6,490 Potential New Homes On 11 Land Sites

In the year 2020, the government will be making available 3 confirmed sites and 8 on the reserve list for the first half of this year.

3 confirmed sites will retain balance in the housing supply

The figures of confirmed sites under the Government Land Sales Programme (GLS) to be made available in the second half of the year is the lowest in the last five years.

The majority of the 4,715 potential homes are distributed over the eight sites on the reserve list, which can only be activated for sale when the minimum bid amount is obtained.

Analysts comment that this controlled release may help stabilise the real estate market as a residential property supply glut emerges and economic growth comes to a standstill. It will also assist to moderate bids by property developers. This is on the heels of low bids at the Penrose condominium site.

In accordance to a report from the Ministry of National Development (MND), the overall sales volume for private residential units has maintained modest figures although demand has went up. There are however around 39,000 homes in the current supply pipeline; 34,000 of which are units unsold, and 5,000 are from sites that are pending planning approval.

Mixed-use development land will remain a feature of ensuing urban planning, a key feature for Dairy Farm Residences.

The three sites which will be released mainly in the second quarter of this year are located at:

Yishun Avenue 9 – This 2.15-hectare location will be used to construct an executive condominiums (EC). The region has not experienced any release of EC sites since 2014, thus a pent-up demand may drive up bids.

Tanah Merah Kechil Link – This 1.01-hectare mixed-use development site can yield 310 housing units and has 2,000 square meters of commercial space. Located just a few MRT stops from the Penrose location, this may become the most sought after of the 3 sites considering its close proximity to the Tanah Merah MRT station, and the palatability of the land size.

Jalan Anak Bukit – This 3.29-hectare site is set apart for mixed-use purposes too, yielding 865 potential abodes and 20,000 square meters of commercial space. This is the biggest of the 3 sites and while mixed-use sites may pique property developers’ interest, analysts think the mere size of the land will make this an uncertainty among developers. Those with deeper pockets may however still think about this site as it is placed near the Beauty World MRT station.

Source: https://www.iproperty.com.sg/news/6490-potential-new-homes-on-11-land-sites

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