News Releases

25 February 2010

URA reserve list site at Hougang Avenue 2 for residential development is now open for application

The Urban Redevelopment Authority (URA) today released the detailed sales conditions for the Reserve List site at Hougang Avenue 2 for residential development. Developers interested in purchasing the site can now apply to URA for it to be put up for tender.

Under the Government’s Reserve List system, a site on the Reserve List would only be put up for tender if a developer’s indicated minimum bid price in his application is acceptable to the Government.

Land Parcel at Hougang Avenue 2

Located within an established private residential estate, and adjacent to Hougang HDB Town, the land parcel has a site area of about 3.02 ha and can be developed for a low density condominium, flats or landed housing development.

The land parcel is easily accessible via major roads and expressways such as the Central Expressway (CTE) and the Kallang Paya Lebar Expressway (KPE). Future residents can also enjoy convenient access to all parts of the island via Kovan and Hougang Mass Rapid Transit (MRT) stations, along the North-East MRT Line, which are located in close proximity to the land parcel.

Details of the land parcel and location plan are given in Annexes 1 and 2. More details on the land parcel are available on URA website at http://www.ura.gov.sg/sales/HougangAv2/MA/HgAv2-intro(MA).html.

Potential Supply from 1H2010 Government Land Sales Programme

Reserve List

The land parcel at Hougang Avenue 2 is the first new site to be released for sale under the Reserve List of the Government Land Sales (GLS) Programme for the first half of 2010 (1H2010). It will add to the variety of residential sites on the Reserve List for developers to choose from to meet the demand for private housing. A residential site at Sengkang West Avenue/Fernvale Link was also successfully triggered and sold from the Reserve List earlier this year.

Over the next three months till May 2010, five new residential sites will be made available on the Reserve List, with at least one new residential site for sale every month on the 1H2010 Reserve List. Please see schedule of release for residential sites on the Reserve List in Annex 3. Altogether, a total of 18 residential sites, including 3 EC sites and 2 mixed-use sites where private residential units can potentially be built, will be available on the Reserve List in 1st half 2010. With a potential supply of 7,625 residential units, the sites on the Reserve List will ensure that there is more than sufficient supply to meet any surge in demand.

Confirmed List

In addition, the Government will progressively release 8 residential sites for sale via the Confirmed List of the 1H2010 GLS Programme. Please see schedule of release for residential sites on the Confirmed List in Annex 4. These sites can potentially yield about 2,925 residential units, close to the highest potential supply of about 3,000 units from the GLS Confirmed List since the Reserve List/Confirmed List system started in the second half of 2001.

The total supply quantum of 10,550 units from the Confirmed List and Reserve List for the 1H2010 GLS Programme is the highest in the history of the GLS Programme.

Pipeline Supply

Apart from the potential supply from the GLS Programme, there is also supply from projects in the pipeline which have been initiated earlier, both from Government and private land sources. As at 4th Quarter 2009, there were about 60,500 private residential units in the pipeline which would be completed over the next few years. Of these 60,500 private residential units, there was also an inventory of about 34,200 private housing units which have not been sold yet, and can be made available for sale within the year if the developers choose to do so.

Adequate Supply to Meet Demand

The potential supply of land from the GLS Programme together with the supply of projects in the pipeline will be more than sufficient to meet the demand for private housing. The Government will continue to monitor the property market closely. If necessary, more supply can be injected via the 2nd half 2010 GLS Programme.