Government Land Sales · what the 2026 tenders mean for you

When land bids go higher, the next launch can't come cheaper.

Developers paid up to S$1,865 psf ppr for residential land this year, and two sites drew a single bidder, one of which still set a record. The last five years of URA caveats show what a land price does to a launch price about two years later, and what it does to the homes already standing next door. That is the report I want to put in your hands.

Stella Thio · PropNex Realty Pte Ltd · Project Chief for 14 CCR developments

Send me the Land Bid Report Free PDF · sent to your WhatsApp · no obligation
Stella Thio, PropNex
13
residential sites awarded Jan–Sep 2026
S$1,537
psf ppr · new OCR record · 1 Sep
13 tenders readevery 2026 residential award
5-year URA recordland → launch → today, by project
The gap tablenew sale vs resale, by district
Freeone PDF, updated Sep 2026

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Thirteen sites, thirteen implied launch prices for 2027 and 2028. Tell me where you are today and I will send the PDF to your WhatsApp, then point you to the two or three pages that matter for your situation.

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  • 13sites awarded this year, each with its implied launch range
  • 16land-to-launch pairs from the last five years, with caveat counts
  • 28districts ranked by the gap between new-sale and resale prices

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Is this you?

The questions people ask me after reading a tender headline

Most of them are good questions. The problem is that the headline never carries the number you need to answer them.

"If developers paid S$1,537 psf ppr for land in Bedok, what does that make the launch price?"There is a five-year record for that. It is in the tables below.

"Should I buy the launch that is selling now, or wait for the one on the new site?"Depends on the gap between today's price and the implied price next door.

"Everyone says wait for prices to cool. Do land bids agree?"Land bought in 2026 becomes a launch in 2027–2028. It has to clear its cost.

"I own a resale condo near one of these sites. Is the new launch good or bad for me?"Your future buyer will compare your unit to a much higher launch price. Usually that helps.

"Only one developer bid for Holland Plain and Berlayar Drive. Doesn't that mean the market is cooling?"Berlayar's sole bid still set an RCR record. Fewer bidders changed who builds, not what land costs.

"I'm upgrading from an HDB flat. Where is the entry price still below what the land says it should be?"That is the gap table. It is the reason I wrote the report.

The record · part one

Thirteen sites. Every one of them is a price for 2027 or 2028.

Here is every residential and mixed-use Government Land Sales site awarded between January and September 2026, in order. A developer who paid these rates has to sell above them, and the record below shows roughly how far above.

S$962 – 1,865
the range of top bids this year, psf ppr, from Dairy Farm Walk to Peck Hay Road
3
regional or precinct records: RCR (Tanjong Rhu, then Berlayar Drive), Lentor (Lentor Central) and OCR (New Upper Changi Road)
2
sites that drew a single bidder — Holland Plain and Berlayar Drive — and one of them still set a record
2026 GLS awards

Residential land awarded, January to September 2026

Top bid per square foot of gross floor area (psf ppr). "Record" means the highest rate on record for that region or precinct at the time of award.

SiteTop bid (psf ppr)Tender closedBiddersWhat it set
Dairy Farm WalkS$96222 Jan5Low-density OCR site; winner ahead by 0.4%
Hougang Central (mixed-use)S$1,179Jan (awarded 14 Jan)3S$1.5b site, about 830 homes, CRL link by 2030
Tanjong Rhu RoadS$1,4555 Feb5Record RCR GLS rate at the time; 525 homes
Lentor CentralS$1,2783 Mar5Record for a Lentor residential site; about 500–560 homes
Dover Drive (mixed-use)S$1,55626 Mar6Nearest parcel to one-north MRT; S$951m
Kallang CloseS$1,4157 Apr4First Kallang GLS in over ten years; top two bids 0.7% apart
Dunearn Road (second site)S$1,62527 Apr6+15% on the first Dunearn site (S$1,410, Jul 2025)
Holland PlainS$1,4917 May1Sole bid awarded
Peck Hay RoadS$1,86511 Jun4Highest of 2026; above Bukit Timah Road's S$1,820 (Nov 2025)
River Valley Green (Parcel C)S$1,73018 Jun4+21.8% on Parcel B (S$1,420, Feb 2025)
Bayshore Drive (mixed-use)S$1,32415 Jul3S$2.13b; about 1,280 homes plus a retail mall
Berlayar DriveS$1,5154 Aug1Sole bid · Record for a purely residential RCR site
New Upper Changi RoadS$1,5371 Sep4OCR record; 15.6% above Bedok Rise (S$1,330, Nov 2025); about 1,010 homes

Sources: URA tender results as reported in ERA Research and press commentaries (Jan–Sep 2026), CapitaLand news release 14 Jan 2026 (Hougang Central), TRIBE Insights (bid counts, Berlayar Drive), 99.co and EdgeProp tender reports. Bayshore Drive rate reported as S$1,323–1,324 depending on rounding. Retrieved 14 Sep 2026.

