The total supply of private residential units for the Government Land Sales (GLS) in first half of 2019 will be moderated due to lower demand.
Together with the supply in the pipeline, this will sufficiently cater to the housing needs, said Urban Redevelopment Authority (URA).
In a press release on December 6, URA noted that the property market cooling measures in July have resulted in a decline in overall transaction volumes. Meanwhile, developers’ demand for land has also moderated.
The first half 2019 (1H2019) Government Land Sales (GLS) Programme will comprise five Confirmed List sites and nine Reserve List sites. These sites can yield about 6,475 private residential units, 86,000 sqm gross floor area (GFA) of commercial space and 1,115 hotel rooms.
The five Confirmed List sites are private residential sites (including one Executive Condominium (EC) site) which can yield about 2,025 private residential units (including 385 EC units) and 4,000 sqm GFA of complementary commercial space.
The Reserve List comprises six private residential sites (including one EC site), two White sites and one hotel site. These sites can yield about 4,450 private residential units (including 525 EC units), 82,000 sqm GFA of commercial space and 1,115 hotel rooms.
The supply of private housing units in the pipeline has grown significantly and is currently at 45,000 units. This comprises around 31,000 unsold units from GLS and en-bloc sale sites with planning approval, and an additional 14,000 units from sites that are pending planning approval. In addition, there are around 28,000 existing private housing units that remain vacant.
URA said it will continue to monitor the property market closely and adjust the supply from future GLS Programmes as necessary.
