Government ramps up private housing supply; offers three EC sites on Confirmed List

The Reserve List consists of 4 private residential sites, one commercial location, 3 White spots and one hotel site, which can potentially produce an added 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of business spot.

Ten plots are going to be offered under the Confirmed List, comprising nine non commercial locations, three of which are executive condo (EC) plots. The tenth plot is a housing cum commercial site. The 10 sites can yield an estimated 5,030 residential units, consisting of the 980 EC units.

The increase in the EC land source in 1H2025 might “go some way to soothe the opposition amongst property developers in land tenders and help to moderate EC land cost and prices appropriately”, states Ismail Gafoor, CEO of PropNex.

Following the progressing ramp-up of personal housing supply in the GLS programs over the last three years, the supply of private housing units available for sale has actually increased gradually from 16,100 units at the end of 2021 to around 21,000 units since end-November 2024.

The 3,475 non commercial units on the Reserve Listing of 1H2025 are more than the 3,090 units in 2H2024. Consisting Of the Reserve List, the general exclusive real estate supply of 8,505 units in 1H2025 is on a the same level with the 8,140 units in 2H2024.

19 Nassim condominium

The ramp-up of supply from the GLS programs has added to the stabilisation of the private property market, as mirrored by the moderation in property cost momentum. Based on the URA private property price index, price growth has actually regulated to 6.8% in 2023 from 10.6% in 2021 and 8.6% in 2022.

In view of the tight competition for EC sites amongst developers and rising EC land rates, the authorities has actually ramped up the supply of EC sites, with 3 plots potentially yielding 980 units in the Confirmed List of 1H2025. This is a shift from previous GLS programs since 2018, with just one EC site offered in each of the half-yearly land sales programmes, notes PropNex.

The last time three EC plots were launched for sale in an one GLS program remained in 2H2014 when EC sites in Sembawang Road/Canberra Link, Anchorvale Crescent, and Woodlands Avenue 12 were launched for tender. In 1H2014, four EC sites (2 in Yishun, one each in Sembawang and Choa Chu Kang) were released available for sale using the GLS.

Private household costs are anticipated to see more moderate growths in 2024, with the collective cost increase over the first three quarters of the year at around 1.6%.

To ensure that there suffices supply to meet housing demand and to preserve market balance, the state has actually sustained the supply of private property units by supplying 8,505 units in the upcoming Confirmed List and Reserved List of the 1H2025 GLS Government Land Sales (GLS) program 1H2025.

In terms of household units for sale, it’s in line with the 5,050 units offered in the Confirmed List of 2H2024. However, it’s nearly 60% greater than the regular supply on the Confirmed List in each GLS program from 2021 to 2023.

7 new plots will be introduced in the 1H2025 GLS program. They consist of a plot at Lakeside Drive near the Jurong Lake Gardens in Jurong Lake District, Dunearn Road in the new housing precinct in Bukit Timah Turf City, and Telok Blangah Road on the previous Keppel Golf Course site.

It was an extraordinary year for GLS tenders. For the first time, URA did not award the tender for three plots – Marina Gardens Crescent, the Jurong Lake District master property developer site, and plots in Media Circle (for long-stay serviced apartment use). The URA refused the bids supplied because they were too reasonable. These sites are now listed on the 1H2025 Reserve Checklist.

Along with locations in two brand-new real estate precincts, the majority of the spots are close to MRT stops, which could attract developers and homebuyers likewise, notes Gafoor. “In our sight, one of the most attractive ones are the mixed-use site in Hougang Central (835 units) that will be linked to the Hougang MRT terminal, the Telok Blangah Roadway plot (740 units) and Dunearn Road (370 units) site in brand-new housing precincts, and within mins’ stroll to the MRT station, along with the Lakeside Drive website (575 units) which is right next to the Lakeside MRT terminal, Jurong Lake Gardens and the Jurong East business center.”

Also on the Confirmed Checklist is the residential plot in Upper Thomson Road (Parcel A), which saw no quotes when its tender closed in June 2024. Previously, the plot was to offer a mix of residential units and long-stay serviced apartments. Of note, the URA has provided more flexibility this moment; it claimed that serviced apartment/long-stay serviced house usage would not be mandated for the site but can be allowed based on authorization from technical companies, notes PropNex.

The site of the previous Singapore Indian Fine Arts Society on Dorsett Road, off Rangoon Road, which can yield about 430 units, will also be released for sale in 1H2025. A residential and commercial site at Hougang Central, which can produce a new mixed-use development with 835 residence units and over 400,000 sq ft of commercial room, is marketed. It will likely be integrated with the Hougang MRT Station on the Northeast Line.


error: Content is protected !!