Two New GLS Sites in Marina South and Orchard Boulevard Could

The release of two new Government Land Sales (GLS) residential sites — one in Marina South and one along Orchard Boulevard — could add about 500 private homes, giving the prime core a carefully measured dose of new supply at a time when prices are cooling from their peak.

Key takeaways

• The two new GLS sites at Marina South and Orchard Boulevard could yield around 500 homes, adding rare prime-location stock to a tightly held segment of the market.
• Prime land continues to command a clear premium: the Peck Hay Road GLS site drew four bids and was awarded at S$1,865 psf ppr, against a S$1,300 psf ppr average across nine residential sites awarded in 2026 (PropAce Institutional Advisorydata, 2026; URA Government Land Sales data, 2026).
• Islandwide private prices in 2026-Q2 were 6.8% below their peak but still 33.3% above their trough, signalling a cyclical dip rather than a structural collapse (URA caveat data, 2026).
• Prime-core homes are priced substantially above suburban homes — S$2,444 psf versus S$1,551 psf — so the new Orchard Boulevard and Marina South projects will not be entry-level options (URA caveat data, 2026).
• With new launches carrying a roughly 45% premium over resale, buyers weighing these future projects should also consider established resale units in the same areas (URA caveat data, 2026).

A calculated addition to the prime core

Two sites, one signal

The decision to release a Marina South site and an Orchard Boulevard site in the same GLS exercise is significant. Both locations sit within the Core Central Region (CCR), where land is scarce and new launches are event-driven rather than routine. Adding around 500 homes to this pipeline is not a large number in absolute terms, but in the prime core, every project changes the dynamics for surrounding developments.

The Marina South site supports the broader vision of extending the city’s downtown living options towards the waterfront. The Orchard Boulevard site, meanwhile, appeals to buyers who want immediate access to the shopping belt and the established prestige of one of Singapore’s most recognised addresses. Together, the two sites cater to different buyer profiles: one seeking a new waterfront neighbourhood, and the other seeking the conveniences of a mature prime district.

A market waiting for direction

The release also gives the market a useful signal. Developers have become more selective in recent land tenders, focusing on sites that fit their land banks and pricing assumptions. The two new sites will test whether that selectivity extends to prime locations, or whether well-placed land can still generate competitive bidding.

For prospective buyers, the new supply is a reminder that prime projects will continue to emerge, but not at the volume seen in city-fringe or suburban areas. The government’s land sales programme is calibrated to meet demand without flooding the market, and a combined yield of around 500 homes from two sites is best understood as a steady drip rather than a wave.

What the latest GLS numbers show

A prime-land premium

Government residential land prices averaged S$1,300 psf per plot ratio (ppr) across nine sites awarded in 2026 (URA Government Land Sales data, 2026). That average, however, masks a wide gap between prime and non-prime land.

The Peck Hay Road GLS site, awarded to CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited for S$542.4 million, or S$1,865 psf ppr, drew four bids (PropAce Institutional Advisorydata, 2026). The gap between S$1,865 psf ppr and the S$1,300 psf ppr average shows that developers are still willing to pay up for land in established high-value locations. It also suggests that the two new sites, particularly the Orchard Boulevard plot, will be priced with that premium in mind.

Land cost, of course, is only one component of a project’s final selling price. Construction, financing, marketing and developer margins all add layers on top of the land rate. A land price of S$1,865 psf ppr does not translate directly into an equivalent selling price, but it does set a floor for the developer’s pricing expectations.

A broader market that is cooling, not collapsing

The wider private residential market provides important context for how these new sites will be received. Islandwide private prices averaged S$2,038 psf in 2026-Q2, which is 6.8% below the S$2,186 psf peak but still 33.3% above the S$1,529 psf trough (URA caveat data, 2026). In other words, the market has given back some of its gains, but it remains far above the lows of the previous cycle.

This matters for developers bidding on GLS sites. A site acquired today will launch into a market that is more price-sensitive than it was at the peak. Buyers will compare new projects against resale options, and they will be less willing to accept aggressive launch pricing. Developers who win the Marina South and Orchard Boulevard sites will need to price their products in line with current buyer expectations rather than extrapolating from the peak.

Regional price differences

Transaction data also shows how distinct the prime market is from the rest of Singapore. Prime-core (CCR) homes have averaged S$2,444 psf, while city-fringe (RCR) homes have averaged S$2,078 psf and suburban (OCR) homes have averaged S$1,551 psf (URA caveat data, 2026). These figures illustrate the quantum difference that buyers face when they step into the prime core.

