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Housing Supply Further Ramped Up in 1H2024 Government Land Sales (GLS) Programme, with Highest Housing Supply on Confirmed List Since 2H2013

Published: 06 Dec 2023 · 12:00 SGT
Author: Ministry of National Development
Source: Ministry of National Development

Private Residential Government & Policy Transactions & Deals

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The expanded pipeline signals a policy response to strong demand and could moderate supply pressures while providing developers with geographically diverse acquisition opportunities.

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The 1H2024 GLS Confirmed List increased to 5,450 private homes, the highest single-programme supply since 2H2013, lifting the total pipeline to about 59,100 units.

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The Confirmed List supply of private housing in the GLS programme has been further increased from 5,160 units in 2H2023 to 5,450 units in 1H2024. This is the highest supply on the Confirmed List in a single GLS Programme since the 2H2013 GLS Programme.

This supply injection will bring the total pipeline supply of private housing (including Executive Condominiums (EC)) to about 59,100 units, and cater to strong housing demand.

To provide housing options across locations to cater to diverse housing needs, the Government will include a long-stay Serviced Apartments site at one-north, and the first private housing site in Bayshore precinct.

1. The Government today announced the GLS Programme for 1H2024, which comprises ten Confirmed List sites and nine Reserve List sites. These sites can yield about 8,910 private residential units, 107,750 sqm gross floor area (GFA) of commercial space and 530 hotel rooms (see Appendix 1 & Appendix 2).

2. The Confirmed List comprises nine private residential sites (including one EC site and one long-stay Serviced Apartments1 site) and one commercial & residential site, which can collectively yield about 5,450 private residential units (including 710 EC units and 515 long-stay Serviced Apartments) and 13,900 sqm GFA of commercial space.

3. The Reserve List comprises six private residential sites (including two EC sites and one site with a mandatory long-stay Serviced Apartments component), one commercial site, one White site and one hotel site. These Reserve List sites have the potential to yield an additional 3,460 private residential units (including 855 EC units and 220 long-stay Serviced Apartments), 93,850 sqm GFA of commercial space and 530 hotel rooms.

4. The Government will continue to monitor economic and property market conditions closely and calibrate the supply of future GLS programmes, as necessary, to help meet demand and promote market stability.

Supply of private housing

5. The Government has increased the supply of private housing on the Confirmed List to 5,450 units for the 1H2024 GLS Programme, from 5,160 units in 2H2023. This is the highest supply on the Confirmed List in a single GLS Programme since the 2H2013 GLS Programme. With housing demand expected to continue to grow in coming years, the increased Confirmed List supply for 1H2024 will help cater to demand and promote market stability and sustainability. The sites are spread out geographically to provide a variety of housing options to cater to varied needs. In addition, the Government will make available a good selection of sites on the Reserve List, that can yield an additional 3,460 units for developers to initiate for development if they assess that there is demand.

6. The increased Confirmed List supply for 1H2024 will bring the total pipeline supply of private housing (including ECs) to about 59,100 units, comprising 41,900 units with planning approval and 17,200 units from GLS sites and awarded en-bloc sites that have not been granted planning approval yet. Of these, about 39,700 units will be completed between 2023 and 2025, which is about double the 20,000 units completed from 2020 to 2022. This forms part of the total supply of about 100,000 public and private housing units to be completed between 2023 and 2025, which will help cater to housing needs in the immediate years ahead.

Long-stay Serviced Apartments site at Media Circle

7. As part of the Government’s efforts to expand the range of housing options for diverse housing needs and ensure that Serviced Apartments can be more targeted in meeting demand for longer stays, we will release a third long-stay Serviced Apartments pilot site in one-north, with a potential yield of about 515 Serviced Apartments. Similar to existing Serviced Apartments with a 7-day minimum stay requirement, these long-stay Serviced Apartments cannot be strata subdivided for sale. The one-north site will augment the other long-stay Serviced Apartment pilot sites at Upper Thomson Road (Parcel A) and Zion Road (Parcel A), which were released as part of the 2H2023 GLS Programme on 4 December 2023.

First private housing sale site in Bayshore

8. On 16 October 2023, plans for a new waterfront neighbourhood in Bayshore were unveiled. When completed, it is expected to yield about 10,000 new homes, of which approximately 30 percent will be private housing. Residents can look forward to new commercial, park, sports and recreation, educational, and healthcare offerings in this East Coast area planned as a vibrant lifestyle precinct. Served by two upcoming Thomson-East Coast Line stations (Bayshore and Bedok South) and a bus interchange, residents will be able to enjoy enhanced transport connectivity to the rest of Singapore.

9. The release of the first private housing sale site at Bayshore Road in 1H2024 will kickstart the development of the Bayshore estate.

Supply of office space

10. The White site for a mixed-use development at Woodlands Avenue 2 and the short-term lease commercial site at Punggol Walk will be carried over from the 2H2023 Reserve List to the 1H2024 Reserve List. These two sites will provide opportunity for developers to initiate the development of more office and retail space if they assess that there is demand.

Supply of hotel rooms

11. The 1H2024 Reserve List includes a site at River Valley Road carried over from the 2H2023 Reserve List, which will allow developers to increase the supply of hotel rooms based on demand.

1 These will be known officially as the Serviced Apartments II (SA2) typology. More information on SA2 is available via the circular issued by URA dated 4 December 2023 – “Guidelines For Serviced Apartment II (SA2)”.

