Source: Shutterstock
With a slight increase in land supply, the Singaporean government is taking precaution on the property market outlook. Selling too much land at once may in turn jeopardize the current stability in the property market, creating a decrease in values of surrounding properties and an overall rise in interest rates.
Find a reliable and experienced property agent here if you are considering buying or selling your property, amid the stability of the local property market.
That being said, the recent Government Land Sales Programme (GLS) has just released 4 residential sites and 2 mixed development sites for sale under its newly confirmed list.
These new sites are expected to yield an estimated total of 2,840 residential units. 815 of the units will be Executive Condos (EC). This is vital because it indicates an increase in the number of units by 22% compared to last year’s 1H17 tally, which yielded a total of 2,330 residential units.
Source: URA, OrangeTee Research
The 2H17 Reserve List will provide another 10 sites, bringing the total tally of potential residential units to 8,125, compared to 1H17 numbers of 7,465 units according to a report by Orange Tee.
Since the total residential supply released in the 1H17 GLS came up to 3,440, it was 21% higher than the 2H17 Confirmed List supply which was 2,840 units. This then suggests that demand for GLS land may exceed the current supply in the Confirmed List over the next 6 months.
Given the increase of primary sales in 1H17, developers are expected to continue to strive for more land purchasing opportunities. As such, land supply from the collective sale market will continue to attract developers’ attention subject to reasonable owners’ expectations.
Here is a list of all the sites available:
Source: URA, OrangeTee Research
Interested to purchase or sell a property near the new GLS sites? Find the right property agent for you on Property Agents Review now.
