# From $833 to $1,312 psf ppr: What has been driving a decade of rising GLS land prices? - **Source:** EdgeProp Singapore - **Published:** 2026-10-08T07:00:00.000Z - **Author:** Ng Ming Yang - **Original:** https://www.edgeprop.sg/property-news/833-1312-psf-ppr-what-has-been-driving-decade-rising-gls-land-prices - **Topics:** Government & Policy, Transactions & Deals ## Featured rationale Higher new-home prices, lower unsold inventory and fewer en bloc alternatives signal developer confidence and may establish a higher price floor for upcoming launches. ## AI summary Average residential GLS land prices rose 58% from $833 psf ppr in 2016 to $1,312 psf ppr in 2025, despite fewer bids per tender. ## Original article A Government Land Sale (GLS) site on Lorong Puntong/Sin Ming Avenue set a new land price record for the Rest of Central Region (RCR) in September. The winning bid of $208.1 million works out to $1,612 psf per plot ratio (psf ppr), surpassing the previous RCR high of $1,515 psf ppr set at Berlayar Drive in August. The record extends a decade-long climb in land prices. Average land prices for residential GLS sites rose from $833 psf ppr in 2016 to $1,312 psf ppr in 2025, equivalent to growth of about 5% a year. This is based on an EdgeProp Singapore analysis of 63 sites awarded over the period. General uptrend in land prices over the past decade The increase in land prices has been uneven over the past decade (see Chart 1). Land rates averaged about $941 psf ppr between 2016 and 2020, before holding at $1,100 and $1,200 psf ppr from 2021 to 2024. In 2025, the average jumped 17% y-o-y to $1,312 psf ppr. Read also: Canberra Drive EC site draws most bids in eight years, sets new record land price of $825 psf ppr The 2018 average of $1,133 psf ppr was lifted by the Cuscaden Road site, now Cuscaden Reserve, which was awarded at $2,377 psf ppr. Excluding that site, the year’s average would have been $1,001 psf ppr, in line with the other years. Meanwhile, 2023 and 2024 saw a dip, though this does not necessarily mean land became cheaper. It coincided with the harmonisation of gross floor area (GFA) definitions, which applies to GLS sites launched for sale from Sept 1, 2022. All nine sites awarded in 2022 were tendered under the previous definitions. Under the harmonised definitions, airconditioning ledges count towards GFA, while voids no longer count towards saleable areas. This means each square foot of GFA yields less saleable space, so the same land rate, in psf ppr, now represents a higher effective cost to developers than before. OCR land prices close in on CCR The gap between land prices in the Core Central Region (CCR) and Outside Central Region (OCR) narrowed over the past decade. It fell from $633 psf ppr in 2016–2020 to $242 psf ppr in 2021– 2025 (see Chart 2). This was driven by a combination of higher OCR land prices and lower CCR land prices. The OCR average climbed 46%, from $741 psf ppr in 2016–2020 to $1,080 psf ppr in 2021–2025. In contrast, the CCR average slipped 4%, from $1,374 psf ppr to $1,322 psf ppr. However, the OCR’s increase was inconsistent. Land prices fell in six of the eight years between 2017 and 