The singular value decomposition (SVD)-based method for single-channel speech enhancement has been shown to be very useful when the additive noise is white. For colored noise, with this approach, one needs to whiten the noise spectrum prior to SVD-based approach and perform the inverse whitening processing afterwards. A truncated quotient SVD (QSVD)-based approach has been proposed to handle this problem and found very useful. In this paper, a generalized SVD (GSVD)-based subspace approach for speech enhancement is first extended from the concept of the truncated QSVD-based approach, in which the dimension of the signal subspace can be precisely and automatically determined for each frame of the noisy signal. But with this new approach some residual noise is still perceivable under lower signal-to-noise ratio conditions. Therefore a perceptually constrained GSVD (PCGSVD)-based approach is further proposed to incorporate the masking properties of human auditory system to make sure the undesired residual noise to be nearly un-perceivable. Closed-form solutions are obtained for both the GSVD-and PCGSVD-based enhancement approaches. Very carefully performed objective evaluations and subjective listening tests show that the PCGSVD-based approach proposed here can offer improved speech quality, intelligibility and recognition accuracy, whether the noise is stationary or nonstationary, especially when the additive noise is nonwhite.