Government ramps up private housing supply; offers three EC sites on Confirmed List
The Reserve Listing includes 4 exclusive residential sites, one business site, three White sites and one hotel site, that can possibly produce an added 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of business spot.
In view of the stiff challenge for EC locations among property developers and rising EC land prices, the state has actually increase the supply of EC sites, with 3 plots potentially generating 980 units in the Confirmed Listing of 1H2025. This is a change from previous GLS programs since 2018, with just one EC spot offered in each of the half-yearly land sales programmes, notes PropNex.
It was an unprecedented 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 developer site, and plots in Media Circle (for long-stay serviced apartment use). The URA declined the bids supplied because they were too low. These sites are now listed on the 1H2025 Reserve Checklist.
In addition to locations in 2 new real estate districts, the majority of the sites are nearby MRT stations, which might attract builders and property buyers alike, notes Gafoor. “In our sight, one of the most tempting ones are the mixed-use site in Hougang Central (835 units) that will certainly be connected to the Hougang MRT terminal, the Telok Blangah Roadway plot (740 units) and Dunearn Road (370 units) site in brand-new real estate districts, and within minutes’ stroll to the MRT station, as well as the Lakeside Drive website (575 units) which is right beside the Lakeside MRT terminal, Jurong Lake Gardens and the Jurong East business hub.”
The site of the former Singapore Indian Fine Arts Society on Dorsett Road, off Rangoon Road, that can generate about 430 units, will even be launched for sale in 1H2025. A residential and commercial site at Hougang Central, that can yield a brand-new mixed-use property development with 835 residential units and over 400,000 sq ft of commercial area, is sold. It will likely be incorporated with the Hougang MRT Terminal on the Northeast Line.
Ten plots will be offered under the Confirmed List, comprising 9 residential sites, 3 of which are executive condominium (EC) plots. The tenth plot is a housing cum commercial area. The 10 sites can generate an estimated 5,030 housing units, featuring the 980 EC units.
Exclusive residential costs are anticipated to see more moderate gains in 2024, with the collective rate surge over the first 3 quarters of the year at about 1.6%.
The last time 3 EC plots were released 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 launched available for sale via the GLS.
To make certain that there suffices supply to meet real estate need and to maintain market stability, the state has sustained the supply of nonpublic property units by offering 8,505 units in the upcoming Confirmed List and Reserved List of the 1H2025 GLS Government Land Sales (GLS) program 1H2025.
The ramp-up of supply from the GLS programmes has added to the stabilisation of the exclusive property market, as reflected by the constraint in property price momentum. Based on the URA private residential property price index, rate growth has regulated to 6.8% in 2023 from 10.6% in 2021 and 8.6% in 2022.
Additionally on the Confirmed List is the non commercial plot in Upper Thomson Road (Parcel A), which saw no bids when its tender finalized in June 2024. In the past, the plot was to provide a blend of non commercial units and long-stay serviced apartments. Of note, the URA has offered even more flexibility this moment; it stated that serviced apartment/long-stay serviced house use would not be mandated for the location but can be allowed subject to authorization from technical companies, notes PropNex.
The 3,475 non commercial units on the Reserve Listing of 1H2025 are greater than the 3,090 units in 2H2024. Consisting Of the Reserve Lineup, the total private real estate supply of 8,505 units in 1H2025 is on a level with the 8,140 units in 2H2024.
The rise in the EC land supply in 1H2025 can “go some way to ease the opposition amongst property developers in land tenders and assist to moderate EC land cost and prices accordingly”, states Ismail Gafoor, CEO of PropNex.
Following the progressing ramp-up of personal housing supply in the GLS programmes over the last 3 years, the inventory of exclusive housing units offered for sale has actually increased steadily from 16,100 units at the end of 2021 to around 21,000 units as of end-November 2024.
In terms of household units for sale, it’s in line with the 5,050 units provided in the Confirmed List of 2H2024. Nevertheless, it’s almost 60% greater than the regular supply on the Confirmed List in each GLS programme from 2021 to 2023.
Seven new plots are going to be presented in the 1H2025 GLS program. They consist of a plot at Lakeside Drive around the Jurong Lake Gardens in Jurong Lake District, Dunearn Road in the new housing development in Bukit Timah Turf City, and Telok Blangah Road on the former Keppel Golf Course site.
