The Ministry of National Development (MND) announced today that the second half 2012 (2H2012) GLS Programme will comprise 15 Confirmed List sites and 24 Reserve List sites. These sites can yield about 14,200 private residential units, including 3,100 Executive Condominium (EC) units, 388,000 sqm gross floor area (GFA) of commercial space and 3,700 hotel rooms.
The Confirmed List will comprise 12 private residential sites (including 6 EC sites), a commercial & residential site and 2 commercial sites. These sites can yield about 7,100 private residential units (including 3,100 EC units) and 80,000 sqm GFA of commercial space.
Of the 24 sites in the Reserve List, 14 are private residential sites, 2 are commercial sites, 2 are white sites and 6 are hotel sites. These sites can yield about 7,100 private residential units, 308,000 sqm GFA of commercial space and 3,700 hotel rooms.
There is a large supply of about 86,0001 private housing units (including about 7,000 EC units) in the pipeline, of which about 38,000 units (including 1,800 EC units) are still unsold. However, demand for private housing remains strong. To continue to ensure there is adequate supply to meet demand, the Government has placed 13 sites2 for private residential development on the Confirmed List, which can yield about 7,100 residential units. This is comparable to the supply made available in the Confirmed List in first half 2012 (1H2012).
Most of the private residential sites in the 2H2012 GLS Programme, including the 6 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.
A commercial site at Venture Avenue will be added to the 2H2012 Confirmed List to continue the momentum to develop Jurong Gateway into a vibrant commercial hub. The site, which will be sold with a minimum office GFA quantum, will also provide opportunity for the development of more affordable office space that can cater to users who do not need a CBD location.
In addition, the 2H2012 Reserve List will have 3 sites for office developments. The commercial site at Sims Avenue/Tanjong Katong Road and the white site at Marina View, which are already available in the 1H2012 Reserve List, will be carried over to the 2H2012 Reserve List. For the Sims Avenue/Tanjong Katong Road site, URA has revised the sale conditions for the site after taking into consideration market feedback3.
A new commercial site at Cecil Street will also be added to the 2H2012 Reserve List. Together, these 3 sites will provide opportunities for the market to initiate more office space, over and above the 762,000 sqm GFA4 of office space in the pipeline, if there is demand.
The commercial site at Punggol Point will be transferred from the 1H2012 Reserve List to the 2H2012 Confirmed List. It is envisioned to be developed into a rustic seaside dining destination as part of URA’s broader plans to transform Punggol Point into an attractive waterfront promenade for sports and recreation.
A new hotel site at Victoria Street/Ophir Road will be added to the 2H2012 Reserve List. Together with the hotel sites carried over from the 1H2012 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 rooms5.
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.
The various Government agencies plan to initiate about 86,000 sqm GFA of commercial space outside the GLS Programme in 2H2012. This includes:
a. Leasing of vacant state properties for commercial uses (about 22,000 sqm GFA); and
b. Localised retail facilities at parks, MRT stations and community centres.
In addition, more retail space will come from a mixed use development by Changi Airport Group (CAG) at Changi Airport. More details on this project will be released by CAG in due course.