The most recent list of land plots released under the Government Land Sales (GLS) Programme included not only residential sites but for the first time after a long hiatus, also hotel sites.
Variety of residential, commercial and hotel sites in latest GLS release
The latest GLS offering from both their confirmed and reserve lists include land which could potentially yield up to 8,040 residential sites, 930 hotel rooms and 124,200 sq m of commercial gross floor area. This is not dissimilar to their H1 offering of 8,045 housing units.
What is different this time round could, however, be the geographical focus, with most sites being in the central region. Under the confirmed list, the 3 more centralized sites were on Middle Road, Kampong Java Road near Newton Circus and Sims Drive. There was also a fourth executive condominium site. On the reserve list were a white site at Woodlands Square/Woodlands Avenue 2.
URA has plans for the white site to sustain the development momentum of Woodlands Regional Centre as part of the government’s plans to decentralize employment centres. This move may bring more businesses and rental possibilities into the Northern regions.
GLS release unlikely to water down developers’ appetite for private land sales
The government has been careful in balancing out the release of land sites. There is a tricky line to walk between creating a potential supply glut and dishing out enough land to meet home buyers’ demands.
Industry experts are however doubtful that this release, however large, will diminish developers’ interest in private land sales. Land prices are unlikely to be swayed so quickly and plots in prime districts will still be in demand. The number of housing units currently in the market and also in the pipeline should be able to meet housing demands for the next couple of years.
At the moment, there are 30,000 units of unsold private housing units in the market.