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Proposed Residential Sites for 1H2021 GLS Programme - source: MND
The Government's efforts to moderately increase the supply of land for private homes has caused the supply of unsold new private residential home stocks to fall sharply creating a desperate need for developers to look towards the enbloc sales alternative in acquiring more land parcels. Analysts however believe the upcoming enbloc fever may not be to the extent of the collective-sale fervour seen in 2017 and 2018.
The uptick in residential supply from confirmed sites under the Government Land Sales (GLS) programme for the first half of next year follows sharp cuts in the second half of 2020 owing to the Covid pandemic.
The private home supply of 1,605 units from the four confirmed list sites (as seen in the table above) rose by 235 units or about 17 per cent from a five-year low of 1,370 units in the second half of the 2020 GLS programme.
The uptick in residential supply from confirmed sites under the Government Land Sales (GLS) programme for the first half of next year follows sharp cuts in the second half of 2020 owing to the Covid pandemic.
The private home supply of 1,605 units from the four confirmed list sites (as seen in the table above) rose by 235 units or about 17 per cent from a five-year low of 1,370 units in the second half of the 2020 GLS programme.
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The land supply was "carefully calibrated to take into account the Covid-19 and macroeconomic situation. Given the continued uncertainties in economic and labour market conditions, the Government has decided to maintain a moderate supply of private residential units on the confirmed list.
The confirmed list includes one executive condominium (EC) site that can yield about 590 units. The other three sites also offer 9,200 sq m gross floor area (GFA) of commercial space.
Four GLS land parcels in the confirmed list for sale in the 1st half of 2021 includes:
The confirmed list includes one executive condominium (EC) site that can yield about 590 units. The other three sites also offer 9,200 sq m gross floor area (GFA) of commercial space.
Four GLS land parcels in the confirmed list for sale in the 1st half of 2021 includes:
- Tampines Street 62 (Executive Condo land site)
- Lentor Central (Mixed development land site)
- Slim Barracks Rise (Parcel A)
- Slim Barracks Rise (Parcel B)
Tampines St 62 (Parcel A) (Executive Condo)
Lentor Central (mixed development)
Slim Barracks Rise (Parcel A and Parcel B)
The two parcels of land at Slim Barracks Rise namely Parcel A and Parcel B will be launched for tender in June while the other two sites on the Confirmed List - an additional parcel on Tampines Street 62 and land on Lentor Central - will be launched in April.
The two sites at Slim Barracks Rise, in the one-north area, located very near the current upcoming condo launch One North Eden, will see good housing demand due to the growing working population in the one-north biomedical and technology hub and located near the Buona Vista MRT station. Both the biomedical and technology sectors are two fast growing sectors which have both benefited from the pandemic.
Kiwi Lim from Huttons Asia believe that with the current low supply of new condo units in the market from the strong domestic demand seen both in the new sale and resale market, these GLS sites are likely to attract a competitive level of bidding activity as developers rush to stock depleted land banks.
The two sites at Slim Barracks Rise, in the one-north area, located very near the current upcoming condo launch One North Eden, will see good housing demand due to the growing working population in the one-north biomedical and technology hub and located near the Buona Vista MRT station. Both the biomedical and technology sectors are two fast growing sectors which have both benefited from the pandemic.
Kiwi Lim from Huttons Asia believe that with the current low supply of new condo units in the market from the strong domestic demand seen both in the new sale and resale market, these GLS sites are likely to attract a competitive level of bidding activity as developers rush to stock depleted land banks.
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