Land Supply for Private Homes Remains Unchanged in H2 of 2018

The government has decided to launch 6 land parcels for sale in Singapore. These also happen to includea hotel site; a first in a few years. Apart from that, the parcels also feature land for 4 private residential sites and 1 white site in Pasir Ris Central.

Besides this Confirmed List of sites, there is a Reserve List as well. This contains nine sites and will be available for sale if the developers indicate a minimum price in their applications or the market shows enough interest. This list is under the Government’s Land Sale (GLS) programme for H2 2018.

When combined, both Reserve and Confirmed List have the potential to provide around 8,040 private residential apartment units, 930 hotel rooms, and 124,200 square meters gross floor area for commercial space. These figures were reported by the Urban Development Authority (URA).

According tothese figures, it has been concluded that the land parcel supply for residential purposes has remained unchanged in the H2 of 2018. In the beginning of the year, the government had allowed 2,775 apartment units for the Confirmed List, and slightly over 5,200 from the Reserve List.

The URA has emphasized that there is a sufficient supply of private housing in the works. They mentioned that there are almost 20,000 units from the GLS and other En Bloc sale sites. These are seeking planning approval along with another 24,000 units not sold yet. On the other hand, there are still over 30,000 private housing units that are vacant at the moment.

The URA added that despite the figures, the developers continue to demand land. Furthermore, the volumes of transactions also seemto be rising. They admitted that this is why the government has decided to keep the supply of private homes around the same level in both halves of the year. Collectively, this will help meet the demand of home buyers over the next couple of years as well as fulfil the population’s housing needs.

The First Hotel Site in Several Years

One change that is significant is the inclusion of the hotel site in the GLS programme. This is the first time it has happened in a few years. It is a step in pace with the positive tourism outlook for Singapore. The tourism receipts have shown record numbers for the second time in 2 years.

GLS H1 2018

Until now, 3 of the Confirmed List sites in the GLS programme for the first half have been sold. The other 3 are likely to have their tenders closed by September as well. On the other hand, the 2 sites will be removed from the Reserve List of H1 2018 in order to review development plans in the area.

In conclusion, there are 7 residential sites that still remain on the H1 2018 Reserve List under the GLS programme. According to the URA, these will be carried into the H2 2018 GLS programme.

It seems like the URA is ready for an increasein demand for private homes as well as facilitating the rise of tourism.



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