Supply of private residential housing from confirmed sites under the government land sales (GLS) programme for 2nd half of 2020 has been reduced to take into account the fallout from the global Covid-19 situation, the Ministry of National Development (MND) announced on Wednesday - 24 June 2020.
Together, the three sites can yield about 1,370 units, including 615 executive condominium units. The total number of homes that can be developed, however, is nearly 23 per cent less than the 1,775 units under the confimed list in the GLS programme for the first half of the year.
This is also the lowest number since the second half of 2009 during the global financial crisis when no confirmed list sites were released.
MND said they have maintained a good selection of sites with additional supply in the reserve list that developers can initiate for development if they assess that there is demand and has provided a "moderate supply" in the confirmed list this time round, as the number of the unsold inventory of private housing units has declined by a cumulative 20 per cent between the first half of 2019 and this year.
The three sites as shown below will be launched in the last quarter of this year and have a longer tender period of six months to allow developers more time to make their assessment in view of the ongoing COVID-19 situation.
Moderate-size projects have digestible development costs (including construction costs) for developers and the new project will have sufficient residential volume to result in resident and project vibrancy - and will be even more attractive for developers to focus on amid this crisis.