Fewer government land sites up for sale in the first half of 2014

PHOTO: Fewer government land sites up for sale in the first half of 2014

The Ministry of National Development (MND) said on Wednesday it will sell land in the first half of next year that can yield 11,600 homes.

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Read the full statement from MND here:

The Government today announced the first half 2014 (1H2014) GLS Programme, which will comprise 8 Confirmed List sites and 15 Reserve List sites. These sites can yield up to 11,600 private residential units, including 2,800 Executive Condominium (EC) units and 193,000 sqm gross floor area (GFA) of commercial space. Supply from the GLS Programme, together with the large supply from projects in the pipeline, is expected to be adequate to meet the demand for private housing and commercial space over the next few years.

The Confirmed List contains 7 private residential sites (including 4 EC sites) and 1 commercial & residential site. These sites can yield about 4,600 private residential units (including 2,200 EC units) and 5,000 sqm GFA of commercial space.

The Reserve List contains 13 private residential sites (including 1 EC site), 1 commercial site and 1 White site. These sites can yield about 7,000 private residential units (including 600 EC units) and 188,000 sqm GFA of commercial space.

Supply of Private Housing

The residential sites to be placed on the 1H2014 Confirmed List are located in Outside Central Region or Rest of Central Region. These sites are expected to provide a supply of 4,600 private housing units (including 2,200 EC units), which will be added to the existing large pipeline supply of about 97,400 private housing units (including ECs).

Two pairs of Confirmed List sites at Yishun Street 51 and Fernvale Road, which are for EC and private residential developments respectively, are located close to each other and are of similar size. The tenders for these two pairs of sites will be batched to encourage more prudent bidding by developers in the 1H2014 GLS Programme.

Supply of Commercial Space and Hotel Rooms

The 1H2014 Reserve List will have 2 sites for commercial developments, i.e. a White site at Marina View and a commercial site at Sims Avenue. These 2 sites will provide opportunities for the market to initiate the development of more commercial space, over and above the 1.1 mil sqm GFA of office space in the pipeline, if there is demand.

There is a healthy pipeline supply of 12,700 hotel rooms. The hotel site at Race Course Road, which has been made available for sale through the Reserve List from May 2011, will be removed from the Reserve List to facilitate a review of the land use intention for the site.

Other Government Supply to be Made Available in 1H2014

Apart from the GLS Programme, the Government will also make available other supply of land and properties through its various agencies to meet economic or development objectives. This includes localised retail facilities at parks, selected HDB estates, industrial estates, MRT stations, sport facilities, community centres, and the leasing of vacant state properties for commercial uses.