SINGAPORE: Singapore has increased the private housing supply on the Confirmed List of the Government Land Sales (GLS) Programme for the second half of the year to 5,160 units, up from 4,090 in the first six months.
The total of 9,250 units for the whole of 2023 is the highest in a decade. It is also nearly 50 per cent higher than the supply in 2022, and around 2.5 times that of 2021.
The GLS for the second half of 2023 comprises eight Confirmed List sites and nine Reserve List sites, said the Urban Redevelopment Authority (URA) in a news release on Wednesday (Jun 21)
All eight Confirmed List sites are private residential sites, including one for an Executive Condominium (EC). In total, they can also yield 4,900 sq m gross floor area of commercial space. The new sites introduced are on Orchard Boulevard, Upper Thomson Road and Zion Road.
This latest injection will take the total pipeline supply of private housing, including ECs, to about 63,500 units and “cater to resilient demand”, said URA.
The figure comprises 50,200 units with planning approval, 13,300 units from GLS sites and awarded en-bloc sites that have yet to be granted planning approval.
About 40,400 units would be completed between 2023 and 2025, which is more than double the units completed from 2020 to 2022.
This forms part of the total supply of about 100,000 public and private housing units to be completed between 2023 and 2025.
“With the collective sales market staying anemic, the government has stepped up its supply of land to meet strong demand for housing in its 2H2023 GLS Programme,” said Huttons Asia’s senior director of research Lee Sze Teck.
He expects the sites on the Confirmed List to attract keen interest from developers.
“Many of the sites are either directly connected to a MRT station or within a short walk to a MRT station. Several are in new locations where there had not been any supply for many years,” he said.