H2 GLS programme to yield 14,200 private residential units

The National Development Ministry (MND) said sites identified for the Government Land Sales (GLS) programme for the second half of 2013 will yield about 14,200 private residential units.

This includes 3,300 Executive Condominium (EC) units.

The sites can yield 268,000 square metre (sqm) gross floor area (GFA) of commercial space and 960 hotel rooms.

MND said the supply from the GLS programme, together with projects in the pipeline, will be able to meet the continuing demand for private housing and commercial space.

The Confirmed List contains 10 private residential sites, including five EC sites.

MND said the supply of about 6,000 private residential units (including 2,800 EC units) comes on top of the 100,600 units (including ECs) in the pipeline, of which 39,000 units remained unsold as of the first quarter of 2013.

The government will continue two initiatives that were introduced in the first half of 2013 GLS Programme to encourage more prudent bidding by developers.

First, the batched tender closing date system will be applied on two pairs of sites on the Confirmed List.

The first pair, meant for private residential developments, is located at Upper Serangoon View. The other pair is meant for EC developments and is at Choa Chu Kang Grove.

The sites in each pair are adjacent to each other and are of a similar size and unit yield.

Secondly, developers of EC sites will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.

MND said this requirement will be applied on all the EC sites offered in the second half of 2013 GLS Programme.

Also on the Confirmed List is a commercial site at Woodlands Avenue 5.

MND said this will kick-start the development of Woodlands Regional Centre which will anchor the North Coast Innovation Corridor.

This is where more jobs near homes in the north of Singapore are expected to be introduced.

This site will provide 66,000 sqm GFA of office space to meet business needs, and 3,500 sqm GFA of ancillary retail space.

The Reserve List contains 14 private residential sites (including one EC site), one commercial & residential site, one commercial site, one White site and three hotel sites.

These sites can yield about 8,200 private residential units (including 500 EC units), 199,000 sqm GFA of commercial space and 960 hotel rooms.

MND said the hotel site at Victoria Street, which was made available for sale through the Reserve List in November 2012, will be removed from the Reserve List.

This is to facilitate a review of the land use intention for the site.

The three remaining hotel sites at Race Course Road, East Coast Road and Havelock Road will be carried over from the first half of 2013 Reserve List.

The hotel sites have a total estimated yield of 960 rooms.

Source : Channel NewsAsia – 25 June 2013

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