Private housing supply under GLS programme up to 3,505 units in H2

The supply will cater to the strong housing demand.

The government raised the supply of private housing under the government land sales programme to 3,505 units in the second half (H2) of 2022 from 2,785 in the first half of 2022 to address the demand for housing.

In a statement, the Ministry of National Development said the government also rolled out six list sites and eight reserve list sites, which yield about 7,310 private residential units, 94,750 square metres gross floor area of commercial space and 530 hotel rooms.

The six list sites are composed of five private residential sites including one executive condominium and one commercial and residential site. The reserve list is composed of six private residential sites, one White site, and one hotel site.

Commenting on this, real estate expert, Huttons Asia, said the Marina Gardens Lane and Tampines Avenue 11 sites, which are amongst the new sites on the confirmed list, will draw developers.

“The Marina Gardens Lane site is the best site on the H2 2022 Confirmed List. It offers a first-mover advantage to both developers and buyers. It is right next to Gardens by the Bay and will be directly linked to Marina South Mass Rapid Transit station,” it said in a statement.

Echoing this, Alice Tan, head of consultancy at Knight Frank, said Marina Gardens, where almost 800 units can be developed, will be “hotly contested” once the land parcel is launched for public tender.

For its part, Colliers Head of Research Catherine He said the increase in residential units will aid developers to shore up their land inventory as supply from GLS sites is stepped up.

“Under the backdrop of continued improvements in economic and labour conditions, healthy new home sales, and unsold inventory at a historical low, Colliers believes that these sites are likely to attract a healthy level of bidding activity,” he said in another statement.