SINGAPORE: The Ministry of National Development (MND) announced on Wednesday (Jun 8) that it has launched four Confirmed List sites and 11 Reserve List sites under the Government Land Sales (GLS) programme for the second half of 2016.
The Confirmed List sites include three private residential sites at Fernvale Road, Perumal Road and West Coast Vale, and a commercial and residential site at Upper Serangoon Road, according to MND.
Together, the four Confirmed List sites will provide 2,170 private residential units, higher than the 1,560 units in the Confirmed List for the first half of the year. However, it is close to the total supply of 2,130 units for the first half of the year, where a Reserve List site was triggered in February.
The Confirmed List sites will also be able to yield 15,500sqm gross floor area in commercial space. This is mainly from the predominantly residential site at Upper Serangoon Road, and will provide retail amenities for the future live-in population at the Bidadari HDB estate, the press release said.
The Reserve List comprises seven private residential sites, including one Executive Condominium (EC) site, one commercial and residential site, two commercial sites and one White site. These sites can yield about 5,380 private residential units, including 780 EC units.
The Reserve List includes three sites at Beach Road, Woodlands Square and Central Boulevard for mixed-use developments comprising mainly office space. These sites will allow developers to initiate the development of more office space if they assess that there is demand, MND said. In total, the Reserve List may yield 261,600sqm gross floor area in commercial space.
Confirmed List sites go on sale regardless of interest from developers, while Reserve List sites are triggered for a public tender only if a developer makes an acceptable opening offer.
Overall, the total supply of 7,550 units for the GLS for the second half of 2016 is close to the 7,420 units in the GLS for the first half of the year, MND said.
PROGRAMME FOCUSING ON SUBURBAN SITES: LAWRENCE WONG
In a statement on Wednesday, Minister for National Development Lawrence Wong said the ministry continued to focus on sites in suburban areas, as these are the preferred locations for most first-timers and upgraders.
In line with this, two of the sites from the latest GLS programme are in areas outside the Central Region – at Fernvale Road in Sengkang and West Coast Vale in Clementi – which can provide approximately 1,150 new homes.
The Government is also offering a site at Upper Serangoon Road, close to the upcoming HDB estate at Bidadari, for a mixed-use development comprising residences and a commercial complex. This complex will house retail and food outlets, offering many conveniences to the future residents of Bidadari Estate, Mr Wong said.
The new private homes from these sites should be completed around 2020 and will provide more choices for families looking for suburban private homes, he added.
The National Development Minister also said that the increase in supply of new private homes in the latest exercise was to meet higher committed supply of new private homes in the first half the year, and a pick-up in new private home sales at a monthly average rate of 600 units over the last 12 months.
In the coming years, MND will continue to provide a steady supply of land for private housing, Mr Wong said.
"We are mindful that excessive supply in a weak market can exacerbate a decline in prices. At the same time, insufficient supply can result in a future shortage and an unwarranted spike in housing prices when demand picks up," he added.
We will continue to monitor the market closely and find the right balance to ensure sustainable housing prices and a stable property market."