Property News · December 5, 2019

Government releases GLS residential sites for 1H 2020


The Ministry of National Development (MND) announced on 3 December it will release three confirmed sites for private residential developments in the 1H 2020 Government Land Sales (GLS) programme.
The 1H 2020 sites will yield a combined 1,775 units. While the number of sites and units released is lower than the five confirmed sites and 2,025 total homes in the 1H 2019 exercise, it is comparable to the 1,715 units released in the second half of 2019 across five sites.
Confirmed sites are land parcels that are launched according to schedule, regardless of demand. Reserve sites, on the other hand, are launched only upon successful application by a developer or when there is sufficient market interest in a site.
Out of the three confirmed sites for 1H 2020, two are solely private residential sites located at Yishun Avenue 9, a Executive Condominium site, and Tanah Merah Kechil Link. Both sites can yield 600 and 310 residential units respectively. Notably, the Jalan Anak Bukit site is a mixed residential and commercial integrated transport hub that can yield 865 housing units.
Large number of GLS units in the pipeline: MND
The MND indicated that despite a progressive decline of unsold private housing units throughout 2019, there are still about 39,000 units in the pipeline. Of this, 34,000 are from GLS and collective sale sites with planning approval, whereas 5,000 units are still awaiting approval.
Considering the number of unsold units, MND stated that the number of confirmed sites to be released in 1H 2019 is in line with the government’s intention to moderate the large supply of unsold private residential units in the market.
“While the demand for private housing units has increased in the past two quarters, the overall transaction volume has remained modest relative to the period leading up to the introduction of the property market cooling measures,” MND said, reported The Straits Times.
“The Government will continue to monitor the property market closely and adjust the supply for future GLS programmes, as necessary.”
Government may sell land for up to 6,490 private homes in H1 2020
With 1,775 private residential units on the confirmed list, the remainder of the units are in the reserve list, which may not be triggered for sale. The reserve list consists of four private residential sites (including one EC site), three white sites and one hotel site.
These sites can yield about 4,715 private residential units (including 595 EC units), 92,000 sq m GFA of commercial space and 1,070 hotel rooms.
The four private residential sites are located at Dairy Farm Walk, Dunman Road, Hillview Rise and Tampines Street 62 (EC site). The three white sites are at Marina View, Woodlands Avenue 2 and Kampong Bugis, and the hotel site is located at River Valley Road.
In total, land for 6,490 homes may potentially be sold under the reserve and confirmed list sites in the H1 2020 GLS programme.
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Kyle Leung, Digital Content Manager at PropertyGuru, edited this story.

Source : proppertyguru.com.sg/Property Market
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