Why a land price matters to you two years before the showflat opens: the developer's land is roughly half of what a unit will sell for. The rest is construction, financing, marketing and margin, and none of those got cheaper in 2026. So a record land bid is not a headline about developers. It is the first published number about your next launch price.

The record · part two

What a land price became, sixteen times in a row

I took sixteen projects launched since 2022 whose land came from a Government Land Sales tender, and put the land rate next to the median price of the first three months of developer sales in the URA record. The launch price landed between 1.75 and 2.56 times the land rate. The middle of the pack is about 2.1 times.

Land → launch

Land rate versus launch price, sixteen GLS projects

Launch price = median psf of New Sale caveats in the project's first three months of sales. Multiple = launch ÷ land.

ProjectLand (psf ppr)Launch median psfMultipleLaunchCaveats
Lentor ModernS$1,204S$2,1071.75×Sep 2022518
LentoriaS$1,130S$2,1301.88×Mar 202476
AMO ResidenceS$1,118S$2,1101.89×Jul 2022361
Tembusu GrandS$1,302S$2,4621.89×Apr 2023362
Hillock GreenS$1,108S$2,1161.91×Nov 2023159
Lentor Hills ResidencesS$1,060S$2,1071.99×Jul 2023392
The OrieS$1,360S$2,7292.01×Jan 2025689
Vela BayS$1,388S$2,8662.06×Apr 2026373
One Marina GardensS$1,402S$2,9502.10×Apr 2025478
Sceneca ResidenceS$930S$2,0842.24×Jan 2023159
Lentor Central ResidencesS$982S$2,2142.25×Mar 2025469
River ModernS$1,420S$3,2292.27×Mar 2026431
Lentor MansionS$985S$2,2682.30×Mar 2024429
River GreenS$1,325S$3,1182.35×Aug 2025474
Emerald of KatongS$1,069S$2,6272.46×Nov 2024840
Lentor Gardens ResidencesS$920S$2,3572.56×Jul 2026282

Launch medians: URA caveat data (URA Data Service, New Sale, single strata units), first three months from the first developer caveat, retrieved 14 Sep 2026. Land rates: URA tender results as reported by EdgeProp, ERA Research, 99.co and JetSet Homes (Lentor sites). Multiples are arithmetic on these two figures, not a forecast.

If the record holds

Applying 1.9× to 2.3× to four of this year's bids

Arithmetic, not a prediction. Developers set prices when they launch, and every site differs in tenure, mix and finish. This is the range the last five years would suggest.

2026 siteImplied launchLandAnalyst view
Lentor CentralS$2,430 – 2,940S$1,278"From S$2,700 psf" (Knight Frank)
Berlayar DriveS$2,880 – 3,480S$1,515S$2,800 – 3,100 psf (analysts cited by TRIBE)
New Upper Changi RdS$2,920 – 3,540S$1,537Bedok new-sale median already S$2,863 (Jan–Aug 2026, ERA)
Peck Hay RoadS$3,540 – 4,290S$1,865—

Implied range = land rate × 1.9 and × 2.3, rounded to the nearest S$10. Analyst figures as reported 3 Mar 2026 (StackedHomes, quoting Knight Frank), Aug 2026 (TRIBE) and Sep 2026 (ERA).

Launch → today

And what the launch price did after that

The four GLS projects with enough completed-unit resales and sub-sales to measure, launch median against the last twelve months.

ProjectChangeLaunch psfLast 12 mthsCaveats
AMO Residence+19.6%S$2,110S$2,52433
Lentor Modern+14.0%S$2,107S$2,40361
Tembusu Grand+13.5%S$2,462S$2,79421
Sceneca Residence+10.6%S$2,084S$2,3048 thin

URA caveat data, Sub Sale and Resale, single strata units, Oct 2025 – Sep 2026, retrieved 14 Sep 2026. Sceneca Residence rests on eight caveats and should be read as indicative. Past transactions do not predict future returns; every unit, floor and buyer differs.

