15 sites to be released in first half 2018 Government Land Sales Programme

15 sites to be released in first half 2018 Government Land Sales Programme

Six Confirmed List sites and nine Reserve List sites will be released as part of the first half 2018 Government Land Sales (GLS) Programme, the Government announced in a press release on Wednesday (Dec 13).

SINGAPORE: Six Confirmed List sites and nine Reserve List sites will be released as part of the first half 2018 Government Land Sales (GLS) Programme, the Government announced in a press release on Wednesday (Dec 13).

These sites can yield about 8,045 private residential units and 63,960 sq m gross floor area (GFA) of commercial space.

The six Confirmed List sites are private residential sites - including one executive condominium (EC) site which can yield 2,775 private dwelling units (including 450 EC units) and 4,450 sq m GFA of commercial space.

The Reserve List comprises eight private residential sites (including two  EC sites) and one commercial site. 

These sites can yield 5,270 private dwelling units (including 1,255 EC units) and 59,510 sq m GFA of commercial space, mostly for office use.

Residential sites on the Confirmed List include sites at Silat Avenue, Cuscaden Road and an EC site at Canberra Link, while residential sites on the Reserve List include sites at Canberra Drive and two EC sites at Tampines Avenue 10 and Anchorvale Crescent.

The first half 2018 GLS Programme Reserve List will also have a commercial site at Woodlands Square for a mixed-use development comprising mainly of office space.

Seven sites - six residential sites and one commercial sites - remain on the second half of 2017 GLS Programme Reserve List and will be carried over to the first half 2018 GLS Programme.

First half 2018 GLS programme table

"SEVERAL FACTORS" TAKEN INTO CONSIDERATION

Several factors were taken into consideration in working out the supply for the first half 2018 Government Land Sales Programme, said the press release.

These including balancing strong demand for sites by real estate developers and a pick-up in transaction volumes with a large potential supply of around 20,000 units from awarded en-bloc sale and GLS sites that have not yet been granted planning approval.

This is in addition to about 18,000 unsold units that already have planning approval.

There are also more than 30,000 existing private housing units that are still vacant, the press release added.

Therefore the Government has decided to keep the total supply of units for the first half 2018 GLS Programme "at about the same level" as the supply of units from the second half 2017 GLS programme, it said.

This will be adequate to meet the purchase demand for new private housing from home buyers over the next one to two years, it added.

Ms Tricia Song, director and head of research, Singapore, Colliers International, said the Government's direction was within expectations.

The land releases in the first half of 2018 provides "varied options for developers" in terms of location and will "complement" offerings on the collective sale market.

"We believe collective sale sites that have strong attributes and are well located will continue to appeal to developers and future home buyers."

Source: CNA/nc

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