The Singapore Government Further Increased Housing Land Supply In 1H 2024. This decision is aimed at addressing the high demand for housing and ensuring market stability. This is announced today on 6th Dec in the URA web page.
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With the largest housing supply on the Confirmed List since 2013, the government has identified 10 sites offering a total of 5,450 residential units and 13,900 square meters of commercial space. This represents a 5.6% increase in residential supply compared to the second half of 2023.
Additionally, eight new sites have been introduced in the program. Notably, 50% of the Confirmed List sites are located in the Central Region, catering to the demand for prime locations.
The Reserve List includes nine sites, with the potential to accommodate 3,460 dwelling units, 530 hotel rooms, and 93,850 square meters of commercial space.
The government will closely monitor economic and property market conditions to calibrate future land sales programs.
Government Further Increased Housing Land Supply In 1H 2024 : Government Initiatives for Increasing Housing Land Supply
The government has implemented various initiatives to actively increase the supply of housing land in 1H 2024. These initiatives are aimed at addressing the strong demand for housing and ensuring market stability and sustainability.
One of the key initiatives is the Government Land Sales (GLS) Programme for 1H 2024, which includes a significant increase in the supply of private housing. The Confirmed List of the GLS Programme offers the largest housing supply since 2H 2013, comprising 10 sites with a total of 5,450 residential units and 13,900 sq m of commercial space. This represents a 5.6% increase in residential supply compared to 2H 2023.
Moreover, the Reserve List of the GLS Programme consists of 9 sites with the potential for 3,460 dwelling units, 530 hotel rooms, and 93,850 sq m of commercial space. These sites can be launched for tender based on market demand.
The government’s initiatives aim to provide sufficient land supply for developers to replenish their inventory and moderate land bids, while also ensuring a good spread of sites from prime areas to suburbs.
Government Further Increased Housing Land Supply In 1H 2024 : Expansion of Land Release Programs
How has the government expanded its land release programs to meet the increased housing demand in 1H 2024?
The government has taken significant steps to expand its land release programs in order to address the growing housing demand in 1H 2024.
The Government Land Sales (GLS) Programme for 1H 2024 includes the largest housing supply on the Confirmed List since 2H 2013, with 10 Confirmed List sites offering 5,450 residential units and 13,900 sq m of commercial space. This represents a 5.6% increase in residential supply compared to 2H 2023.
Additionally, the government has introduced eight newly added sites in 1H 2024, with 50% of the Confirmed List sites located in the Central Region.
The Reserve List and Potential Offerings also feature nine sites, offering the potential for 3,460 dwelling units, 530 hotel rooms, and 93,850 sq m of commercial space.
The expansion of land release programs aims to provide sufficient sites for developers to replenish land inventory and moderate land bids, while also catering to resilient demand and keeping home prices in check.
Government Further Increased Housing Land Supply In 1H 2024 : Impact on Affordable Housing Market
To understand the implications of the government’s increased housing land supply in 1H 2024, it is important to examine its impact on the affordable housing market.
The government’s decision to increase the supply of housing land is aimed at catering to strong housing demand and promoting market stability. With the addition of more residential units, there is potential for an increase in the availability of affordable housing options for the general population.
This increased supply may lead to a moderation in housing prices, making it more affordable for individuals and families to purchase or rent homes. Additionally, the inclusion of an Executive Condominium (EC) site in the Confirmed List may provide affordable housing options specifically for eligible Singaporeans.
It is important to note that the limited number of EC sites on the Confirmed List may lead to aggressive bidding, potentially impacting the affordability of these units.
Government Further Increased Housing Land Supply In 1H 2024 : Strategies to Encourage Developers and Investors
One approach to foster developer and investor participation is to implement targeted incentives and policies. By providing attractive incentives such as tax breaks, grants, and subsidies, the government can encourage developers and investors to engage in the housing market. These incentives can help reduce the financial burden and risks associated with development projects, making them more appealing to potential participants.
Additionally, the government can implement policies that streamline the development process, such as fast-track approvals and simplified regulations. This can significantly reduce the time and effort required to bring a project to fruition, making it more attractive for developers and investors.
Moreover, the government can also consider providing support and resources for research and development in the housing sector. This can help drive innovation and encourage developers and investors to explore new ideas and technologies in their projects.
Government Further Increased Housing Land Supply In 1H 2024 : Outlook for Future Housing Land Supply
The outlook for future housing land supply shows an increase in residential units and commercial space availability. The Government Land Sales Programme for 1H 2024 includes the largest housing supply on the Confirmed List since 2H 2013, with 10 sites offering 5,450 residential units and 13,900 sq m of commercial space. This represents a 5.6% increase in residential supply compared to 2H 2023. Additionally, there are 8 newly introduced sites in 1H 2024, with 50% of the Confirmed List sites located in the Central Region.
The Reserve List and Potential Offerings also contribute to the future housing land supply, comprising 9 sites that have the potential for 3,460 dwelling units, 530 hotel rooms, and 93,850 sq m of commercial space. Two new sites have been added to the Reserve List, including the Bayshore Road site, which is part of a new waterfront housing precinct. These Reserve List sites can be launched for tender based on market demand.
Government Further Increased Housing Land Supply In 1H 2024 : Details of Sites
The article highlights several attractive new sites in the Government Land Sales Programme for 1H 2024.
These sites include:
- River Valley Green (Parcel A) near Great World MRT station
- Tengah Garden Avenue next to future Hong Kah MRT station
- Tampines Street 94 for heartland retail exposure
- Margaret Drive within walking distance to Queenstown MRT station
- Canberra Crescent near Canberra MRT station and EC projects
These sites offer a range of location advantages and potential for development, making them noteworthy in the housing land supply for the first half of 2024.