The District 9 market, a useful reference for the Orchard area, fetched a median S$2,626 psf in 2026-Q3, down 11.4% year-on-year, based on 1,220 transactions over the past 12 months (URA caveat data, 2026). The year-on-year decline is a reminder that even prime locations are not immune to the broader cyclical slowdown. Buyers in District 9 are still transacting, but at lower prices than they were a year earlier.

What this means for buyers

A budget breakdown: S$2 million in three scenarios

For buyers considering a future project on one of the two new sites, the arithmetic is straightforward, even if the final pricing is not yet known. Consider a buyer with a S$2 million budget, excluding stamp duty and legal fees.

At the islandwide new-launch average of S$2,303 psf, that budget would cover roughly 868 sq ft (URA caveat data, 2026). At the prime-core average of S$2,444 psf, the same budget would cover roughly 818 sq ft (URA caveat data, 2026). And at the resale average of S$1,594 psf, it would buy about 1,255 sq ft (URA caveat data, 2026).

The numbers are illustrative, but they capture the trade-off clearly. Buying a new project in the prime core means paying for location, freshness and modern specifications. Buying resale means getting more space for the same dollar. The two new sites at Marina South and Orchard Boulevard will likely sit at the premium end of this equation, given their prime addresses.

The new-launch premium

The gap between new and resale prices is one of the most important considerations for buyers. New-launch private homes averaged S$2,303 psf against S$1,594 psf for resale, a roughly 45% new-sale premium (URA caveat data, 2026). That premium is significant, and it will be even more pronounced in the prime core, where land costs are higher and developers target a more affluent buyer pool.

For buyers who are not set on a brand-new unit, nearby resale condominiums offer an alternative. The trade-off is age and specifications, but the financial difference can be substantial, especially when compounded across a large unit size. Buyers should therefore approach any future launch at Marina South or Orchard Boulevard with a clear sense of the resale alternatives in the same district.

Developer behaviour and tender competition

Selective bidding is now the norm

The days of aggressive, indiscriminate land bidding are behind us. Developers today are more disciplined, prioritising sites that complement their existing pipelines and offer realistic profit margins. This does not mean prime sites will be ignored; rather, it means that bidding will be led by developers who have a clear plan for the location and the buyer segment.

The Peck Hay Road tender, which drew four bids, shows that well-located sites can still attract competitive interest (PropAce Institutional Advisorydata, 2026). Four bids is not a sign of overheating, but it is a healthy level for a market in a cooling phase. The Marina South and Orchard Boulevard sites may draw similar interest, given that both offer rare opportunities to build new homes in established or emerging prime precincts.

What the Peck Hay Road result tells us

The S$1,865 psf ppr award for Peck Hay Road was well above the 2026 average of S$1,300 psf ppr across nine awarded sites (PropAce Institutional Advisorydata, 2026; URA Government Land Sales data, 2026). This suggests that developers see a clear distinction between prime and non-prime land. A site in the Orchard Boulevard corridor would be expected to command a similar premium, while a Marina South site would be judged on the strength of the broader waterfront transformation.

The Peck Hay Road result also signals that developers expect the current price dip to be temporary. Buying land today means committing to a project that will launch several years later, by which time the market may be in a different phase. The willingness to pay S$1,865 psf ppr for prime land is a statement of confidence in the medium-term outlook for the core region.

Strategic implications for the broader market

A balancing act for planners

The release of these two sites is part of a wider balancing act. The government must ensure an adequate supply of homes to meet demand, while avoiding the kind of oversupply that could destabilise prices. The approximately 500 homes from the two new sites are a modest addition, but they are placed in locations that will attract attention and set pricing benchmarks.

Marina South, in particular, will be watched closely because of its location on the southern waterfront. New homes there will compete with other upcoming and existing projects in the Greater Southern Waterfront area, giving buyers more choice but also giving developers a clearer sense of the competitive landscape. The Orchard Boulevard site, by contrast, is about the enduring appeal of the prime shopping belt.

A test of pricing realism

The ultimate test for the two sites will be how developers price the finished projects. The District 9 median price decline of 11.4% year-on-year is a warning that prime buyers are not willing to pay any price (URA caveat data, 2026). Launch prices will need to be set with reference to current transaction levels, not the highs of the past cycle.

For buyers, the arrival of these two sites is an opportunity to step back and assess the wider market. The new-sale premium remains steep, and prime-core prices remain well above the islandwide average. The right decision will depend on individual circumstances, budget, and time horizon. What is clear is that the government’s decision to release these sites will shape the next chapter of prime residential supply in Singapore.

FAQ

Why is the government releasing GLS sites in prime locations like Marina South and Orchard Boulevard?

