The Singapore government has cut the total supply of private residential units for the first-half 2019 Government Land Sales (GLS) programme
The Ministry of National Development announced in a statement of Thursday that the government plans to release five confirmed list sites and nine reserve list sites through the GLS programme in the first half of 2019. These sites can yield about 6,475 private residential units, including 910 executive condominium units.
The private housing supply for H1 2019 is about 19.5 per cent less than the 8,040 private residential units announced in the second-half 2018 GLS programme.
There are currently 31,000 unsold units from GLS and en-bloc sale sites with planning approval, and an additional 14,000 units from sites that are pending planning approval.
In addition, there are around 28,000 existing private housing units that remain vacant.
The statement added that, following the introduction of the property market cooling measures in July, overall transaction volumes have declined while developers’ demand for land has also moderated.
“Given these factors, the government has decided to moderate the total supply of private residential units for the (H1 2019) GLS Programme. Together with the supply in the pipeline, this will sufficiently cater to the housing needs of our population.”
The Singapore property market has stagnated following months of growth after the introduction of additional cooling measures in July 2018.