The Government will keep the supply from the government land sales (GLS) programme on the confirmed list for the first half of 2020, considering property cooling measures that dampen developers’ demand for residential land and the high number of unsold private houses from past project launches which have doubled from 2,172 units in Q3 2018 to 4,377 units in Q3 2019.
The total supply of sites is made up of both confirmed and reserve sites. According to the Ministry of National Development (MND), three confirmed sites and eight reserve sites are scheduled to be released.
In total, those sites add up to 6,490 units, of which 1,775 units are classified as confirmed and 4,715 units are classified in the reserve list.
The confirmed sites consist of two private residential sites (one of which is an executive condominium (EC) site) as well as one commercial and residential site. In total, these sites can yield approximately 1,775 private houses. This number is inclusive of 600 EC units. The commercial site can yield a total of 22,000 sqm gross floor area (GFA).
On the other hand, the reserve list sites consist of four private residential sites (this includes one EC), one hotel and three White sites. These sites can yield approximately 4,715 private residential units (inclusive of 595 EC units), 1,070 hotel rooms and 92,000 sqm GFA for the commercial site.
The conservative land supply for the first half of 2020 comes as a bid to help stabilise the property market, and the substantial supply of private residential houses in the pipeline which amounts to 39,000 units. This is made up of 34,000 unsold units from GLS and en-bloc sale sites with planning approval, and another 5,000 units from sites that are still pending planning approval.
The Government said it will be monitored closely and future GLS programmes to be adjusted accordingly when necessary.
It is worth noting that this announcement comes shortly after the Monetary Authority of Singapore (MAS) cautioned homebuyers to exercise prudence when deciding to buy a house or take up a home loan due to a “softening” labour market and uncertain economic outlook that could potentially dampen overall property demand.
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