More land for private residential homes

More land has been released Tuesday for private residential homes.

The Urban Redevelopment Authority (URA) as well as the Housing and Development Board (HDB) announced that five residential sites are released for sale.

Together, the five 99-year leasehold sites can potentially yield about 2,045 units.

URA said it has released four residential sites for sale at namely Petir Road, Alexandra Road, Tanah Merah Kechil Road and West Coast Link / West Coast Crescent.

Of the four, URA said the land parcel at Petir Road was launched for sale under the confirmed list.

The other three sites are made available for application for sale under the reserve list of the second half of the 2010 Government Land Sales (GLS) Programme

Apart from the four URA sites, HDB has also made available a residential site at Elias Road / Pasir Ris Drive 3 for application for sale on the reserve list.

URA said in response to the strong demand for private housing, that 18 sites have been placed on the confirmed list and 13 sites have been on the reserve list for the second half this year.

In all, the 31 sites can generate about 13,905 private residential units, which is the highest potential supply quantum in the history of the GLS Programme.

Most of these sites are located in Outside Central Region or in locations in the rest of central region where more affordable private housing are expected to be built

Apart from the potential supply from the GLS Programme, there is also supply from projects in the pipeline, both from government and private land sources.

As of the second quarter this year, there were about 61,800 private residential units in the pipeline which would be completed over the next few years.

Of these 61,800 private residential units, there was also an inventory of about 32,600 private housing units which have not been sold yet.

Source : Channel NewsAsia– 31 Aug 2010

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