One great thing about the market is that the supply of state land is setting this at a very good level, in fact the land supply is maintained steady. This is a good thing, because there has been quite the hassle about collective sales. With the aggressive ongoing En Bloc sales, government is worried about the over supply risk on the property market.
In the first six months of 2018, under the GLS (Government Land Sales), several land parcels which includes site for private residential development, executive condos and commercial developments will be released for bidding, this will generate up to about 8045 units and some commercial space of 63,960 square metres. This figure is rather close to the number of units released last year. About 8100 units of residential apartments were released in 2017 (2nd half of the year).
It’s important to note that there’s a confirmed list of parcels at locations such as Jalan Jurong Kechil, Silat Avenue, Cuscaden Road, Canberra Link , Dairy Farm Road, and Mattar Road among many others. These land parcels can yield around 2775 new launch condos, and a commercial space with 4450 square metres of gross floor area.
Other than the confirmed sites, several reserved sites are also available. These include 6 residential sites for private residential developments at locations such as Clementi Avenue 1, Yishun Avunue 9, Sims Drive, Canberra Drive, Peck Seah St and Bartley Road, and 2 Executive Condo sites which include land parcels at Tampines Avenue 10 and Anchorvale Crescent. A reserved commercial plot at Woodlands Square is also available. The reserved sites can generate up to about 5000+ units and 59,510 square metres of commercial space.
There is a very strong demand for sites right now, as real estate developers are always trying to replenish their landbank. Moreover, in the recent months, sales volume of private new launch has been rising up.
While the demand for new properties is understandable, something to take note right now is, approximately 30000 units in the market are still unoccupied. In order for new units to be developed, the older ones have to be sold. Hopefully that will happen sooner rather than later, which is why investing in the right supply can make a whole lot of sense. But identifying a way to make the new acquisitions and buildings cheaper will surely end up bringing in more buyers. Hopefully the market will expand and explore some new opportunities in the near future, as the results are indeed there and the outcome can be very good!
Find out more from link below,
http://www.straitstimes.com/business/property/land-supply-for-private-homes-kept-steady
Upcoming Singapore Condos in 2018
