On the Confirmed List of its biannual government land sales (GLS) scheme, private housing is listed. This is the fourth consecutive rise.
As opposed to the 5 sites in the 1H2022 GLS programme, the future GLS programme will have 6 Confirmed List sites, which will include 5 private residential sites (including one Executive Condominium (EC) site) and a commercial & residential site. Out of the six confirmed list locations, three (Bukit Timah Link, Hill View Rise, and Lentor Gardens) were promoted from the 1H2022 Reserve List while three others (Marina Gardens Lane, Tengah Plantation Loop (EC), and Tampines Avenue 11) were freshly added. These 6 plots can produce a total of 14,750 sqm of commercial space and 3,505 private residential units (including 495 EC apartments).
Here is more from PropNex:
The 2,785 private residential units on the 1H2022 slate are almost 26% lower than the 3,505 units on the 2H2022 Confirmed List. The amount of private home supply under the Confirmed List is also at its greatest level since 3,915 units were made available in the 2H2014 GLS.
In the meanwhile, 8 sites have been added to the 2H2022 Reserve List, which will be open for applications. Developers will have the opportunity to activate the sites for sale if they detect demand. Six private residential properties (two of which are EC sites), a White site, and a hotel site are included on the Reserve List. Additional 3,805 private residential units (including 1,000 EC apartments), 80,000 sqm GFA of commercial space, and 530 hotel rooms may be available at certain Reserve List locations.
The 6 Confirmed List locations are very evenly distributed, including sites in the suburbs, the edge of the city, and the city centre, giving prospective purchasers a variety of private housing options.
We were cautiously optimistic that the government would increase the supply of private housing for 2H2022, given the record-low level of unsold new private home stock (14,087 units (ex. ECs) as of the end of Q1 2022), the record-high year of new home sales in 2021, and the positive reception to recent launches. We are encouraged that it has increased the private housing supply by about 26% in the upcoming GLS, but we believe the increase is measured and may not fully satisfy developers' appetite for residential land after the strong home sales last year. In order to achieve this, we anticipate developers to continue to be engaged in the collective sales market, tapping appropriate and realistic priced en bloc sites to support their planned development.
The Marina Gardens Lane plot, which is expected to go on sale in December 2022, is one of the GLS's highlights for the second half of 2022. This site, which has the potential to produce 795 dwellings and 750 sq m of commercial space, will serve as the Marina South neighborhood's starting point for development. Given the plot's location in the heart of Singapore, potential access to the upcoming Marina South MRT station, and likely breathtaking views of the city skyline, Gardens by the Bay, and the southern sea, we anticipate that homes in the future Marina Gardens Lane project will be extremely sought-after. Developers would be eager to acquire this site, and we anticipate competitive bidding since they will want to secure a first-mover advantage in the upcoming Marina South sector.
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