Government land sales supply tops 10-year average by over 50%

Private home rents and prices rose 1.3% and 1.4%, respectively, in Q3.

A total of 4,745 private homes will be launched in the second half of 2026 under the Government Land Sales (GLS) Confirmed List, bringing the full-year total to 9,320 units, the Urban Redevelopment Authority (URA) reported.

URA said this is more than 50% above the annual average over the past 10 years. About 57,200 private homes are expected to be completed over the next few years.

In the third quarter (Q3), private home rents rose 1.3%, up from 0.7% in the previous quarter, whilst prices rose 1.4%, up from 0.5%.

Landed prices rose 2.9%, up from 2.5% in Q2, whilst landed rents rose 2.1%, slower than the previous 2.7%.

Non-landed prices grew 1%, with the core central region (CCR) up 0.3% and the outside central region (OCR) up 2.3%. Prices in the rest of the central region (RCR) were unchanged, after falling 1.2% in Q2.

Non-landed rents rose 1.2%, up from 0.4% in Q2. Rents grew 1.5% in the RCR and 3.1% in the OCR, but fell 0.3% in the CCR.

New sales fell sharply from the previous quarter, with developers launching 1,140 private homes and selling 1,183, compared with 1,783 launched and 2,141 sold in Q2.

Resales made up 73.9% of all sales, up from 62%, with 3,801 transactions (3,813 in Q2). Sub-sales fell to 162 from 194.

There were no new executive condominium launches, with 68 units sold (175 in Q2).

Vacancy for private homes rose to 7.2% from 6.4%, after 3,559 units were completed in Q3, the highest quarterly figure since Q3 2024.

Office prices and rents each rose 0.8%, and vacancy fell to 10% from 11% in the previous quarter, as occupied space grew by 17,000 sq m whilst stock shrank by 72,000 sq m. About 875,000 sq m of office space is in the pipeline.

Retail prices rose 1.1% (0.8% in Q2) and rents 0.7% (0.6% in Q2). Vacancy held at 6.5%, as occupied space fell by 21,000 sq m and stock by 20,000 sq m. Around 601,000 sq m of retail space is in the pipeline.

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