The second half of the 2013 Government Land Sales (GLS) Programme with 11 confirmed list sites and 20 reserve list sites was announced on Tuesday. Together with pending projects, the supply is assessed to meet continued demand for private housing and commercial space.
Here is the press release from: MND
The Government today announced the second half 2013 (2H2013) GLS Programme. Comprising 11 Confirmed List sites and 20 Reserve List sites, the GLS programme can yield up to 14,200 private residential units, including 3,300 Executive Condominium (EC) units, 268,000 sqm gross floor area (GFA) of commercial space and 960 hotel rooms (see Appendices 1 & 2). Supply from the GLS programme, together with projects in the pipeline, is assessed to be more than adequate to meet the continuing demand for private housing and commercial space.
The Confirmed List contains 10 private residential sites (including 5 EC sites) and 1 commercial site. These sites can yield about 6,000 private residential units (including 2,800 EC units) and 69,000 sqm GFA of commercial space.
The Reserve List contains 14 private residential sites (including 1 EC site), 1 commercial & residential site, 1 commercial site, 1 White site and 3 hotel sites. These sites can yield about 8,200 private residential units (including 500 EC units), 199,000 sqm GFA of commercial space and 960 hotel rooms.
Supply of Private Housing
The Confirmed List contains 10 private residential sites, including 5 EC sites. All of these sites are located in the Outside Central Region and the Rest of Central Region, where more affordable private housing is expected to be built.
The supply of about 6,000 private residential units (including 2,800 EC units) comes on top of the record high supply of 100,600 units (including ECs) in the pipeline, of which 39,000 units still remained unsold as of the first quarter of 2013.
The Government will continue two initiatives which were introduced in the 1H2013 GLS Programme to encourage more prudent bidding by developers.