Government Ramps Private Housing Supply Offers Three Ec Sites Confirmed List
In order to meet the growing demand for housing and maintain market stability, the government has announced that it will offer a total of 8,505 private residential units in the upcoming Confirmed List and Reserved List of the 1H2025 GLS Government Land Sales (GLS) programme.
The Confirmed List will include ten plots, consisting of nine residential sites and one residential cum commercial site. These plots have an estimated yield of 5,030 residential units, including 980 executive condo (EC) units. This is in line with the 5,050 units offered in the Confirmed List of the 2H2024 GLS programme, but is significantly higher than the average supply in each GLS programme from 2021 to 2023.
On the other hand, the Reserved List will comprise of four private residential sites, one commercial site, three White sites, and one hotel site, with a potential yield of 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of commercial space.
According to PropNex Research, the increase in supply is in line with the progressive ramp-up of private housing supply in the GLS programmes over the last three years, resulting in an increase in the inventory of private residential units available for sale from 16,100 units in 2021 to around 21,000 units as of end-2024. This has helped to stabilize the private residential market, with price growth moderating from 10.6% in 2021 to 6.8% in 2023. The prices are expected to see more modest gains in 2024, with a cumulative price increase of around 1.6% in the first three quarters of the year.
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To address the stiff competition for EC sites among developers and rising EC land prices, the government has ramped up the supply of EC sites, with three plots potentially yielding 980 units in the Confirmed List of 1H2025. This is a shift from previous GLS programmes since 2019, with only one EC site offered in each half-yearly land sales programme. The last time three EC plots were launched for sale in a single GLS programme was in 2H2014.
In addition to the EC sites, seven new plots will be introduced in the 1H2025 GLS programme, including a plot at Lakeside Drive near the Jurong Lake Gardens and a plot at Dunearn Road in the new housing precinct of Bukit Timah Turf City. The Reserve List will also include three plots near MRT stations, which could appeal to both developers and homebuyers.
In conclusion, the increase in supply of private residential units is expected to continue contributing to the stabilisation of the private residential market and help to moderate property prices.