Government ramps up private housing supply; offers three EC sites on Confirmed List
Exclusive household rates are anticipated to see even more modest gains in 2024, with the cumulative price raise over the first three quarters of the year at about 1.6%.
In regards to residential units for sale, it’s in line with the 5,050 units provided in the Confirmed List of 2H2024. However, it’s almost 60% more than the standard source on the Confirmed List in each GLS programme from 2021 to 2023.
Ten plots will be supplied under the Confirmed List, making up 9 residential sites, three of which are executive condo (EC) plots. The tenth plot is a non commercial cum commercial site. The 10 sites can yield an estimated 5,030 housing units, consisting of the 980 EC units.
Following the progressive ramp-up of personal real estate supply in the GLS programs over the last three years, the supply of exclusive residential units available up for sale has actually increased progressively from 16,100 units at the end of 2021 to around 21,000 units as of end-November 2024.
In view of the stiff challenge for EC locations among developers and going up EC land rates, the authorities has actually ramped up the supply of EC sites, with 3 plots potentially yielding 980 units in the Confirmed Listing of 1H2025. This is a change from previous GLS programmes since 2018, with only one EC spot presented in each of the half-yearly land sales programmes, notes PropNex.
The last time three EC plots were launched for sale in a sole GLS program remained in 2H2014 when EC sites in Sembawang Road/Canberra Link, Anchorvale Crescent, and Woodlands Avenue 12 were launched for tender. In 1H2014, 4 EC sites (2 in Yishun, one each in Sembawang and Choa Chu Kang) were introduced available for sale through the GLS.
The Reserve Checklist consists of 4 private residential locations, one commercial site, 3 White locations and one hotel site, which can possibly yield an additional 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of commercial space.
The increase in the EC land source in 1H2025 can “go some way to lighten the opposition amongst developers in land tenders and guide to moderate EC land cost and prices appropriately”, claims Ismail Gafoor, CEO of PropNex.
The 3,475 non commercial units on the Reserve Checklist of 1H2025 are more than the 3,090 units in 2H2024. Consisting Of the Reserve List, the total exclusive housing supply of 8,505 units in 1H2025 is on a level with the 8,140 units in 2H2024.
To ensure that there is adequate supply to satisfy housing need and to maintain market stability, the government has sustained the supply of exclusive property units by supplying 8,505 units in the upcoming Confirmed List and Reserved List of the 1H2025 GLS Government Land Sales (GLS) programme 1H2025.
The ramp-up of supply from the GLS programs has actually added to the stabilisation of the exclusive property market, as reflected by the constraint in property rate drive. Based on the URA private property price index, rate expansion has moderated to 6.8% in 2023 from 10.6% in 2021 and 8.6% in 2022.
7 brand-new plots will be introduced in the 1H2025 GLS programme. They consist of a plot at Lakeside Drive near the Jurong Lake Gardens in Jurong Lake District, Dunearn Road in the brand-new real estate precinct in Bukit Timah Turf City, and Telok Blangah Road on the former Keppel Golf Course site.
It was an extraordinary year for GLS tenders. For the first time, URA did not award the tender for three plots – Marina Gardens Crescent, the Jurong Lake District master developer site, and plots in Media Circle (for long-stay serviced apartment use). The URA rejected the proposals provided because they were too reasonable. These sites are currently listed on the 1H2025 Reserve Listing.
The spot of the previous Singapore Indian Fine Arts Society on Dorsett Road, off Rangoon Road, that can produce around 430 units, will even be released for sale in 1H2025. A residential and commercial site at Hougang Central, which can produce a brand-new mixed-use development with 835 residential units and over 400,000 sq ft of commercial area, is offered for sale. It will likely be integrated with the Hougang MRT Terminal on the Northeast Line.
Additionally on the Confirmed List is the non commercial plot in Upper Thomson Road (Parcel A), that viewed no proposals when its tender shut in June 2024. Previously, the plot was to offer a blend of residential units and long-stay serviced apartments. Of note, the URA has actually offered more flexibility this moment; it claimed that serviced apartment/long-stay serviced house usage would not be mandated for the location but can be enabled based on approval from technical companies, notes PropNex.
In addition to spots in 2 brand-new housing districts, the majority of the spots are nearby MRT terminals, which might interest builders and homebuyers alike, notes Gafoor. “In our sight, the most attractive ones are the mixed-use site in Hougang Central (835 units) that will be linked to the Hougang MRT station, the Telok Blangah Roadway plot (740 units) and Dunearn Road (370 units) site in brand-new housing districts, and within mins’ walking to the MRT station, as well as the Lakeside Drive website (575 units) which is right beside the Lakeside MRT station, Jurong Lake Gardens and the Jurong East commercial center.”
