Draft Masterplan Could Reignite Developers' Interest to Buy Land

Greater clarity on sites could give public land sales much-needed boost

- Grace Leong

The release of the Draft Master Plan 2025 appears to have reignited developers' interest in banking land for development, as borne out in part by strong bids for a Bukit Timah Turf City plot on June 26.

That tender exercise, which drew nine bids and better-than-expected bid prices—the most for a Government Land Sales (GLS) site since 2021—was one of the most hotly contested tender exercises in the last four years.

Analysts had said Bukit Timah Turf City was identified as one of the key housing areas in the recently unveiled draft masterplan, pointing out that developers were likely jostling for a stake in the area.

Interest in the Turf City site also comes after developers seemed to be showing growing caution in bidding for GLS tenders over the past year, in the face of higher construction costs, patchy home-buying demand, and an uncertain economic outlook.

Demand for land depends on a range of factors, including the health of the economy and job market—which affects housing demand—and the attributes of each site.

Now, the draft masterplan could give public land sales a much-needed shot in the arm. It will provide developers with greater clarity on the government's future development plans in certain areas, which could help these firms decide which sites to pick.