5,160 new private homes to be offered in second half of the year due to biggest land sale since 2013

SINGAPORE: The supply of housing in Singapore is ramping up in the second half of the year, with the Government Land Sales (GLS) Programme announced on Wednesday (June 21), comprising eight Confirmed List sites and nine Reserve List sites.

This is equivalent to around 8,590 private residential units, 98,250 sqm gross floor area (GFA) of commercial space, and 530 hotel rooms for the whole year, the Urban Redevelopment Authority (URA) said in a statement.

It marks the sixth consecutive time that the number of residential units offered in the Confirmed List under its half-yearly government land sales (GLS) programme has increased, as well as the highest half-year home total announced in a GLS programme in 10 years.

The eight sites on the Confirmed List are located as follows: Orchard Boulevard, two plots on Upper Thomson Road, Zion Road, Pine Grove, Lorong 1 Toa Payoh, Clementi Avenue 1, and Plantation Close.

These sites will offer a total of 5,160 residential units (including 560 executive condo units) and 4,900 sqm gross floor area (GFA) of commercial space, figures that are 26.2 per cent higher than in the first half of the year, when 4,090 were offered, as well as a 47.2 increase from the second half of last year, when 3,505 units were offered.

The Reserve List sites, which can be developed should there be market demand, are found on Holland Drive, De Souza Avenue, Tampines Street 95, Zion Road, Lentor Gardens, Senja Close, Woodlands Avenue 2, Punggol Walk, and River Valley Road.

“The scaling up of private housing supply shows that the government is in tune with market demand and has an eye on keeping a lid on further price increases by ensuring there is an adequate supply of upcoming new homes to meet housing needs. Apart from recent cooling measures which are aimed at taming investment demand, we believe releasing more supply into the market will also help to prevent a sharp run-up in home prices,” says Ismail Gafoor, the chief executive officer of PropNex Realty.

He added that the robust home sales of late at sites including Tembusu Grand, Blossoms by the Park, and The Reserve Residences show that the demand for new private residences continues to be resilient despite two rounds of cooling measures, elevated interest rates, and a slower economic growth outlook.

Read URA’s statement here. /TISG

‘Little urgency’ for sellers to lower HDB flats resale prices—PropertyGuru