The Ministry of National Development (MND) has announced the first half 2013 (1H2013) GLS Programme, which will provide an adequate supply of private housing to meet continued demand from home-buyers. The sites will yield about 14,000 private residential units, including 3,100 Executive Condominium (EC) units, comparable to the GLS programme in the second half of 2012. In addition, there is a potential yield of 315,000 sqm gross floor area (GFA) of commercial space and 1,740 hotel rooms to meet the needs of our economy.
Supply of Private Housing
There is currently a large supply in the pipeline to meet the robust demand for private housing. As at 3rd quarter of 2012, about 93,800 private housing units (including about 9,800 EC units) will be constructed over the next few years, of which about 40,000 units (including about 3,400 EC units) are still unsold.
To provide adequate supply to meet demand, the Confirmed List for 1H2013 will comprise 12 private residential sites (including 5 EC sites) and a commercial & residential site. These sites can yield about 6,900 private residential units (including 3,100 EC units) and 33,000 sqm GFA of commercial space. Most of the private residential sites in this programme, including the 5 EC sites, are located in Outside Central Region or in locations in Rest of Central Region where more affordable private housing is expected to be built.
In addition, the 19 sites in the 1H2013 Reserve List include 11 private residential sites, 1 commercial & residential site, 2 commercial sites, 1 White site and 4 hotel sites. These sites can yield about 7,100 private residential units, 281,000 sqm GFA of commercial space and 1,740 hotel rooms.
Supply of Commercial Space
The 1H2013 Reserve List will have 3 sites for office developments. The White site at Marina View/Union Street and 2 commercial sites at Sims Avenue/Tanjong Katong Road and Cecil Street/Telok Ayer Street are carried over from the 2H2012 Reserve List. Together, these 3 sites will provide opportunities for the market to initiate more office space, over and above the 1,173,000 sqm GFA of office space in the pipeline, if there is demand.
Supply of Hotel Rooms
A new hotel site at Havelock Road will be added to the 1H2013 Reserve List. Together with the hotel sites carried over from the 2H2012 GLS Programme, they will provide ample opportunities for developers to initiate additional supply of hotel rooms over and above the pipeline supply of about 12,000 hotel rooms.
Other Government Supply to be Made Available in 1H2013
Apart from the GLS Programme, the Government also makes available other supply of land and properties through its various agencies to meet economic or development objectives. This includes localised retail facilities at parks, MRT stations and community centres.