Regular supply by Government
The government will look to ensure there’s a continuous supply of new homes to meet the requirements Singaporeans. These plots are expected to yield up to 7,465 private homes and create 158,080 sqm commercial space. The supply of private units is similar to the 7,545 units from the second half 2016 GLS Programme. (See URA: https://www.ura.gov.sg/uol/land-sales.aspx?p1=find-gls-site&p2=current-gls-programme)
The 5 Confirmed Plots
The five sites on the confirmed list could yield 2,330 private flats, higher than the supply of 2,170 units from the second half of this year. They are situated in Toh Tuck Road, Tampines Avenue 10 (Parcel C), Lorong 1 Realty Park, Serangoon North Avenue 1 and Woodleigh Lane.
“The demand for new housing from prospective home buyers has stayed healthy in 2016. The continued supply of residential sites through the GLS Programme will make sure there is a steady pipeline of new private housing units to match the needs of our resident population,” said the MND.
Desmond Sim, Singapore, CBRE Research, Head and South East Asia, noted that no commercial website was contained in the confirmed list. “This gives enough breathing room where there’s still considerable space to be absorbed, as overall occupier demand has been weak across both retail and office space,” he said, to solve supply and demand imbalance.
Meanwhile, the reserve list will contain seven residential sites (including one executive condominium (EC) website), one commercial and residential site and two commercial sites. These websites can offer 5,135 private homes (including 775 EC units) and mostly commercial office space.
“CBRE expects to see some of the smaller reservation list websites activated, for example the Bartley Road plot. Another website that is remarkable is the reserve site at Jiak Kim Street, that will include the former Zouk storyline. It now presents a key waterfront site and will likely see precisely the same interest in Martin Place duplicated,” said Sim.
“The sole EC site on the reserve list – Sumang Walk – has been carried over from the reservation list of both 1H 2016 and 2H 2016 GLS programmes. Even if it is activated for sale, the resultant project would only be found in 2018,” he added.
Other previous tendered plots
With URA launching new plots every half yearly, 2016 saw the launch of the most anticipated site by Frasers, that is the Seaside Residences which is likely launch in 2017. Apart from this plot, the Grandeur park condo is also expected to launch in 2017. (see previous post)