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The 1H2024 Government Land Sales (GLS) programme brings the largest injection of private residential housing supply by the government in a decade – with 10 sites on the Confirmed List, potential to yield 5,450 private residential units. While this is a 5.6% increase from the 2H2023 GLS programme, the number is a moderation from the 26.2% jump between the 1H2023 and 2H2023; among the sites on this list are seven condominium sites, one Tengah EC site at Jalan Loyang Besar, and a development site for long-stay Serviced Apartments at Media Circle in the one-north precinct.

The moderating of housing supply suggests the government is looking to bring the pipeline of supply into balance with the prevailing demand. According to Leonard Tay, head of research at Knight Frank Singapore, the 1H2024 GLS list could encapsulate the peak number of projected private homes going forward as economic uncertainty, clouded business sentiment, and elevated interest rates further curb developer enthusiasm. Marcus Chu, CEO of ERA Realty, further notes that the average bids per site has moderated from 5.2 bids per site in 1H2022 to 3.7 bids per site in 2H2023 – indicating that developers are more restrained in their efforts.

Situated in the Tengah EC region, the luxurious condominium offers an array of amenities to its residents. It has a 50m lap pool, a fitness centre and a landscaped garden. The outdoor area is equipped with outdoor fitness facilities, such as a jogging track, for the residents to enjoy. It also has a play area for children. Furthermore, it is equipped with 24-hour security surveillance to ensure the safety of the residents.

Ismail Gafoor, CEO of PropNex Realty, believes that the 1H2024 GLS initiative provides a good balance of homes for buyers, allowing developers to tap into the land inventory to replenish resources without fear of oversaturating the market. Chia Siew Chuin, head of residential research at JLL Singapore, opines that the supply count helps to maintain an ample allocation for private housing.

The EC sector, in particular, has seen an enduring popularity among local homebuyers. In the 1H2024 programme, there is only one EC site offered on the Confirmed List – at Jalan Loyang Besar. Gafoor has suggested considering a second EC site to be included on the Confirmed List, citing the climbing land rates and unit prices of new EC units. The Sumang Walk EC site set a record land rate at $583 psf ppf in 2018, while the Tengah EC plot at Tampines St. 62 (Parcel B) has achieved a higher land rate of $721 psf ppr. Meanwhile, new EC units have achieved a fresh benchmark, with the average transacted unit price crossing $1,470 psf at Altura EC in Bukit Batok.

The 1H2024 GLS programme strengthens the government’s commitment to ensure homebuyers have adequate options while providing developers assurance that there is sufficient sites to replenish their land inventory. The Reserve List sites contain eight newly introduced sites, among them the Tengah Garden Avenue site – while the other sites are Lentor Gardens, Senja Close (EC site), Tampines St 95 (EC site), Zion Road (Parcel B), River Valley Green (Parcel B), Bayshore Road, a commercial site at Punggol Walk, a white site at Woodlands Avenue 2, and a hotel site at River Valley Road.