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NEWS: Singapore Government Land Sales will be moderately supply during the uncertainty of economy

Singapore Government Land Sales (GLS) confirmed list consists of one executive condo (EC) site that can yield about 590 units. The other 3 sites likewise provide 9,200 sq m gross floor area (GFA) of commercial space.

The uptick in residential supply from confirmed sites under the Government Land Sales (GLS) programme for the very first half of next year follows sharp cuts in the 2nd half of this year owing to the coronavirus pandemic.

Government Land Sale at Slim Barrack Site
Government Land Sale at Slim Barrack Site

Confirmed list

Mr Leonard Tay, head of research at Knight Frank Singapore, stated that if the economic recovery gains traction next year and borders worldwide resume, financial investment interest might see several of these white sites being set off.

The Government has actually reasonably increased the supply of land for private homes however has actually kept the commercial and hotel sites the same for the very first half of next year, as unsold home stocks fell and some developers are beginning to purchase land by means of collective sales.

On the reserve list are 5 personal domestic sites (consisting of one EC site), 3 white sites – where a series of usages is permitted – and one hotel site.

These reserve list sites can yield about 5,440 private homes (consisting of 700 EC units), 92,000 sq m GFA of commercial area and 1,070 hotel rooms.

The land supply was “thoroughly adjusted to take into consideration the Covid-19 and macroeconomic scenario. 

Offered the ongoing unpredictabilities in economic and labour market conditions, the Government has actually chosen to preserve a moderate supply of private residential units on the confirmed list”, the ministry stated.

An overall of 7,045 private homes can therefore be possibly developed on the confirmed and reserve list sites. This is 5.6 percent more than the 6,670 units under the GLS programme for the 2nd half of this year.

Regardless of the adjusted supply, there are still choice sites available in both the confirmed and reserve lists to prevent the marketplace from overheating, noted Mr Desmond Sim, head of research for South-east Asia at CBRE.

Government Land Sale (GLS 2021) Reserved Sites for Q1
Government Land Sale (GLS) Reserved Sites Q1'2021

Reserve List of government land sales

The confirmed list for the very first half of next year consists of 3 private residential sites in Lentor Central and Slim Barracks Rise in addition to one EC site in Tampines Street 62.

“The increase in residential units presented will help to provide a much-needed increase for developers to fortify their land stock, considered that supply from previous GLS sites has actually been fairly restricted,” Mr Sim stated.

Source: BUSINESSTIMES
Grace Leongi
04 Dec 2020

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