Government Land Sales increase in 2nd half of 2017

Government has increase the land supply for the 2nd half of 2017 as a result of higher demand from buyers and also drop in supply in the pipeline. There are a total of 6 sites on the Government Land Sales (GLS) list which consists of 2 mixed development sites and 4 residential site, out of which 1 is an executive condo. This is expected to yield about 2,840 private residential units.

In the first half of 2017, the total number of unsold units of new private home sales in the pipeline has declined, thus there’s a need to pump up adequate supply to meet the population needs.

The list of site are in Handy Road, Hillview Rise, Chong Kuo Road and the mixed development sites are in Sengkang Central and Holland Road.

 

There are about one commercial site and nine residential site on the reserve list that can likely build about 56,790 sqm of commercial space and another 5,285 residential units.

URA has received strong interest in land sales recently as a mixed development at Bidadari estate hit $1.1 billion and also a residential plot in Queenstown has also cross the billion dollar mark. This come due to drop in supply of land sales and pipeline units due to the pickup in sales in the first half of 2017, which include executive condo.

Out of the 10 sites on the GLS, the Stirling road residential site has been sold which the Beach Road commercial site is expected to complete its sales by september.

Pipeline units dropped from 50,548 to about 46,016 in just the first quarter of 2017 as shown in URA’s data.