As per the recent updates, Government has cut the private residential housing supply from few confirmed sites for the second half of 2019; this decision was taken as per the Government Land Sales (GLS) program. It happened due to a considerable fall in demand after executing cooling measures and the large supply services that will be upcoming.
In an announcement made by Ministry of National Development on 6thJune 2019; they released eight reserve list sites and five confirmed list sites that cover an estimated gross floor area of 92,000 sq. m for commercial needs, almost 6430 private homes, and 1100 hotel rooms.
As per the first half program of GLS in the year 2019; there was only 2025 units supply in the confirmed list; however, in the second half, the confirmed list has only 310 units for 1715 units in the area; that is almost 15% lesser than the previous half.
A considerable fall in demand was observed right after the introduction of cooling measures in the property market by the month of July in the last year. However, the overall transaction volume declined by a great extent during the first quarter of this year.
Also, reports reveal that a huge supply of 44000 new launch condo unit are still in the pipeline. It includes almost 39,000 unsold units that belong to GLS and planning approved collective sale site. The additional 5000 units belong to the pending planning approval.
Other than this, there are 24000 existing private housing units that are still vacant in the area.
At present, the five confirmed list sites include private residential properties along with one Executive Condominium (EC); the total count goes up to 1,715 private residential units and 480 EC units. The confirmed sites include land parcels at Bartlet Road, Irwell Road and Fernvale Land. There will be 2 land parcels along Canberra Drive. These parcels will be released in between August 2019 to December 2019.
On the other side, the reserve list includes four private residential sites along with one EC site, one hotel site, and three white sites. The estimated range of private residential units in this area is somewhere around 4,715 units with 1100 hotel rooms and 920000 sq. m GFA. The location of the sites in the reserve list include Dairy Farm Walk and Hillview Road which are both in the West of Singapore while the other 2 are located in East Singapore; Tampines Street 62 (Executive Condo) and Dunman Road.
Note that the white site located at Kampong Bugis will be released for sale as per the reserve list. This site has water frontage of 1.1 km and is just along Kallang River. The Urban Redevelopment Authority is presently planning to find a single developer for this entire site with the attractive master plan.
The site is expected to have 4000 private homes with 50,000 sq. m space for community uses, offices, retail, sports, services apartments, and other recreational facilities. The entire construction may take 9 to 11 years for completion.
Another white site listed in the reserved list is located at Woodlands Avenue 2, and it is dedicated for mixed usage. The already mentioned hotel site is located at River Valley Road, and this development will be integrated into Front Canning MRT station. The best news is that it will be located at a short walking distance from Front Canning Park and Clarke Quay.
Please refer to the webpage below for more details