Government cuts supply of land for private homes as demand slows
Government cuts supply of land for private homes as demand slows
06 Dec 2018 11:12AM (Updated: 06 Dec 2018 11:20AM)
SINGAPORE: As the demand for private housing slows, the supply of land for such homes has been reduced, the Ministry of National Development (MND) said on Thursday (Dec 6).
Fourteen land sites, comprising five confirmed sites and nine on the reserve list, were released for sale on Thursday under the Government Land Sales (GLS) programme for the first half of 2019.
The sites are expected to yield 6,475 private homes, down from the previous GLS programme for the second half of 2018, which saw 15 sites released with an expected supply of 8,040 private homes.
After property cooling measures were introduced in July, buyers’ demand for private homes has slowed and developers’ demand for land has also declined, MND said.
At the same time, the supply of private homes in the pipeline has grown significantly to 45,000 units, the ministry said.
About 31,000 units from GLS and en-bloc sale sites with planning approval remain unsold, and there are an additional 14,000 units from sites pending planning approval. Another 28,000 existing units are currently vacant.
“Given these factors, the Government has decided to moderate the total supply of private residential units for the 1H2019 GLS programme. Together with the supply in the pipeline, this will sufficiently cater to the housing needs of our population,” MND said.
The 15 sites are also expected to yield 86,000 sq m gross floor area of commercial space and 1,115 hotel rooms.
The five confirmed sites released are private residential sites, including an Executive Condominium (EC) site at Canberra Link. The other four sites are located at Clementi Avenue 1, one-north Gateway, Tan Quee Lan Street in Bugis and Bernam Street in Tanjong Pagar.
The nine sites on the reserve list comprise six private residential sites, including an EC site at Fernvale Lane in Sengkang, a hotel site at Sims Avenue and two “white” sites, which are for mixed-use developments, at Marina View and Woodlands Avenue 2.
The mixed-use site in Woodlands is expected to help sustain the development of Woodlands Regional Centre as a major commercial node outside the city, MND said, adding that this will help bring jobs closer to homes.
The other private residential sites are at Bartley Road, Canberra Drive, Dairy Farm Walk, Dunman Road and Hillview Rise.
Source: CNA/cy
