URA has just unveiled a trio of residential sites for sale in the 1H 2025 Government Land Sales (GLS) Programme. These are on the Confirmed List, meaning tenders will open on pre-scheduled dates with clear terms:
- Upper Thomson Road (Parcel A) – 2.44 ha, gross plot ratio (GPR) 2.2, estimated 595 units, tender launches June 2025
- Dorset Road – 1.05 ha, GPR 3.5, estimated 430 units, tender launches June 2025
- Telok Blangah Road – 1.36 ha, GPR 4.7, estimated 740 units, tender launches June 2025
The URA land sales at Dorset Road, Upper Thomson Road, and Telok Blangah Road will mainly benefit Singapore-listed property developers, construction firms, and REIT managers with a track record or presence in these locations or who tend to bid for Government Land Sales (GLS) sites.
Likely Beneficiaries on SGX
Property Developers (Most Direct Beneficiaries)
These companies frequently participate in GLS tenders and could benefit by securing land for future residential launches:
| Company | Ticker | Why It May Benefit |
|---|---|---|
| City Developments Ltd (CDL) | C09 | Aggressively bids GLS; active in city fringe and core regions like Telok Blangah |
| UOL Group | U14 | Strong presence in Upper Thomson, Bukit Timah; recent GLS bidder |
| GuocoLand | F17 | Has won recent GLS sites (e.g., Lentor); likely to eye Telok Blangah site |
| Bukit Sembawang Estates | B61 | Mid-sized developer active in central locations like Thomson |
| Hoi Hup Realty (unlisted, but joint ventures with Sunway REIT, also unlisted) | Consider indirect exposure via partners |
Construction-Linked Players
These firms benefit from increased construction activity once GLS sites are awarded:
| Company | Ticker | Why It May Benefit |
|---|---|---|
| Chip Eng Seng Corp | C29 (privatised in 2023) | Previously active in residential construction (now delisted) |
| Tiong Seng Holdings | BWJ | Specializes in private residential construction |
| KSH Holdings | ER0 | Developer-contractor with past GLS and JV involvement |
| Lum Chang Holdings | L19 | Known for niche residential and infrastructure projects |
Building Material / Precast
| Company | Ticker | Why It May Benefit |
|---|---|---|
| Pan-United Corporation | P52 | Concrete and ready-mix supplier to major residential projects |
| Singapore Cement Manufacturing Co (SCMC) | Subsidiary of Hong Leong Asia (H22) | Supplies key construction inputs |
REITs?
Most residential GLS sites do not directly benefit REITs as they focus on income-producing assets. However, developers affiliated with REITs may indirectly benefit (e.g., CDL → CDL Hospitality Trusts).
Summary Strategy
- Developers like CDL, UOL, and GuocoLand are the most direct gainers.
- Construction and building materials players like Tiong Seng and Pan-United could ride the wave later.
- Watch tender outcomes in late 2025 to determine which stock benefits most directly.