The Government today announced the first half 2019 (1H2019) Government Land Sales (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 (see Appendices 1 & 2).
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.
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.
Supply of Private Housing
The supply of private housing units in the pipeline has grown significantly and 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 units1 from sites that are pending planning approval. In addition, there are around 28,000 existing private housing units that remain vacant.
In contrast, demand has started to moderate. Following the introduction of the property market cooling measures in July, overall transaction volumes have declined, while developers’ demand for land has also moderated.
Given these factors, the Government has decided to moderate the total supply of private residential units for the 1H2019 GLS Programme2. Together with the supply in the pipeline, this will sufficiently cater to the housing needs of our population.
The Government will continue to monitor the property market closely and adjust the supply from future GLS Programmes, as necessary.
Supply of Commercial Space
The 1H2019 Reserve List will have one White site at Woodlands Avenue 2 for a mixed-use development. This 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.
Supply of Hotel Rooms
A new hotel site at Sims Avenue will be added to the 1H2019 Reserve List. Together with the existing White site at Marina View carried over on the Reserve List from the 2H2018 GLS Programme, there will be ample opportunities for developers to initiate additional supply of hotel rooms over and above the current pipeline supply.