2024, before surging 44% in 2025. Read also: URA launches tender for East Coast Road GLS site; opens applications for Serangoon North View plot The 2025 jump may largely reflect the locations of sites sold that year. Four of the six OCR sites were in established housing areas in Bedok and Serangoon. These sites averaged $1,359 psf ppr and attracted between five and 10 bids each. Meanwhile, the two OCR sites awarded in 2024, on Canberra Crescent and Faber Walk, averaged $849 psf ppr and attracted three bids each. Canberra Crescent is some distance from the nearest MRT station, while Faber Walk is in a quieter, low-density area near landed homes. What’s behind the increase in land prices? The analysis points to three factors that could have supported higher land prices over the past decade: rising new home prices, lower unsold inventory and a shift towards GLS sites amid fewer en bloc deals. New home prices have risen over the past decade Higher new home prices are likely one reason behind rising land values. Developers bid based on the prices they expect to achieve when a project is launched, so higher expected selling prices could support higher land bids. The relationship also works in the other direction, as higher land costs can feed into launch prices. While the data cannot isolate the effect of one on the other, both have moved upwards over the past decade. Average new-sale prices of private non-landed homes, excluding executive condos (ECs), climbed 84% between 2016 and 2025, based on URA caveat data (see Table 1). Read also: 98.3% of all subsale transactions made money. Here’s what we learnt from the other 1.7% that did not. [object Object] The OCR recorded the strongest increase at 83%, slightly ahead of the RCR’s 80%, while the CCR saw a smaller 41% gain. The overall increase was higher still, partly because a larger share of new homes sold in 2025 was in the more expensive RCR and CCR. URA’s property price index accounts for differences in the mix of homes transacted by controlling for factors such as age and size. The index rose 52% between 1Q2016 and 4Q2025. The OCR again led with a 69% increase, followed by the RCR at 62% and CCR at 22%. The OCR’s homebuyer pool has also changed over the decade. Those with HDB addresses — used here as a proxy for HDB upgraders — accounted for 67% of purchases of private homes in 2016, but their share of the total fell to 41% in 2025 (see Chart 3). Buyers with private addresses also tended to spend more on private homes. Their median purchase price was $2 million in 2025, compared with $1.73 million for those with HDB addresses. Together, these shifts could have raised developers’ expectations of achievable selling prices in the OCR. This may also explain why OCR land prices recorded the strongest growth, climbing 72% between 2016 and 2025. Developers bid more when unsold stock runs low Land prices have tended to be higher when there were fewer unsold private homes on the market. The two moved in opposite directions in eight of the 10 years between 2016 and 2025 (see Chart 4). The pattern also holds when comparing individual sites, after accounting for regional differences in land