Cutback in Residential Sites Released for Second Half of 2015

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SINGAPORE: The government has launched four Confirmed List sites and 13 Reserve List sites for the second half of 2015, under the Government Land Sales (GLS) programme .

The four Confirmed List sites are: three private residential sites at Alexandra View, Clementi Avenue 1 and Siglap Road, and an Executive Condominium (EC) site at Yio Chu Kang Road.

In total, the four sites will house 2,130 private residential units, 520 of which are EC units. This is markedly lower than the 3,020 units in H1 2015 and 3,915 units in H2 2014.

Confirmed List sites will go on sale regardless of interest, whereas Reserve List sites are only triggered for tender if there is an acceptable opening offer.

The Reserve List includes: eight private residential sites at Stirling Road, New Upper Changi Road/Bedok South Avenue 3, Bartley Road/Jalan Bunga Rampai, Lorong Lew Lian, Tampines Avenue 10, Margaret Drive, Jalan Kandis, and an EC site at Sumang Walk.

Also under the Reserve List are two mixed development sites at Holland Road and Bukit Batok West Avenue 6, two commercial sites at Beach Road and Woodlands Square, and a White site in Marina Bay at Central Boulevard is also part of the Reserve List.

The Reserve List sites yield around 5,695 private residential units, and 275,580 sqm of commercial space, mostly for office usage. The government said the supply of private housing and commercial space will be sufficient to meet market demand for the next few years.

The cutback in supply does not come as a surprise, as the government has been cognisant of an oversupply in the housing market.  About 19,000 private residential units remained unsold as of March 2015.

More land is expected to be put up for sale after the backlog of unsold stock is tapered down to a healthier level.

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