In H2 2025, MND will release land on the confirmed list for 4,725 private housing units, a 6% decrease from H1's 5,030 units

Nevertheless, it increases the reserve list's supply by 29% to 4,475 units, enabling developers to start construction if they determine there is enough demand.

June 16, 2025

CONDOsingapore.com

The second half of the year will see the release of land on the confirmed list for approximately 4,725 private housing units, according to the Ministry of National Development (MND) on Friday, June 13. This represents a 6% decrease from the 5,030 units of land supply in the first half of the year.

990 executive condominium (EC) units were supplied in H2, compared to 980 EC units in the H1 government land sales (GLS) programme, according to these figures.

ECs are a type of public-private housing hybrid where resale restrictions and initial buyer eligibility are fully removed ten years after the completion of an EC project.

Regardless of demand, confirmed-list websites are released for sale on time.

On the other hand, MND is increasing the supply on the reserve list, where sites are only put up for sale when a developer successfully applies or when there is enough demand.

With no EC supply, the land in H2 will have the capacity to produce roughly 4,475 private residences. This is 29% more than the amount available on H1's reserve list, where the government provided land with the potential to produce roughly 3,475 private residences (none of which are EC units).

According to the ministry, the H2 2025 program's 10 confirmed-list and 12 reserve-list sites should produce approximately 9,200 private residential units (including EC units), 178,315 square metres (sq m) of gross floor area (GFA) of commercial space, and 880 hotel rooms. (The PDF attachment contains the complete list of websites.)

This contrasts with the 530 hotel rooms, 242,900 square metres of GFA of commercial space, and 8,505 private housing units (including EC units) that can be produced on the confirmed and reserve lists for H1.

On the H2 confirmed list, all ten residential sites are brand-new. They can be found in places like Tanjong Rhu Road (next to the Singapore Swimming Club), Dunearn Road (next to an earlier GLS site for which the tender will close later this month), Lentor Central (next to the Lentor MRT station), Miltonia Close (fronting a park and reservoir), and Newton MRT station (partially on a former transitional office site).

Tricia Song, head of research for Singapore and South-east Asia at CBRE, stated, "We do not expect the sites on the reserve list to be triggered for sale in the near term, as there are plenty of attractive sites on the confirmed list."

Only two of the twelve plots on the reserve list—which include hotel, commercial, residential, and white sites—are brand-new.

One is a hotel location on Telok Ayer Street that is slated to be developed as a mixed-use complex with retail establishments, long-term serviced apartments, and hotel rooms. According to MND, the objective is to "enliven the Central Business District and foster a vibrant neighbourhood along Telok Ayer Street."

The other new plot, located on Cross Street, has a retail cap of 750 square metres GFA and is exclusively for long-term serviced apartment use.

The H2 reserve list's final ten locations are not brand-new.

reduction in the JLD site's minimum office quantity

However, one of them—the Jurong Lake District (JLD) master developer site—saw a significant shift that market observers noticed. For Phase 1 of the master developer site, the minimum office quantum has been lowered from 70,000 square metres GFA to 40,000 square metres.

According to an Urban Redevelopment Authority spokesperson, after lengthy discussions with industry stakeholders, the minimum office quantum requirement was changed in the end of 2024. "The purpose of the engagements was to get industry input on JLD's strategy and plan for the master developer site, including the use mix and quantity of supply."

He stated: "The reduction was made to better pace the roll-out of office space for the master developer site and to give developers more flexibility in deciding the mix of uses." This takes into consideration input from the sector.

The spokesperson went on to say that the site's minimum office space has been lowered from 146,000 square metres to 100,000 square metres.

According to Leonard Tay, research head at Knight Frank Singapore, MND is maintaining a stable supply of private homes in H2 through the GLS programme. "The expected further drop in interest rates, along with tight national employment and strong household balance sheets, provides some support for private residences in the remainder of the year, even though the return of homebuyers, which began as pent-up demand in late 2024, is still unfolding."

However, he noted that buyers may become cautious due to global political and economic uncertainty, particularly if layoffs rise.

"Sturdy pipeline"

Through the verified list, the government will provide land for 9,755 private housing units (including EC units) in total throughout 2025.

According to MND, this will raise the pipeline's total supply of private housing units—including EC units—to roughly 56,700. In addition to roughly 16,000 units from GLS sites and awarded private-sector en-bloc sale sites that have not yet received planning approval, the figure includes roughly 40,700 units with planning approval.

According to the ministry, "this strong pipeline of private residential units will help to meet Singapore's medium-term housing needs." "To meet the demand for both owner-occupation and rental housing, the supply consists of a good spread of sites across various geographical locations, supporting the development of both conventional private residential units and long-stay serviced apartments."

"After strong primary market sales in Q4 2024 and Q1 2025, when new private home sales came in at 3,420 units and 3,375 units (excluding EC units), respectively, we anticipate that many of the sites will generate keen interest among developers, who will be looking to replenish their land inventory with choice sites," stated PropNex CEO Ismail Gafoor.

PropNex reported that as of the end of the first quarter of 2025, there were 18,125 unsold, unfinished private homes (not including EC units) in the market, which was the fewest in five quarters.

"That being said, we anticipate that the increase in the supply of private housing will meet demand and contribute to future price stabilisation," Gafoor continued.

A total confirmed list supply of 7,785 units (excluding EC units) in 2025 is significantly higher than the five-year average supply (from 2020 to 2024) of 5,418 units offered, he noted, based on measurements of developers' sales (excluding EC units) over the previous three years, which were 6,469 units in 2024, 6,421 units in 2023, and 7,099 units in 2022.

According to MND's release, "property price momentum in the private residential market has moderated with the progressive ramp-up of private housing supply via the GLS programme over the last three years."

According to the ministry, this year's total EC supply through the confirmed list will be roughly 2,000 units, making it "the highest in a single year since 2014."

OrangeTee & Tie CEO Justin Quek applauded the expanded availability of EC land. "This should provide first-time homeowners or HDB upgraders with more accessible options between the public and private markets."

According to MND, the H2 confirmed list's EC supply will support the stock of EC units that are on the market. About 2,900 EC units, including units from GLS sites launched in H1 that have not yet been awarded, were for sale as of the end of April. MND stated: "The government will continue to closely monitor economic and property market conditions, and, when necessary, we are ready to increase both public and private housing supply." With the 990 EC units from the H2 2025 confirmed list, there will be a total of nearly 3,900 EC units in the supply pipeline available for sale in the near term.