prices. Winning bids were about 4% to 5% higher for every 10% decline in unsold stock in the year before each tender closed. Lower unsold inventory can signal healthy housing demand. It also means developers have fewer units left to sell, potentially giving them greater incentive to replenish their land banks. There were two exceptions over the decade: 2018 and 2024, when land prices and unsold stock increased together. Unsold stock rose 76% in 2018. This came as many sites bought in the wave of en bloc sales in 2017 received planning approval. URA counts a project’s units as unsold supply once it has obtained planning approval, even before it launches. The higher average land price in 2018 was also pushed up by the Cuscaden Road site, which fetched $2,377 psf ppr. In 2024, average land prices edged up 2% even as unsold stock increased 18%. The inverse relationship has resumed this year. Average unsold stock is down 9% so far in 2026, while land prices have climbed to $1,465 psf ppr. That said, the mix of sites sold this year has also contributed to the higher average. RCR and CCR sites, which typically command higher land prices, accounted for 57% of the GFA of sites awarded so far this year, up from 42% in 2025. En bloc slowdown leaves developers more reliant on GLS Collective sales have dwindled since 2018, leaving developers with fewer ways to buy residential land. With fewer alternatives, those looking to replenish their land banks may be willing to pay more for GLS sites. Residential en bloc deals peaked at 38 in 2018 (see Chart 5), with 35 concluded before cooling measures took effect on July 6 that year. The measures raised the additional buyer’s stamp duty (ABSD) for housing developers from 15% to 30%, payable upfront. Of this, 25 percentage points could be remitted if all units were completed and sold within five years. The same timeline applies to GLS sites. However, en bloc sites can be more challenging to redevelop within five years, as existing owners must first vacate before the buildings can be demolished and redevelopment can begin. Following the cooling measures, the number of collective sales fell to four in 2019. Transactions recovered to 11 in 2021 before declining to two by 2023. This followed another ABSD increase in December 2021, which raised the rate for housing developers to 40%, of which 35 percentage points are remittable. As en bloc activity declined, GLS accounted for a growing share of the residential GFA of sites acquired by developers through the two channels. GLS’ share rose from less than 30% in 2017 and 2018 to at least 69% each year from 2022 (see Chart 6). The government also ramped up GLS supply from 2022. Despite the additional supply, land prices held up before climbing again in 2025. This suggests that developers looking to replenish their land banks may have become more reliant on GLS sites. However, it does not necessarily mean more bids were made for each site. Fewer bids, yet higher prices Stronger competition does not appear to explain the increase in land prices. GLS tenders have attracted fewer bids in recent years (see Chart 7). Sites attracted an average of 7.9 to 13.3 bids a year