One street, three tenders

River Valley Green: what "higher" looks like on the ground

Three parcels on the same road, sold two years apart. The land went from S$1,325 to S$1,730 psf ppr. The first two have launched. The third has just been bought. If you want to see how a rising land bid reaches a buyer, this is the cleanest example in Singapore right now.

District 9 · River Valley Green

Parcel A, Parcel B, Parcel C

ParcelLand (psf ppr)Launch median psfProjectTenderLaunchedNow
Parcel AS$1,325S$3,118River GreenJul 2024Aug 202588% taken up at launch; last 12 developer sales at S$3,482 median
Parcel BS$1,420S$3,229River ModernFeb 2025Mar 2026Over 90% sold on launch weekend; 431 caveats
Parcel CS$1,730?—Jun 2026Expected 2027Land 30.6% above Parcel A. The record says the price will not be lower than its neighbours'.

Land rates: ERA press commentary 18 Jun 2026 and EdgeProp tender reports (Jul 2024, Feb 2025). Launch medians and caveat counts: URA caveat data, New Sale, retrieved 14 Sep 2026. Take-up figures as reported by ERA. Meanwhile the District 9 resale median for condominiums and apartments is S$2,375 psf on 451 caveats in 2026 to date, against a new-sale median of S$3,235.

If you own a completed unit within walking distance of Parcel C, your next buyer will be someone who walked out of a showflat priced somewhere above S$3,200 psf. That buyer is the person the report helps you find.

The counter-example that proves the rule

Lentor: land fell for four years. Launch prices still rose.

Seven Lentor sites were sold between 2021 and 2025, and the land rate went down almost every time, from S$1,204 psf ppr for the first parcel to S$920 for the last. If land alone set prices, Lentor launches should have got cheaper.

They did the opposite. Launch medians climbed from S$2,107 to S$2,357. Land is a floor, not a ceiling. The market sets the price above the floor, and the floor was cheap.

Then in March 2026 the floor moved. Lentor Central sold for S$1,278 psf ppr, 39% above the parcel sold a year earlier, and the first bid in the estate above the original 2021 rate. Knight Frank expects a launch from about S$2,700 psf. Lentor Gardens Residences, next door, is selling today at a S$2,357 median.

That S$340 psf gap between today's launch and the implied next one is what "when land bids go higher" actually means for a buyer.

District 26 · Lentor

Seven sites, in tender order

ProjectLandLaunch psfSold
Lentor Modern (2021 site)S$1,204S$2,107605/605
Lentor Hills ResidencesS$1,060S$2,107598/598
Hillock GreenS$1,108S$2,116472/474
LentoriaS$1,130S$2,130250/267
Lentor MansionS$985S$2,268533/533
Lentor Central ResidencesS$982S$2,214477/477
Lentor Gardens ResidencesS$920S$2,357282/499 selling
Lentor Central (Mar 2026)S$1,278from ~S$2,700?not launched

Land rates: ERA Research and JetSet Homes (Lentor cycle review, 2026). Launch psf: URA New Sale caveats, first three months. Units sold: URA New Sale caveat count to Sep 2026 against total units; Lentor Modern sub-sales since Oct 2025 median S$2,403 (61 caveats). "From ~S$2,700" is Knight Frank's expectation quoted on 3 Mar 2026, not a developer price.

The gap

Where the land says one price and the resale market says another

New launches carry the new land cost. Completed condos next to them do not. In 2026 the median new-sale unit outside the central region sells for 47% more per square foot than the median resale unit. That gap is where an HDB upgrader's budget still works, and it is closing: resale has risen faster than new sale in every region since 2022.

By region · 2026

New sale vs resale, median psf

RegionNew sale 2026Resale 2026GapResale since 2022New sale since 2022
OCRS$2,317S$1,574+47%+24.9%+16.1%
RCRS$2,653S$1,963+35%+23.7%+18.6%
CCRS$3,153S$2,190+44%+8.8%+12.4%

URA caveat data, condominiums and apartments, single strata units, Jan–Sep 2026 versus calendar 2022. Caveat counts 2026: OCR 2,767 new / 3,960 resale; RCR 1,198 / 2,481; CCR 1,014 / 1,490. Retrieved 14 Sep 2026.