River Valley Green (Parcel A)
Located near the Great World MRT station, the River Valley Green (Parcel A) site offers promising development opportunities in the housing land supply for 1H 2024. This site is part of the Government Land Sales Programme and is included in the Confirmed List for the first half of 2024. It is one of the nine private residential sites in the Confirmed List and presents an attractive option for developers.
The strategic location near the MRT station provides convenient access to transportation, making it appealing to potential homebuyers. With the government’s efforts to increase housing land supply, the River Valley Green (Parcel A) site contributes to meeting the strong demand for housing in Singapore. Developers will have the chance to create residential units that cater to the needs of the market in this sought-after location.
Tengah Garden Avenue
Developers will have the opportunity to explore the potential of Tengah Garden Avenue in the upcoming Government Land Sales Programme for 1H 2024.
Tengah Garden Avenue is located next to the future Hong Kah MRT station, offering excellent connectivity and accessibility. The site is part of the Tengah new town, which is envisioned to be a sustainable and green community.
With a total site area of approximately 22,020 square meters, the site has the potential to yield a significant number of residential units. It is expected to attract developers who are keen to tap into the growing demand for housing in Singapore.
The Government’s decision to include Tengah Garden Avenue in the GLS programme reflects its commitment to providing a diverse range of housing options for Singaporeans.
Tampines Street 94
The inclusion of Tampines Street 94 in the Government Land Sales Programme for 1H 2024 signifies the government’s commitment to expanding the housing land supply.
Located in the heartland of Tampines, this site offers an opportunity for developers to provide housing options in a well-established residential area.
With a land area of approximately 21,717 square meters, the site has a maximum gross floor area of 60,810 square meters and can yield an estimated 625 residential units.
Tampines Street 94 is strategically located near various amenities, including shopping malls, schools, and recreational facilities.
Its inclusion in the land sales programme reflects the government’s efforts to meet the growing demand for housing and provide more options for homebuyers in Singapore.
Margaret Drive
Continuing in the Government Land Sales Programme for 1H 2024, let us now focus on the site at Margaret Drive.
This site, located within walking distance to Queenstown MRT station, is part of the government’s efforts to increase the housing land supply.
The Margaret Drive site is one of the nine private residential sites on the Confirmed List, offering potential for more housing units in Singapore.
With its strategic location, residents of Margaret Drive can enjoy convenient access to transportation, amenities, and facilities in the surrounding area.
The inclusion of the Margaret Drive site in the 1H 2024 GLS Programme demonstrates the government’s commitment to providing a good spread of sites across different regions to meet the housing needs of the population.
Canberra Crescent
One of the sites included in the Government Land Sales Programme for 1H 2024 is Canberra Crescent, offering a significant number of potential housing units.
Located near Canberra MRT station and EC projects, Canberra Crescent presents an attractive opportunity for developers and homebuyers.
The site is part of the government’s efforts to increase housing land supply and cater to strong housing demand.
With its strategic location and proximity to amenities, Canberra Crescent is expected to generate high interest in the market.
The exact number of housing units that can be developed on this site has not been disclosed, but it adds to the overall housing supply in Singapore and contributes to the government’s goal of providing affordable and sustainable housing options for its residents.
Dairy Farm Walk
Dairy Farm Walk is a site included in the Government Land Sales Programme for 1H 2024, offering potential for housing development. Located in the Dairy Farm estate in the Central Region of Singapore, this site presents an opportunity for the construction of residential units.
With its strategic location, residents can enjoy the tranquility of nature and the convenience of nearby amenities. The site is well-connected to major transportation networks, making it easily accessible for residents. Additionally, the surrounding area offers a range of recreational facilities, including parks and nature reserves, providing residents with opportunities for outdoor activities.
The inclusion of Dairy Farm Walk in the Government Land Sales Programme for 1H 2024 reflects the government’s efforts to meet the growing housing demand and provide diverse housing options for Singaporeans.
Jalan Loyang Besar (EC)
The inclusion of Jalan Loyang Besar (EC) in the Government Land Sales Programme for 1H 2024 demonstrates the government’s commitment to meeting the diverse housing needs of Singaporeans.
This executive condominium (EC) site is the only one on the Confirmed List, highlighting the popularity of ECs among buyers. In recent years, EC land rates have been rising, with a record land rate of $721 psf ppr for Tampines St. 62 (Parcel B). The average transacted unit price for new EC units at Altura EC has crossed $1,470 psf.
With limited EC sites available, aggressive bidding is expected. The government’s decision to include Jalan Loyang Besar (EC) in the GLS programme reflects their efforts to provide affordable and quality housing options for Singaporeans.
Bayshore Road
The inclusion of Bayshore Road in the Government Land Sales Programme for 1H 2024 adds another significant site to the discussion of housing land supply in Singapore. This site, located in the Bayshore precinct, is part of a new waterfront housing precinct.
With its prime location and potential for development, Bayshore Road presents an exciting opportunity for the housing market in Singapore. The Government Land Sales Programme for 1H 2024 aims to cater to strong housing demand by increasing the supply of private residential units.
Bayshore Road is one of the newly introduced sites in the programme, reflecting the government’s commitment to providing sufficient land supply for developers to replenish their inventory and moderating land bids. Its inclusion further expands the range of attractive sites available for development in the city-state.
Conclusion
In conclusion, the government of [country] has taken proactive measures to address the demand for housing by increasing the housing land supply for the first half of 2024.
This expansion of land release programs, particularly in prime locations, aims to maintain market stability and sustainability.
By closely monitoring economic and property market conditions, the government can calibrate future land sales programs to meet the evolving needs of the housing market.
