As the First Half of 2023 Government Land Sales Programme (GLS) has been released, many have anticipated a boom in interest for new sites.
As part of its Government Land Sales (GLS) Programme, Singapore has raised the number of private dwelling units available on the Confirmed List from 3,505 in the second half of 2022 to 4,090 in the first half of 2023.
On Thursday, December 8th, the Urban Redevelopment Authority (URA) announced what it calls the “Confirmed List,” which includes five private housing sites and one executive condo (EC) site totaling 700 units.
As a result of “high demand from purchasers,” URA has increased the number of private homes available on the Confirmed List during the previous two years.
Because “private housing demand remains resilient,” URA has chosen to add more private housing units on the Confirmed List.
Added to the current pipeline supply, “the expanded Confirmed List for 1H2023 will fulfill the housing demands of the population.”
It is estimated that 33,600 of the 65,000 private housing units now in the pipeline will be finished over the next two years, with just 11,500 units having been constructed since 2021.
“These home completions will assist fulfill owner-occupier and rental demands in the short future,” URA stated.
Chief Executive Officer of OrangeTee & Tie Steven Tan called the 4,090 privatized housing units “the largest tranche of land to be released” based on information collected by the real estate firm since 2016.
Cushman & Wakefield reports that seven locations from the confirmed list and nine sites from the reserve list were implemented. The official list shows that 4,090 properties were introduced to the market, the greatest number since the first half of 2014.
In addition, CBRE noted the greatest increase in office supply since 2016 as a result of the GLS program.
It has been decided to provide a Jurong Lake District 6.8-hectare white site in to a master developer. A location like this will have three separate lots and be utilized for citywide initiatives. The site could potentially yield around 1,760 residential spaces, 150,000 square meters of office area and about 75,000 square meters of extra space that can cater for the use of hotel or retail use.
Singapore’s biggest commercial sector outside of the city center, Jurong Lake District, will be developed in 2019, according to previously stated plans.
Aside from the Jurong Lake District, other sites included in the 2023 First Half Government Land Sales List are Media Circle, Marina Gardens Crescent and Jalan Tembusu ( Appendix A ).
Reserve List property, on the other hand, is not immediately made available for tender but is subject to application. When a developer proposes a minimal price for a Reserve List site and the government approves it, the property is placed up for bid.
A total of nine sites are in the Reserve List for the First Half of 2023 which include some of the sites from the previous year.
The 2H2022 Reserve List included a mixed-use development site on Woodlands Avenue 2 and hotel property on River Valley Road.
Overall, there are a total of 16 sites for H1 2023 GLS Programme.
