The Singapore government has released its Government Land Sales (GLS) Programme for the second half of the year, comprising 3 confirmed list sites and 9 reserve list sites, as stated in an announcement from the Ministry of National Development (MND).
These land sites are mentioned to yield around 6,670 private housing units, 101,500 square meters gross floor area (GFA) of commercial space, and 1,070 hotel rooms.
The confirmed list comprises 3 private property housing sites, which include 1 executive condominium (EC) plot, which can yield about 1,370 private home units, including 615 EC units, and 1,500 square meters GFA of commercial area. This is mentioned to be the lowest since first half of 2016 when 1,560 units were released.
In the mean time, the reserve list comprises 5 private residential sites, including 1 EC parcel, 3 white sites, and 1 hotel site. These sites can yield around 5,300 private housing units, including 590 EC units, 100,000 square meters GFA of commercial space, and 1,070 hotel rooms.
The authorities have decided to lessen the supply of private housing units on the confirmed list and will not recommend any new sites for primarily hotel or commercial use given uncertain business outlook and the economic contraction.
According to Mr Desmond Sim, the head of research for Southeast Asia at CBRE, the calculated supply in the H2 2020 GLS Programme is not shocking against the backdrop of the coronavirus crisis.
“This is a savoring menu, as the Confirmed List showcases palatable plots with smaller units but with larger variety in terms of location. Should any developers’ appetite for land be unsatiated, they can still order from the Reserve List,” he added.
Meanwhile, the government said it has provided a moderate supply via the confirmed list in the H2 2020 GLS Programme due to the progressive fall in the unsold inventory of private residential units over the last year. This is said to serve the housing needs of the local population when finished in about 4 to 5 years’ time along with the supply of apartments already in the pipeline, like the Dairy Farm Residences Balance Units.
All 3 sites on the confirmed list are new parcels, with an EC site at Tengah Garden Walk, which is close to the Dairy Farm Residences. The 2 residential sites at Northumberland Road and Ang Mo Kio Avenue 1 provide developers options in mature HDB estates. On the reserve list, 4 of the housing parcels were from the H1 2020 reserve list, with the inclusion of a new housing site at Lentor Central with some commercial quantum.
Furthermore, the white sites at Woodlands Avenue 2, near to the upcoming The Watergardens At Canberra site, and Kampong Bugis, just west of the Penrose location, from the H1 2020 Reserve List as well as the 2 current sites at River Valley Road and Marina View will be carried over to the second half of 2020 to give opportunities for property developers to institute additional supply units if there is increased demand.
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