Supply of land for private housing increased as demand rises

SINGAPORE: The Government has increased the supply of land for private housing sites amid rising demand from home buyers, the Ministry of National Development (MND) said on Thursday (Jun 29).

Sixteen land sites, comprising six confirmed sites and 10 on the reserve list, were released for sale under the second half of the Government Land Sales (GLS) programme for 2017.

The sites are expected to yield up to 8,125 private homes, an increase from the first half of the GLS programme for 2017, which saw a supply of 7,465 units.

"As the demand for new private housing from home buyers continued to rise in the first half of 2017, the number of unsold private housing units in the pipeline has declined. Hence, there is a need to inject a larger supply of residential sites through the GLS programme to ensure that there is an adequate pipeline," MND said.

The 16 sites are also expected to yield 83,590 sq m of commercial space.

The confirmed sites comprise four private residential sites – including an Executive Condominium site – and two commercial and residential sites.

The reserve list, which identifies sites that will only be launched for tenders if developers successfully apply for them, comprises nine private residential sites and a commercial site.

The site at Woodlands Square on the reserve list is a mixed-use development comprising mainly office space, which will allow developers to initiate the development of more office space if they assess there is demand, MND said.
Source: CNA/mz