GLS sites at Tengah Garden Avenue and Dairy Farm Walk

Despite the exceptional sales in Nov 2024 and likely a strong start in Jan 2025, developers remained highly selective of the land parcels on the GLS programme and their bids. They may be waiting for the more attractive sites like Bayshore Road, Chencharu Close, Hougang Central and Telok Blangah Road.

Faced with high costs, developers are mindful to keep their land bids reasonable so that they can maintain an attractive selling quantum to buyers.

In 2025, there will be more developers forming consortiums to jointly bid for GLS sites to spread the risks. This is a key reason why the number of bidders has hovered around 3 for GLS tenders.

There is also the possibility of cooling measures and interest rates rising again on inflation concerns in the US. US Fed officials are of the view that interest rates are on hold for a while for them to assess the inflation impacts from Trump’s policies.

Tengah Garden Avenue

The Tengah Garden Avenue mixed-use site is next to Hong Kah MRT station and is the first site for private residential homes in Tengah.

It is beside a waterway and Tengah Town Park. It is a train station away from Tengah Town Centre. The Hong Kah MRT station, which is slated for completion in 2027, will provide residents connectivity to JLD and JID.

However, the high quantum of more than $600 million has limited the number of bids to just 3.

Dairy Farm Walk

The Dairy Farm precinct has been drawing good interest from developers, with the last 2 tenders attracting an average of 6 bids.

While the level of participation is lower, the land price is the highest for a parcel in Dairy Farm. This is an indication of developers' confidence in the area, which has seen huge improvements in connectivity and amenities in recent years.

As of 14 Jan 2025, only 1 unit remained unsold in the Dairy Farm precinct, while less than 180 units are available in District 23. There may not be any unsold units by the time the project on this plot is launched in 2026.