The Government today announced the second half 2019 (2H2019) Government Land Sales (GLS) Programme, which comprises five Confirmed List sites and eight Reserve List sites. These sites can yield about 6,430 private residential units, 92,000 sqm gross floor area (GFA) of commercial space and 1,100 hotel rooms (see Appendix 1 [PDF, 180kb] and Appendix 2 [PDF, 8kb]).
The five Confirmed List sites are private residential sites [including one Executive Condominium (EC) site] which can yield about 1,715 private residential units (including 480 EC units).
The Reserve List comprises four private residential sites (including one EC site), three White sites and one hotel site. These sites can yield about 4,715 private residential units (including 595 EC units and an estimated 1,000 units from the first phase of the Kampong Bugis site), 92,000 sqm GFA of commercial space and 1,100 hotel rooms.
Supply of Private Housing
There is a large supply of around 44,000 private housing units in the pipeline. This comprises around 39,000 unsold units from GLS and en-bloc sale sites with planning approval, and an additional 5,000 units1 from sites that are pending planning approval. In addition, there are around 24,000 existing private housing units that remain vacant.
In contrast, demand has continued to fall since the introduction of the property market cooling measures in July 2018. Overall transaction volume declined for the third straight quarter in 1Q2019, while developers’ demand for land has also moderated.
Given these factors, the Government has decided to reduce the supply of private residential units on the Confirmed List for the GLS Programme2. Together with the supply in the pipeline, the supply for the 2H2019 GLS Programme will sufficiently cater to the housing needs of our population.
The Government will continue to monitor the property market closely and adjust the supply from future GLS Programmes, as necessary.
Master Developer Approach for Kampong Bugis Site
URA first unveiled the plans for the White site at Kampong Bugis in the 2017 exhibition titled “Our Neighbourhoods: A Look into the Future” to seek feedback from the community. With a sizeable land area, the Kampong Bugis site is strategically located at the mouth of Kallang River with 1.1 km of water frontage.
Envisioned to be an attractive waterfront residential precinct that is car-lite, community-centric and sustainable, the site will be released under the 2H2019 Reserve List for sale to a Master Developer. The intention is for a single developer to comprehensively master plan the site, and implement district-wide urban solutions (e.g. district-wide pneumatic waste conveyance system and a storm water treatment and water management system) for a smarter, greener and more sustainable housing typology.
With a potential yield of 4,000 private residential units and an additional 50,000 sqm for complementary uses such as retail, offices, community uses, serviced apartments and sports and recreational facilities, the entire Kampong Bugis precinct is estimated to be completed over 9 to 11 years.
Supply of Commercial Space
Other than the White site at Kampong Bugis, the 2H2019 Reserve List will have another White site at Woodlands Avenue 2 for a mixed-use development. This will help to sustain the development momentum of Woodlands Regional Centre as a major commercial node outside the city, in line with the Government’s objective of bringing job opportunities closer to homes.
Supply of Hotel Rooms
A new hotel site at River Valley Road will be added to the 2H2019 Reserve List. The future hotel development will be integrated with the Fort Canning MRT station, and is located within close walking distance to Clarke Quay and Fort Canning Park. Together with the existing White site at Marina View, which has been carried over from the 1H2019 GLS Programme, they will provide ample opportunities for developers to initiate additional supply of hotel rooms over and above the current pipeline supply.
1 These are from awarded GLS and en-bloc sale sites, as well as Confirmed List GLS sites that have not been awarded yet, as at 1Q2019. 2 2,025 private residential units were made available via the Confirmed List of the 1H2019 GLS Programme.