Friday, 20 December 2013

Singapore 191213 Government cut land sales under weight of supply

Government cut land sales under weight of supply

For H1 2014, MND will release via validated list 8 sites that can create 4,630 private houses. The 4,630 private houses that can be generated from the verified list sites slated for launch by the government in H1 following year is not only down 22.3% from the existing H2 2013 slate however is likewise the most lowest half-yearly quantum considering that H1 2010, when the figure was 2,925 units.

Across the board, the Ministry of National Development (MND) is scaling back the Government Land Sales (GLS) Programme for private real estate, business and hotel sites for the very first 6 months of 2014 to factor in the big supply pipe. The action is seen as an effort to engineer a soft landing.

For H1 2014, MND will be introducing with the validated list 8 sites that can produce a total amount of 4,630 private homes (consisting of 2,165 executive condominiums) against 5,960 units(consisting of 2,785 ECs) in the current slate. In all, there will be 7 pure residential sites on the verified list in the very first half next year, below 10 presently.

MND kept in mind the validated listing supply will be "included in the existing big pipe supply of 97,400 real estate units(consisting of ECs)".

Supply on the reserve listing will likewise be trimmed 15.1% to 6,955 systems (including 605 ECs) in H1 following year from 8,195 Units (inclusive of 535 ECs).

For business area, the combined verified and reserve listing supply of 193,340 sq metres (2.08 million sq ft) gross flooring area (GFA) for H1 2014 shows a large decline from 268,050 sq m under the existing slate. It is additionally the lowest since H1 2006, when the overall supply was at 125,505 sq m.

No Hotel site will certainly be available under the GLS Programme in the following half-year for the first time because the reserve list system was minted in H2 2001. MND indicated "a healthy and balanced pipe supply of 12,700 Hotels rooms".

Summarizing its strategy, the Ministry stated: "Supply from the GLS Programme, together with the huge supply from projects in the pipeline, is anticipated to be ample to comply with the need for personal housing and business area over the next couple of years.".

Further elaborated news @ Business Times 

**Information Edited by UrPropertysg. Check up Latest New Launch Development.