Government Ramps Private Housing Supply Offers Three Ec Sites Confirmed List
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The government is taking steps to ensure a sustainable supply of private residential units by offering 8,505 housing units in the Confirmed List and Reserve List of the 1H2025 GLS Government Land Sales (GLS) programme.In the upcoming GLS sale, 10 plots will be made available on the Confirmed List, including nine residential sites and one residential cum commercial site. These plots have the potential to yield a total of 5,030 residential units and 980 executive condominium (EC) units.This supply of residential units is in line with the 5,050 units offered in the Confirmed List of the 2H2024 GLS programme. However, it marks a significant increase of almost 60% compared to the average supply on the Confirmed List from 2021 to 2023. Additionally, the Reserve List consists of four private residential sites, one commercial site, three White sites, and one hotel site. These sites can potentially yield an additional 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of commercial space.In total, the 1H2025 GLS programme offers a supply of 8,505 private housing units, which is comparable to the 8,140 units available in the 2H2024 GLS programme. This move by the government is aimed at ensuring market stability and meeting the rising demand for housing.Read also: URA launches tenders for two GLS sites at Media CircleThe sustained supply of private residential units through the GLS programme has been a significant contributor to the stabilisation of the private residential market in recent years. As a result, property price momentum has moderated, with a growth rate of 6.8% in 2023 compared to 10.6% in 2021 and 8.6% in 2022, according to the URA private residential property price index.Furthermore, it is expected that private residential prices will continue to see modest gains in 2024, with a cumulative increase of approximately 1.6% over the first three quarters of the year. In light of the competition for EC sites amongst developers and the subsequent rise in EC land prices, the government has responded by increasing the supply of EC sites. This is evidenced by the offer of three plots in the Confirmed List of the 1H2025 GLS programme, potentially yielding 980 units.In contrast to previous GLS programmes since 2019, where only one EC site was offered in each of the half-yearly land sales, this increase in supply is expected to alleviate the competition amongst developers and moderate EC land costs and prices. According to CEO of PropNex, Ismail Gafoor, this move by the government could help to soothe the competition among developers in land tenders.The 1H2025 GLS programme offers seven new plots, including a parcel at Lakeside Drive near the Jurong Lake Gardens in Jurong Lake District, Dunearn Road in the new housing precinct in Bukit Timah Turf City, and Telok Blangah Road on the former Keppel Golf Course site. Other notable sites include a housing development at Lakeside Drive with 575 units situated adjacent to the Lakeside MRT station, Jurong Lake Gardens, and Jurong East commercial hub.Furthermore, new housing precincts and close proximity to MRT stations have been identified as key selling points for these properties, with most of the sites being located near MRT stations. The majority of these plots are also located near MRT stations, which will be a significant factor for developers and homebuyers alike. Notable examples include the mixed-use site in Hougang Central, which can accommodate 835 residential units and over 400,000 sq ft of commercial space, and the Telok Blangah Road plot with a total of 740 units.Of note, the plot located on Dorsett Road, off Rangoon Road, can accommodate approximately 430 units. Previously, the site was intended for mixed-use development, inclusive of integrated long-stay serviced apartments. However, the flexibility of the URA in specifying this time is expected to make the site more attractive to developers, as it no longer has to be developed as serviced apartment/long-stay serviced apartment projects.Despite the unprecedented year for GLS tenders, where three plots were not awarded by the URA due to low bids, the 1H2025 Reserve List includes some of these previously rejected sites, such as Marina Gardens Crescent, the Jurong Lake District master developer site, and plots in Media Circle (for long-stay serviced apartment use). It remains to be seen if these sites will receive more favorable bids in the upcoming sale.Altogether, the 1H2025 GLS programme marks a continuation of the government’s efforts to meet the rising demand for housing and maintain market stability. With a diverse range of private residential units on offer and an emphasis on access to MRT stations and ameni
