The Ministry of National Development (MND) on Thursday (6 Dec), said it has decided to moderate the total supply of private residential units for the first half of 2019 Government Land Sales (GLS) Programme as the the demand of private housing units has started to moderate.
it stated that the Government will continue to monitor the property market closely and adjust the supply from future GLS Programmes, as necessary.
MND also announced the first half 2019 of GLS Programme, which comprises five Confirmed List sites and nine Reserve List sites.
These sites can yield about 6,475 private residential units, 86,000 sqm gross floor area (GFA) of commercial space and 1,115 hotel rooms.
The ministry stated that the five Confirmed List sites are private residential sites, including one Executive Condominium (EC) site, which can yield about 2,025 private residential units (including 385 EC units) and 4,000 sqm GFA of complementary commercial space.
Meanwhile, the Reserve List comprises six private residential sites (including one EC site), two White sites and one hotel site. These sites can yield about 4,450 private residential units (including 525 EC units), 82,000 sqm GFA of commercial space and 1,115 hotel rooms.
According to the ministry, the supply of private housing units is currently at 45,000 units. This comprises around 31,000 unsold units from GLS and en-bloc sale sites with planning approval, and an additional 14,000 units from sites that are pending planning approval. In addition, there are around 28,000 existing private housing units that remain vacant.
The ministry said that the Reserve List will have one White site at Woodlands Avenue 2 for a mixed-use development, which will help to sustain the development momentum of Woodlands Regional Centre as a major commercial node outside the city, in line with the Government’s objective of bringing job opportunities closer to homes.
It also mentioned a new hotel site at Sims Avenue, which will be added to the Reserve List. Together with the existing White site at Marina View carried over on the Reserve List from the second half of 2018 GLS Programme, there will be ample opportunities for developers to initiate additional supply of hotel rooms over and above the current pipeline supply.