Government Cuts Supply of Private Homes in First-Half 2016 Land Sales Programme

SINGAPORE – The Government on Thursday announced further cuts to the supply of private homes in its Government Land Sales programme for the first half of next year, as home buying interest remains relatively muted.

The programme comprises four Confirmed List sites and 12 sites on the Reserve List, said the Ministry of National Development (MND). Together, they can yield up to 7,420 private homes.

Of the 7,420 private residentials units offered in the latest land sales programme, 1,460 are executive condominium (EC) units. MND said it will also provide for 272,600 sq m of gross floor area (GFA) of commercial space. Executive condo in the market include The Terrace EC, Brownstone EC, Bellewaters EC, Skypark Residences,  Signature EC at Yishun while upcoming ones include Visionaire EC, Wandervale EC and Parc Life EC.

This is slightly lower than the 7,825 private residential units offered under the previous land sales programme for the second half of 2015.

Sites on the Confirmed List are scheduled for sale on set dates, while those on the Reserve List will be launched for sale only when a developer commits to a bid deemed acceptable, or when there is sufficient market interest.

The Confirmed List comprises three private residential sites (including one EC site) and one commercial & residential site which can yield about 1,560 private residential units (including 640 EC units) and 11,000 sq m GFA of commercial space.

The Reserve List comprises eight private residential sites (including one EC site), one commercial/residential site, two commercial sites and one White site. These sites can yield about 5,860 private residential units (including 820 EC units) and 261,600 sq m GFA of commercial space, mostly for office use.

The supply of private housing and commercial space from the GLS Programme, together with supply from projects in the pipeline, will be adequate to meet the demand for private housing and commercial space over the next few years, said MND.

The residential sites on the Confirmed List are located outside the central region and core central region.

These sites are expected to add about 1,560 private residential units (including 640 EC units) to the existing pipeline supply of about 73,000 private residential units (including ECs).

The Reserve List includes three sites at Beach Road, Woodlands Square and Central Boulevard for mixed-use developments which will comprise mainly office space. These three sites will allow developers to initiate the development of more office space if they assess that there is demand.

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