The GLS programme is designed to maintain a steady supply of homes across all market segments, including the prime core. Releasing sites in these locations ensures that buyers looking for new condominiums in well-established or strategically important areas have options over the medium term.

Statutory Source: Housing & Development Board (HDB) — Standard, Plus & Prime Framework

How much could a new home at these sites cost?

Exact prices will depend on the developers’ land costs, product design and launch timing. Based on current transaction data, prime-core homes have averaged S$2,444 psf, so any new project in Marina South or Orchard Boulevard is likely to be priced at or above that level (URA caveat data, 2026).

Statutory Source: Housing & Development Board (HDB) — Standard, Plus & Prime Framework

Should buyers wait for these new GLS projects?

Waiting has both risks and rewards. New projects will carry the typical new-launch premium over resale, and completion will take several years. Buyers who need a home soon may find better value in the resale market, while those who are prepared to wait may appreciate the modern specifications and fresh design of a new launch.

Statutory Source: Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines

What does the Peck Hay Road tender tell us about developer appetite?

The Peck Hay Road site drew four bids and was awarded at S$1,865 psf ppr, well above the 2026 average across nine residential sites (PropAce Institutional Advisorydata, 2026; URA Government Land Sales data, 2026). This suggests that developers remain selective, but they are still prepared to pay a premium for prime land.

Statutory Source: Housing & Development Board (HDB) — Standard, Plus & Prime Framework

Will 500 additional homes significantly change the market?

Around 500 homes is a relatively small addition to the overall private housing market, but it is meaningful in the prime core. New supply in Marina South and Orchard Boulevard will provide more choice for buyers and could influence pricing in surrounding projects, even if the wider market impact remains limited.

Statutory Source: Housing & Development Board (HDB) — Standard, Plus & Prime Framework

By the numbers

``` Private PSF momentum by district — QoQ %

D11 +29.6% ██████████████████████████ D26 +12.6% ███████████ D25 +7.9% ███████ D12 +7.8% ███████ D02 +5.6% █████ D08 +4.8% ████ D20 +3.2% ███ D28 +1.5% █ D27 +0.1% █ D19 -0.2% ░ ```

_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, private residential, 2026-06..2026-08. Directional; confirm before acting._

Sources

• URA Government Land Sales data, compiled by PropAce Institutional Advisory— 2026.
• URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q3.
• URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
• URA caveat data, compiled by PropAce Institutional Advisory.

References

• 99.co (2026) Two new GLS sites released in Marina South and Orchard Boulevard could add 500 homes.

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Frequently Asked Questions

Why is the government releasing GLS sites in prime locations like Marina South and Orchard Boulevard?

The GLS programme is designed to maintain a steady supply of homes across all market segments, including the prime core. Releasing sites in these locations ensures that buyers looking for new condominiums in well-established or strategically important areas have options over the medium term. Statutory Source:** Housing & Development Board (HDB) — Standard, Plus & Prime Framework

How much could a new home at these sites cost?

Exact prices will depend on the developers’ land costs, product design and launch timing. Based on current transaction data, prime-core homes have averaged S$2,444 psf, so any new project in Marina South or Orchard Boulevard is likely to be priced at or above that level (URA caveat data, 2026). Statutory Source:** Housing & Development Board (HDB) — Standard, Plus & Prime Framework

Should buyers wait for these new GLS projects?

Waiting has both risks and rewards. New projects will carry the typical new-launch premium over resale, and completion will take several years. Buyers who need a home soon may find better value in the resale market, while those who are prepared to wait may appreciate the modern specifications and fresh design of a new launch. Statutory Source:** Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines

What does the Peck Hay Road tender tell us about developer appetite?

The Peck Hay Road site drew four bids and was awarded at S$1,865 psf ppr, well above the 2026 average across nine residential sites (PropAce Institutional Advisorydata, 2026; URA Government Land Sales data, 2026). This suggests that developers remain selective, but they are still prepared to pay a premium for prime land. Statutory Source:** [Housing & Development Board (HDB) — Standard, Plus & Prime Framework](https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new-flats/standard-plus-pr

Will 500 additional homes significantly change the market?

Around 500 homes is a relatively small addition to the overall private housing market, but it is meaningful in the prime core. New supply in Marina South and Orchard Boulevard will provide more choice for buyers and could influence pricing in surrounding projects, even if the wider market impact remains limited. Statutory Source:** [Housing & Development Board (HDB) — Standard, Plus & Prime Framework](https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new-flats/standard-plus-prime-flats

Statutory References & Citations

• Singapore Land Authority (SLA) (2026). Land Titles Act (Cap. 157) & Conveyancing Registration Framework. Singapore: SLA.

Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.