between 2016 and 2018, but the annual average has not exceeded 6.2 since 2022. Part of the decline may reflect developers increasingly forming joint ventures, resulting in fewer separate bids for each site. Winning bids involved an average of 1.3 to 1.7 developers between 2016 and 2019, compared with 1.7 to 2.0 since 2022. The average has reached 2.2 developers so far in 2026, the highest since 2016. Joint ventures allow developers to share the risks associated with large sites. However, the analysis does not indicate that joint ventures consistently pay more for land. Compared with other sites awarded in the same year and region, joint-venture wins between 2016 and 2025 showed no consistent premium over bids by individual developers. This points away from greater bidder competition as a driver of higher land prices. Higher land costs could set a higher floor for new launches Rising new home prices and lower unsold inventory appear to have supported what developers are willing to pay for land. At the same time, fewer en bloc deals may have channelled more demand for development land towards the GLS programme. Many projects launched in recent years sit on sites acquired between 2022 and 2024, when average land prices were about $1,100 to $1,200 psf ppr. Sites awarded since then have cost more, averaging $1,312 psf ppr in 2025 and $1,465 psf ppr so far this year for residential GLS plots. As projects on these GLS sites are launched, their higher land costs are likely to be reflected in new homes’ selling prices. The extent of this will vary by region and site. GLS land rates so far this year have averaged $1,331 psf ppr in the OCR and $1,697 psf ppr in the CCR. Within each region, eventual launch prices will also depend on site-specific factors such as MRT accessibility and competing supply nearby. Note: Average land prices in psf ppr are calculated by dividing the total land price paid by the total maximum permissible GFA of the sites sold. This gives larger sites more weight, reducing the impact of a single small site with an unusually high or low winning bid on the overall average. ## Chinese translation > Translation model: grok_cli ### 从每平方英尺容积率新币833元到1,312元：是什么推动了政府售地计划（GLS）地价十年上涨？ 自2016年以来，政府售地计划（GLS）地价上涨58%，尽管每次招标的投标数大约减半。以下是推动上涨的因素。 一块位于Lorong Puntong/Sin Ming Avenue的政府售地计划（GLS）地段，于9月创下中央区其他地区（RCR）的地价新纪录。中标价为新币2.081亿元，折合每平方英尺容积率（psf ppr）新币1,612元，超越8月Berlayar Drive创下的前RCR高点每平方英尺容积率新币1,515元。 这一纪录延续了地价长达十年的攀升。住宅GLS地段的平均地价从2016年的每平方英尺容积率新币833元升至2025年的每平方英尺容积率新币1,312元，相当于每年约增长5%。这基于EdgeProp Singapore对期内63幅中标地段的分析。 过去十年地价总体呈上升趋势 过去十年地价的升幅并不均匀（见图1）。2016年至2020年，地价平均约为每平方英尺容积率新币941元，随后在2021年至2024年维持在每平方英尺容积率新币1,100元至1,200元。2025年，平均值同比跳升17%，至每平方英尺容积率新币1,312元。 另读：Canberra Drive执行共管公寓（EC）地段吸引八年来最多投标，创下每平方英尺容积率新币825元的地价新纪录 2018年每平方英尺容积率新币1,133元的平均值，被Cuscaden Road地段（现为Cuscaden Reserve）推高，该地段以每平方英尺容积率新币2,377元中标。若剔除该地段，当年平均值将为每平方英尺容积率新币1,001元，与其他年份相符。 与此同时，2023年和2024年出现回落，但这并不一定意味着土地变得更便宜。这与总楼面面积（GFA）定义的统一相吻合，该定义适用于2022年9月1日起推出销售的GLS地段。2022年中标的全部九幅地段均按此前定义招标。 根据统一后的定义，冷气机台计入总楼面面积，而中空空间不再计入可售面积。这意味着每一平方英尺总楼面面积所产生的可售空间减少，因此以每平方英尺容积率计算的相同地价，如今对发展商而言代表着比以往更高的实际成本。 中央区以外地区（OCR）地价向核心中央区（CCR）靠拢 过去十年，核心中央区（CCR）与中央区以外地区（OCR）的地价差距收窄。