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Government Moves To Reduce Supply Of Private Homes On Confirmed List

The government has moved to lessen the supply of private residential housing from confirmed sites covered by the government land sales (GLS) programme for 2019’s second half, reported The Straits Times.

This is believed to be caused by the steady decline of demand since the property market cooling measures were introduced in July 2018.

It is also seen that the government’s decision was influenced by a large supply of an estimated 44,000 private housing units coming in. There are also an estimated 24,000 private housing units that remain unsold.

In an announcement, the Ministry of National Development released eight reserve list sites and five confirmed list sites that have the capacity of 6,430 private homes, 1,100 hotel rooms, and 92,000 sq m gross floor area (GFA).

The private home supply totalling to 1,715 units under the confirmed list sites is 15 percent or 301 units lower than the 2,025 units, compared to the confirmed list sites for the 2019 GLS programme’s first half.

Meanwhile, the reserve list is composed of four private residential sites including one hotel site, three white sites and one EC site. These sites can yield around 4,715 private residential units, 1,100 hotel rooms, with 92,000 sq m GFA of commercial space.

On the other hand, the five confirmed list sites are considered private residential sites, which includes one EC site that can yield around 1,715 private residential units.

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