transactions are included, total new home sales increased to 3,181 units, representing a 5.3% quarter on quarter rise. This highlights how the composition of launches, particularly the inclusion of EC projects such as Coastal Cabana and Rivelle Tampines, played a significant role in shaping overall figures rather than indicating a weakening in demand. The EC segment emerged as a key driver of activity during the quarter, with 1,168 units sold, marking the highest quarterly performance since 3Q2017. This reflects sustained demand from owner occupiers and HDB upgraders, particularly in the Outside Central Region. The continued ramp up in EC supply through the Government Land Sales programme appears well aligned with this demand, helping to provide a steady pipeline of more accessible housing options while supporting overall market stability. In the resale market, transaction volumes moderated to 3,225 units in 1Q2026, continuing a gradual easing trend from the peak of 3,881 units in 3Q2025. Despite this moderation, resale activity remains healthy and broadly in line with historical norms. Demand continues to be supported by larger, well established developments, with the top selling projects led by Treasure at Tampines, Parc Esta and Stirling Residences. Notably, transaction volumes across the top developments were closely clustered, suggesting that demand is broad based rather than concentrated within a narrow segment. This points to a resale market that remains active and supported by genuine housing needs. Looking ahead, the market is expected to remain supported by a steady pipeline of new launches, including projects such as Vela Bay, Tengah Garden Residences and Hudson Place Residences. These developments are likely to sustain transaction activity, particularly when supported by strong location attributes and competitive pricing. At the same time, macroeconomic conditions, including inflationary pressures and geopolitical uncertainties, may encourage a more measured pace of decision making among both developers and buyers.

HDB Resale Market Update 1Q2026: Balanced Growth

The HDB resale market in 1Q2026 reflects a continued transition towards a more balanced and sustainable phase, with both transaction activity and price movements pointing to a gradual normalisation of market conditions. Resale volumes rebounded to 6,285 units in the quarter, representing a 19.6% increase from 4Q2025. This recovery aligns with a recurring seasonal pattern, where activity typically moderates in the fourth quarter before picking up in the first quarter as deferred demand returns to the market. Price movements in 1Q2026 further reinforce this trend. The HDB Resale Price Index registered a slight moderation of 0.1% quarter on quarter, marking the first instance of easing since 2019. While modest in magnitude, this shift is directionally significant and reflects a continuation of the gradual slowdown in price growth observed throughout 2025. Rather than signalling a weakening market, this development points towards a stabilisation of prices following a sustained period of strong growth, supported by the cumulative impact of earlier supply side measures. Demand continues to remain broad based across towns and flat types, underpinned by factors such as affordability, availability and location attributes. Areas with a larger supply of flats and improving connectivity continue to anchor transaction volumes, while buyer interest in well located units remains firm. This is evident in the increase in million dollar transactions, which rose to 412 units in 1Q2026. The rise reflects not only the overall recovery in transaction volumes, but also sustained demand for larger and better located flats, particularly in mature estates with strong amenities and accessibility. Looking ahead, supply dynamics are expected to play an increasingly important role in shaping market conditions. The continued ramp up in BTO supply, the reintroduction of multiple Sale of Balance Flats exercises, and the expanding pool of MOP flats will enhance resale supply depth and provide buyers with greater choice. This is likely to reduce competition intensity for limited stock and support a more stable and sustainable pace of price formation.