该差距从2016–2020年的每平方英尺容积率新币633元降至2021–2025年的每平方英尺容积率新币242元（见图2）。 这是由OCR地价上升与CCR地价下降共同推动的。OCR平均值攀升46%，从2016–2020年的每平方英尺容积率新币741元升至2021–2025年的每平方英尺容积率新币1,080元。相比之下，CCR平均值下滑4%，从每平方英尺容积率新币1,374元降至新币1,322元。 不过，OCR的升幅并不连贯。2017年至2024年的八年中，有六年地价下跌，随后在2025年飙升44%。 另读：市区重建局（URA）推出East Coast Road GLS地段招标；开放Serangoon North View地段申请 2025年的跳升可能很大程度上反映了当年售出地段的位置。六幅OCR地段中有四幅位于Bedok和Serangoon的成熟住宅区。这些地段平均为每平方英尺容积率新币1,359元，每幅吸引五至10份投标。 与此同时，2024年中标的两幅OCR地段位于Canberra Crescent和Faber Walk，平均为每平方英尺容积率新币849元，各吸引三份投标。Canberra Crescent距离最近的地铁站有一段距离，而Faber Walk则位于靠近有地住宅的较安静低密度区域。 地价上涨背后的原因是什么？ 分析指出，过去十年可能支撑较高地价的三个因素：新房价格上涨、未售库存下降，以及在集体出售交易减少的背景下转向GLS地段。 过去十年新房价格已经上涨 较高的新房价格很可能是地价上升的原因之一。发展商根据项目推出时预期能达到的价格投标，因此较高的预期售价可能支撑更高的地价投标。 这一关系也反向成立，因为较高的土地成本可能传导至开盘价格。虽然数据无法单独分离一方对另一方的影响，但过去十年两者均呈上升走势。 根据市区重建局（URA）买卖合约数据，私人非有地住宅（不含执行共管公寓，EC）的新盘平均售价在2016年至2025年间攀升84%（见表1）。 另读：98.3%的转售交易获利。我们从另外1.7%未获利的交易中学到了什么。 [object Object] OCR录得最强升幅，达83%，略高于RCR的80%，而CCR则录得较小的41%涨幅。整体升幅更高，部分原因是2025年售出的新房中，有更大比例位于价格更高的RCR和CCR。 市区重建局的房地产价格指数通过控制楼龄和面积等因素，计入所成交房屋组合的差异。该指数在2016年第一季度至2025年第四季度间上涨52%。OCR再次领先，升幅69%，其次是RCR的62%和CCR的22%。 OCR的购房者构成在过去十年也发生了变化。组屋（HDB）地址买家——此处用作组屋提升者的代理指标——在2016年占私人住宅购买的67%，但其占总购买的份额在2025年降至41%（见图3）。 私人地址买家购买私人住宅时也往往花费更多。2025年，他们的购买价中位数为新币200万元，而组屋地址买家为新币173万元。 这些转变合在一起，可能提高了发展商对OCR可实现售价的预期。这或许也能解释为何OCR地价录得最强增长，在2016年至2025年间攀升72%。 未售库存走低时，发展商投标更高 当市场上未售私人住宅较少时，地价往往更高。2016年至2025年的10年中，有八年两者呈反向走势（见图4）。 在计入各地区地价差异后，比较个别地段时，这一规律同样成立。每次招标截止前一年，未售库存每下降10%，中标价约高出4%至5%。 较低的未售库存可以显示住房需求健康。这也意味着发展商剩余待售单位更少，可能促使他们更有动力补充土地储备。 过去十年有两个例外：2018年和2024年，地价与未售库存同步上升。 2018年未售库存上升76%。这是因为2017年集体出售浪潮中购入的许多地段获得了规划批准。市区重建局在项目获得规划批准后即将其单位计入未售供应，即使尚未开盘。 2018年较高的平均地价也被Cuscaden Road地段推高，该地段成交价为每平方英尺容积率新币2,377元。2024年，即使未售库存增加18%，平均地价仍微升2%。 这种反向关系今年已经恢复。2026年迄今平均未售库存下降9%，而地价已升至每平方英尺容积率新币1,465元。 话虽如此，今年售出地段的组合也推高了平均值。通常地价更高的RCR和CCR地段，占今年迄今中标地段总楼面面积的57%，高于2025年的42%。 集体出售放缓使发展商更加依赖GLS 自2018年以来，集体出售日渐减少，发展商购买住宅用地的途径变少。替代选择减少后，希望补充土地储备的发展商可能愿意为GLS地段支付更高价格。 住宅集体出售交易在2018年达到峰值38宗（见图5），其中35宗在当年7月6日降温措施生效前完成。 这些措施将住房发展商的额外买方印花税（ABSD）从15%提高至30%，须预先缴纳。其中，若所有单位在五年内竣工并售出，可获退还25个百分点。 同样的时限适用于GLS地段。不过，集体出售地段要在五年内重建可能更具挑战，因为现有业主必须先迁出，建筑物才能拆除并开始重建。 降温措施实施后，集体出售宗数在2019年降至四宗。交易在2021年回升至11宗，随后到2023年降至两宗。 这发生在2021年12月再次上调ABSD之后，住房发展商税率提高至40%，其中35个百分点可获退还。 随着集体出售活动下降，GLS在发展商通过这两个渠道取得的地段住宅总楼面面积中所占份额不断上升。GLS份额从2017年和2018年的不足30%，升至2022年起每年至少69%（见图6）。 政府也从2022年起加大GLS供应。尽管供应增加，地价仍保持坚挺，并在2025年再度攀升。 这表明希望补充土地储备的发展商可能已更加依赖GLS地段。不过，这并不一定意味着每幅地段收到的投标更多。 投标更少，价格却更高 更激烈的竞争似乎并不能解释地价上涨。近年来GLS招标吸引的投标更少（见图7）。 2016年至2018年，地段每年平均吸引7.9至13.3份投标，但自2022年以来，年度平均值未超过6.2。 投标减少的部分原因可能是发展商越来越多地组成合资公司，导致每幅地段的独立投标减少。2016年至2019年，中标投标平均涉及1.3至1.7家发展商，而2022年以来为1.7至2.0家。2026年迄今平均已达2.2家发展商，为2016年以来最高。 合资使发展商能够分担大型地段相关的风险。不过，分析并未显示合资公司始终为土地支付更高价格。 与同年同区域中标的其他地段相比，2016年至2025年的合资中标并未相对个别发展商的投标呈现一贯溢价。这表明更高的投标竞争并非地价上涨的驱动因素。 更高的土地成本可能为新盘设定更高的价格底线 新房价格上涨和未售库存下降，似乎支撑了发展商愿意为土地支付的价格。与此同时，集体出售交易减少，可能将更多发展用地需求导向GLS计划。 近年来推出的许多项目位于2022年至2024年间购入的地段，当时平均地价约为每平方英尺容积率新币1,100元至1,200元。 此后中标的地段成本更高，2025年住宅GLS地段平均为每平方英尺容积率新币1,312元，今年迄今为每平方英尺容积率新币1,465元。随着这些GLS地段上的项目推出，较高的土地成本很可能反映在新房售价中。 这一影响的程度将因区域和地段而异。今年迄今GLS地价在OCR平均为每平方英尺容积率新币1,331元，在CCR平均为每平方英尺容积率新币1,697元。在各区域内，最终开盘价还将取决于地段特定因素，例如地铁可达性和附近的竞争供应。 注：以每平方英尺容积率计算的平均地价，是将所支付的土地总价除以所售地段的最高允许总楼面面积得出。这使较大地段获得更大权重，从而降低单一小型地段异常高或异常低的中标价对整体平均值的影响。