RESIDENTIAL PROPERTY | Staff Reporter, Singapore

H1 2019 GLS residential supply trimmed by 20% to 6,475 units over moderated demand

There are still about 45,000 units left in the pipeline.

The residential supply to be released under the Government Land Sales Programme (GLS) for H1 2019 will be moderated amidst the easing down of demand after the property curbs in July, the Ministry of National Development (MND) revealed.

Compared to the residential sites released in H2 2018 which could yield up to 8,040 residential units, the residential space to be released in H1 2019 has been trimmed by 20% to 6,475 units which could be built across five sites under the Confirmed List and six sites under the Reserved List.

“Following the introduction of the property market cooling measures in July, overall transaction volumes have declined, whilst developers’ demand for land has also moderated,” the ministry explained.

MND explained that the private housing supply pipeline as of current stands at 45,000 units where 31,000 are unsold units from GLS and en-bloc sale sites with planning approval whilst 14,000 units are from sites that have pending planning approval. Moreover, the ministry revealed that around 28,000 existing private housing units remain vacant.

Under the Confirmed List for H1 2019, Clementi Site Avenue 1 with a site area of 1.65 ha could yield the most housing of about 640 units. Together with four more sites located in Tan Quee Lan Street (580 units), one-north Gateway (170 units), Bernam Street (250 units), and Canberra Link EC site (385 units), sites under the Confirmed List could yield around 2,025 dwelling units.

Data from MND

Meanwhile, the site in Dunman Road could yield the highest number of units under the Reserve List as the site could yield about 1,070 units. Other residential sites under the Reserve List are located in Bartley Road/Jalan Bunga Rampai (115 units), Canberra Drive (675 units), Dairy Farm Walk (390 units), Fernvale Lane EC (525 units), and Hillview Rise (330 units).

Data from MND

“The government will continue to monitor the property market closely and adjust the supply from future GLS Programmes, as necessary,” MND said.  

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