Despite the abundant supply of land for Singapore new private homes under the confirmed list of Government Land Sales (GLS) Programme for 2H 2016, no new executive condominium (EC) development sites were released.
Since year 2008, this is the first time that no executive condominium (EC) sites was released under the confirmed list, however due to oversupply concerns in the market, it didn’t come as a surprise, according to Credit Suisse.
In fact, the 13 executive condominium (EC) projects that launched have only sold 50% of units, financial services company revealed.
According to the National Development Minister Lawrence Wong blog post, the government studied some factors to determine the land quantum for the second half of 2016.
Government will continue to monitor closely the market, and determine the right balance to guarantee a stable property market and sustainable housing prices, Mr Wong stated.