Singapore launches 12 sites for H2 GLS programme

These can yield up to 6,670 private residential units and 101,500 sqm of commercial space.

The government has released its Government Land Sales (GLS) Programme for H2, comprising three confirmed list sites and nine reserve list sites, according to an announcement from the Ministry of National Development (MND).

These sites are said to yield about 6,670 private residential units, 101,500 sqm gross floor area (GFA) of commercial space, and 1,070 hotel rooms.

The confirmed list comprises three private residential sites, including one executive condominium (EC) site, which can yield about 1,370 private residential units, including 615 EC units, and 1,500 sqm GFA of commercial space. This is said to be the lowest since H1 2016 when 1,560 units were offered.

Meanwhile, the reserve list comprises five private residential sites, including one EC site, three white sites, and one hotel site. These sites can yield about 5,300 private residential units, including 590 EC units, 100,000 sqm GFA of commercial space, and 1,070 hotel rooms.

The government has decided to reduce the supply of private residential units on the confirmed list and will not introduce any new sites for predominantly commercial or hotel use given the economic contraction and uncertain business outlook.

According to CBRE’s head of research for Southeast Asia Desmond Sim, the measured supply in the H2 2020 GLS Programme is not surprising against the backdrop of the pandemic.

“This is a degustation menu as the Confirmed List presents palatable sites with smaller units but with greater variety in terms of location. Should any developers’ appetite for land be unsatiated, they can still order from the Reserve List,” he added.

Meanwhile, the government said it has provided a moderate supply via the confirmed list in the H2 2020 GLS Programme due to the progressive decline in the unsold inventory of private housing units over the past year. This is said to cater to the housing needs of the population when completed in about four to five years’ time along with the supply of units already in the pipeline

All three sites on the confirmed list are new sites, with an EC site at Tengah Garden Walk.
New EC at Tengah Garden Walk click here

The two residential sites at Northumberland Road (Click Here) and Ang Mo Kio Avenue 1 offer developers options in mature housing estates. On the reserve list, four of the residential sites were from the H1 2020 reserve list, with the addition of a new residential site at Lentor Central (Click Here) with some commercial quantum.

Further, the white sites at Woodlands Avenue 2 and Kampong Bugis from the H1 2020 Reserve List as well as the two existing sites at Marina View and River Valley Road (Click Here) will be carried over to the H2 2020 Reserve List to provide opportunities for developers to initiate additional supply rooms if there is demand.

Source: Singapore Business Review 24th June

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Singapore launches 12 sites for H2 GLS programme

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