Appendix 1

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PROPOSED RESIDENTIAL, COMMERCIAL AND HOTEL SITES FOR 1H2024 GLS PROGRAMME

S/N

Location

Site Area (ha)

Proposed GPR

Estimated No. of Residential Units (1)

Estimated No. of Hotel Rooms

Estimated Commercial Space (m2)

Estimated Launch Date

Sales Agent

Confirmed List

Residential Sites

Holland Drive

1.23

4.7

680

Feb 2024

URA

River Valley Green (Parcel A) (2)

0.93

3.5

380

Mar 2024

URA

Canberra Crescent (2)(3)

2.05

1.6

375

Apr 2024

URA

De Souza Avenue (4)

1.92

1.6

355

Apr 2024

URA

Jalan Loyang Besar (EC) (2)

2.84

2.5

710

May 2024

HDB

Margaret Drive (2)(4)

0.95

4.2

460

May 2024

URA

Media Circle (2)(5)

0.57

4.2

515

400

May 2024

URA

Dairy Farm Walk (2)

2.16

2.1

530

Jun 2024

URA

Tengah Garden Avenue (2)(6)

2.55

3.0

860

3,000

Jun 2024

URA

Commercial & Residential Sites

Tampines Street 94 (2)(7)

2.35

2.6

585

10,500

Jun 2024

HDB

Total (Confirmed List)

5,450

13,900

S/N

Location

Site Area (ha)

Proposed GPR

Estimated No. of Residential Units (1)

Estimated No. of Hotel Rooms

Estimated Commercial Space (m2)

Estimated Available Date (12)

Sales Agent

Reserve List

Residential Sites

Lentor Gardens (3)

2.06

2.1

500

Available

URA

Senja Close (EC) (4)

1.01

3.0

295

Available

HDB

Tampines Street 95 (EC)

2.24

2.5

560

Available

HDB

Zion Road (Parcel B)

0.93

5.6

610

Available

URA

River Valley Green (Parcel B) (2)(8)

1.17

3.5

575

500

Mar 2024

URA

Bayshore Road (2)

0.98

4.2

480

Jun 2024

URA

Commercial Sites

Punggol Walk (9)

1.00

1.4

13,350

Available

URA

White Sites

Woodlands Avenue 2 (10)

2.75

4.2

440

78,000

Available

URA

Hotel Sites

River Valley Road (11)

1.02

2.8

530

2,000

Available

URA

Total (Reserve List)

3,460

530

93,850

Total (Confirmed List and Reserve List)

8,910

530

107,750

(1) The estimated number of dwelling units (DU) for Executive Condominium and private residential sites take into account the average unit sizes of recent comparable developments and prevailing Development Control guidelines.

(2) New sites introduced in 1H2024.

(3) Sites are imposed with a minimum 600 sqm GFA for childcare centre.

(4) Sites are imposed with a minimum 500 sqm GFA for childcare centre.

(5) Site is for long-stay Serviced Apartments use only and imposed with a retail cap of 400 sqm.

(6) Site is imposed with a retail cap of 3,000 sqm GFA.

(7) Site is imposed with a retail cap of 10,500 sqm GFA and a minimum 650 sqm GFA for childcare centre.

(8) A portion of the GFA for the site will be for long-stay Serviced Apartments use. Site is imposed with a retail cap of 500 sqm GFA.

(9) Site is imposed with a minimum office quantum of 8,400 sqm GFA and a minimum 650 sqm GFA for childcare centre.

(10) Site is imposed with a retail cap of 33,000 sqm GFA and a minimum office quantum of 45,000 sqm GFA.

(11) Site is imposed with a retail cap of 2.000 sqm GFA.

(12) Refers to estimated date the detailed conditions of sale will be available, and applications can be submitted.

(2) New sites introduced in 1H2024.

(3) Sites are imposed with a minimum 600 sqm GFA for childcare centre.

(4) Sites are imposed with a minimum 500 sqm GFA for childcare centre.

(5) Site is for long-stay Serviced Apartments use only and imposed with a retail cap of 400 sqm.

(6) Site is imposed with a retail cap of 3,000 sqm GFA.

(7) Site is imposed with a retail cap of 10,500 sqm GFA and a minimum 650 sqm GFA for childcare centre.

(8) A portion of the GFA for the site will be for long-stay Serviced Apartments use. Site is imposed with a retail cap of 500 sqm GFA.

(9) Site is imposed with a minimum office quantum of 8,400 sqm GFA and a minimum 650 sqm GFA for childcare centre.

(10) Site is imposed with a retail cap of 33,000 sqm GFA and a minimum office quantum of 45,000 sqm GFA.

(11) Site is imposed with a retail cap of 2.000 sqm GFA.

(12) Refers to estimated date the detailed conditions of sale will be available, and applications can be submitted.

Appendix 2

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Status of the GLS Programme for the second half of 2023 (2H2023)

(as of 6 December 2023)

1. The 2H2023 GLS Programme comprises seventeen sites, of which eight are on the Confirmed List and nine are on the Reserve List.

2. To date, all the eight Confirmed List sites have been launched for tender and the tenders will close by June 2024.

3. All nine sites on the Reserve List, comprising six private residential sites, one commercial site, one White site and one hotel site, will be carried over to the 1H2024 GLS Programme.