The Government today announced the Government Land Sales (GLS) Programme for the second half of 2020 (2H2020), which comprises three Confirmed List sites and nine Reserve List sites. These sites can yield about 6,670 private residential units, 101,500 sqm gross floor area (GFA) of commercial space and 1,070 hotel rooms (see Appendix 1 [PDF, 43.9kb] & Appendix 2 [PDF, 13.4kb]).
The land supply from the 2H2020 GLS Programme has been calibrated to take into account the global COVID-19 situation. Given the economic contraction and uncertain business outlook, the Government has decided to reduce the supply of private residential units on the Confirmed List and will not introduce any new sites for predominantly commercial or hotel use in the 2H2020 GLS Programme. However, we have to calibrate the reduction carefully to avoid potential supply shortfalls over the medium to longer-term. Hence, we have maintained a good selection of sites with additional supply in the Reserve List that developers can initiate for development if they assess that there is demand.
The Confirmed List comprises three private residential sites [including one Executive Condominium (EC) site] which can yield about 1,370 private residential units (including 615 EC units) and 1,500 sqm GFA of commercial space.
The Reserve List comprises five private residential sites (including one EC site), three White sites and one hotel site. These sites can yield about 5,300 private residential units (including 590 EC units), 100,000 sqm GFA of commercial space and 1,070 hotel rooms.
Supply of Private Housing
With the progressive decline in the unsold inventory of private housing units over the past year1, the Government has provided a moderate supply via the Confirmed List in the 2H2020 GLS Programme. Together with the supply of units already in the pipeline, this will cater to the housing needs of the population when completed in about four to five years’ time.
The Confirmed List sites will be launched in the last quarter of 2020, each with a longer tender period of about six months to give developers more time to make their assessment in view of the ongoing COVID-19 situation.
Supply of Commercial Space
The White site at Woodlands Avenue 2 for a mixed-use development will be carried over from the 1H2020 Reserve List to the 2H2020 Reserve List. This site will provide opportunity for the market to initiate the development of more office space if there is demand.
Supply of Hotel Rooms
The two existing sites at Marina View and River Valley Road will be carried over to the 2H2020 Reserve List. These sites will provide opportunities for developers to initiate additional supply of hotel rooms if there is demand.
1 The number of unsold private housing units with planning approval has declined by a cumulative 20% between 1Q2019 and 1Q2020.