By district · where 2026 land sold

Resale medians in the districts that just set land records

DistrictResale 2026Change since 2022Resale 2022New sale 20262026 land bid nearby
D16 BedokS$1,528+18.4%S$1,291S$2,628S$1,537 (New Upper Changi)
D26 LentorS$1,509+36.9%S$1,102S$2,355S$1,278 (Lentor Central)
D19 HougangS$1,705+28.2%S$1,330S$2,667S$1,179 (Hougang Central)
D05 Dover / one-northS$1,886+29.8%S$1,453S$2,499S$1,556 (Dover Drive)
D15 Tanjong RhuS$1,833+19.4%S$1,535S$2,745S$1,455 (Tanjong Rhu Rd)
D09 River ValleyS$2,375+11.2%S$2,136S$3,235S$1,730 (RVG Parcel C)

URA caveat data, condominiums and apartments, single strata units, Resale medians for calendar 2022 and Jan–Sep 2026; New Sale medians Jan–Sep 2026. Caveat counts range from 57 (D26 resale 2026) to 1,085 (D15 resale 2022); D26 resale is a small market and moves in steps. Retrieved 14 Sep 2026.

How I read a tender

The Land Bid Ladder

I spent years reading company earnings before I read land bids. The habit is the same: start from the number nobody can argue with, and work forward to the decision. Four rungs.

1

Read the floor

Take the land rate and the record multiple. S$1,537 psf ppr in Bedok is a launch somewhere around S$2,900–3,500 in 2028, before anyone has drawn a floor plan. Write that number down.

2

Find the gap

List what is already standing or selling within a kilometre and price it against the floor. A completed condo at S$1,528 psf beside a S$2,900 implied launch is a different proposition from one at S$2,400. The gap is the opportunity, or the warning.

3

Work back from the exit buyer

Ask who buys it from you in five to eight years. Usually it is someone priced out of the launch next door. Then check which layouts and floors that buyer has actually paid up for in the caveats, not which ones the brochure photographs best.

4

Filter with the record

Before any decision: unsold stock in the precinct (Lentoria still has 17 units, Hillock Green 2), total units coming on the 2H2026 confirmed list, and how the last three launches in that district resold at completion. If the numbers hold, proceed. If they don't, wait.

Free PDF

The Land Bid Report · September 2026

Every 2026 tender, turned into a price you can act on.

Thirty-odd pages. All figures from URA caveats and published tender results, with the source under every table. Sent to your WhatsApp within a working day.

13 sites16 land → launch pairs28 districtsUpdated Sep 2026

What's inside

Six chapters

  1. 01
    The 2026 tender sheetAll thirteen awards with bidders, margins, unit counts and the implied launch range for each.
  2. 02
    The land → launch record, full tableEvery GLS project launched since 2022 with land rate, launch median and multiple, not just the sixteen on this page.
  3. 03
    Launch → completionHow each GLS project resold once keys were collected, with caveat counts, so you know which gains are real and which are three transactions.
  4. 04
    The gap table, all 28 districtsNew-sale versus resale medians for every district, ranked by the size of the gap, with the 2026 land bids overlaid.
  5. 05
    The exit-buyer checklistThe eight questions I run on any unit before I let a client sign, with the caveat searches that answer each one.
  6. 06
    Three worked situationsHDB upgrader in the east, condo owner near a 2026 site, first-timer choosing between a launch and a completed unit. Numbers, not advice.
Send me the Land Bid Report
Stella Thio
Stella ThioPropNex Realty Pte Ltd

Who is writing this

I read the numbers before I read the brochure.

I have sat on the developer's side of the table as Project Chief for fourteen Core Central Region developments, which is where I learned how a land bid turns into a price list. I now use that on the buyer's side.

  • Project Chief for 14 CCR developments — pricing, unit mix and launch sequencing from the inside
  • PropNex Millionaire, five years running (2020–2024) and six-time Champion Luxury Tagger
  • Former Senior Dealing Director, NUS Economics and Statistics — the analysis habit came first
  • Every figure I show you carries its source and its caveat count, so you can check me
"A land bid is the only honest number in a launch. The developer cannot market it away, and the government publishes it two years before the showflat. I just read it earlier than most."— Stella Thio

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