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More land released for residential units
SINGAPORE - More than 8,000 new residential units will be added to the housing pipeline as the Government puts up more land for sale. In releasing the Government Land Sales (GLS) programme for the second half of this year, the Ministry of National Development (MND) said yesterday it hoped that the 8,115 units from the 17 residential land sites on the confirmed list would meet the strong housing demand.
Of the 43 sites launched under the latest GLS programme, 19 will be on the confirmed list, while 24 sites will be on the reserve list. A reserve list site will only be triggered for launch if its bidder meets the minimum price. For the reserve list, there will be 13 sites for residential housing, potentially yielding 6,080 units. The total of 14,195 residential units that will be made available from the confirmed and reserved lists is slightly less than the first half of this year's potential yield of 14,310 units.
The GLS programme for the second half of this year comprises 12 residential sites near MRT stations. About 268,000 sq m or 2.88 million sq ft of commercial space - with sites in the Marina Bay area and Paya Lebar Central - as well as 3,700 hotel rooms are included in the programme. Mr Marc Boey, group director for land sales and administration at the Urban Redevelopment Authority (URA), said property developers could spread out the launch of residential units over time. This will help mitigate concerns of oversupply, he told reporters yesterday.
Mr Boey added that the URA monitors the impact of public housing initiatives on private housing demand. But it is currently "too premature" to tell if the MND's recent push to offer 5,000 build-to-order flats will have any effect on private housing demand, said Mr Boey. Analysts said the GLS, in the past, had been quite responsive to negative external market forces. "So should the economy take a negative shock in the future, the GLS may be scaled back," said Mr Alan Cheong, Head of Research at Savills Singapore.
The MND is also trying to manage the housing demand through tweaking supply, said analysts. "I believe they are monitoring supply levels," said Head of Research (South East Asia) Dr Chua Yang Liang at Jones Lang LaSalle. "We do not think the 14,000 units thereabouts is an issue if this is met by similar population growth levels we have seen in recent past,"However, developers are likely to be more selective of land - there are still remaining seven sites in the GLS programme's confirmed list from the first half of this year, said Mr Li Hiaw Ho, Executive Director, CBRE Richard Ellis.
He said the two executive condominium (EC) sites for the second-half GLS is a "good" number. "Currently, developers are holding on to five EC sites - which can potentially yield some 2,800 units and these have not been launched yet," said Mr Li. "In addition, the tender for a new EC site in Punggol Way will close in July 2011," he added. "With the Government's intention to launch some 4,000 public flats this year, the EC market will face increasing competition in the coming months." Analysts noted that the Jurong area had been left out of the GLS programme for the second half. "This is despite the strong demand seen in the recent tender closing for Boon Lay site," said Dr Chua. The tender, which closed in May, attracted some 14 bids, with the highest bid of S$303 million coming from Keppel Land.
Source: TODAY,June 10, 2011
By, Jo-Ann Huang Limin
Of the 43 sites launched under the latest GLS programme, 19 will be on the confirmed list, while 24 sites will be on the reserve list. A reserve list site will only be triggered for launch if its bidder meets the minimum price. For the reserve list, there will be 13 sites for residential housing, potentially yielding 6,080 units. The total of 14,195 residential units that will be made available from the confirmed and reserved lists is slightly less than the first half of this year's potential yield of 14,310 units.
The GLS programme for the second half of this year comprises 12 residential sites near MRT stations. About 268,000 sq m or 2.88 million sq ft of commercial space - with sites in the Marina Bay area and Paya Lebar Central - as well as 3,700 hotel rooms are included in the programme. Mr Marc Boey, group director for land sales and administration at the Urban Redevelopment Authority (URA), said property developers could spread out the launch of residential units over time. This will help mitigate concerns of oversupply, he told reporters yesterday.
Mr Boey added that the URA monitors the impact of public housing initiatives on private housing demand. But it is currently "too premature" to tell if the MND's recent push to offer 5,000 build-to-order flats will have any effect on private housing demand, said Mr Boey. Analysts said the GLS, in the past, had been quite responsive to negative external market forces. "So should the economy take a negative shock in the future, the GLS may be scaled back," said Mr Alan Cheong, Head of Research at Savills Singapore.
The MND is also trying to manage the housing demand through tweaking supply, said analysts. "I believe they are monitoring supply levels," said Head of Research (South East Asia) Dr Chua Yang Liang at Jones Lang LaSalle. "We do not think the 14,000 units thereabouts is an issue if this is met by similar population growth levels we have seen in recent past,"However, developers are likely to be more selective of land - there are still remaining seven sites in the GLS programme's confirmed list from the first half of this year, said Mr Li Hiaw Ho, Executive Director, CBRE Richard Ellis.
He said the two executive condominium (EC) sites for the second-half GLS is a "good" number. "Currently, developers are holding on to five EC sites - which can potentially yield some 2,800 units and these have not been launched yet," said Mr Li. "In addition, the tender for a new EC site in Punggol Way will close in July 2011," he added. "With the Government's intention to launch some 4,000 public flats this year, the EC market will face increasing competition in the coming months." Analysts noted that the Jurong area had been left out of the GLS programme for the second half. "This is despite the strong demand seen in the recent tender closing for Boon Lay site," said Dr Chua. The tender, which closed in May, attracted some 14 bids, with the highest bid of S$303 million coming from Keppel Land.
Source: TODAY,June 10, 2011
By, Jo-Ann Huang Limin
