2024 private housing supply highest since 2013 with latest 2H2024 Government Land Sales (GLS) Programme

• Sustained supply of 5,050 private residential units to be tendered out in 2H2024, similar to the 5,450 units in 1H2024.

• Total supply of 11,110 private residential units in 2024 (including 610 units from the activated Reserve List site tendered out in May 2024) will be the highest supply introduced in a single year since 2013.

• Good spread of sites island-wide will provide a variety of housing options that cater to different needs and preferences. 

• The Government will continue to release a steady supply of private residential units over the next few years, with supply calibrated to account for prevailing economic and property market conditions.

1. The Government today announced the Government Land Sales (GLS) Programme for 2H2024, which comprises ten Confirmed List sites and nine Reserve List sites. Together, these sites can yield about 8,140 private residential units, 113,650 sqm gross floor area (GFA) of commercial space and 530 hotel rooms (see Appendix 1 [PDF, 175 KB] [PDF, 139kb] and Appendix 2 [PDF, 8 KB] [PDF, 9kb]).

2. The Confirmed List comprises nine private residential sites (including one EC site) and one commercial & residential site, which can collectively yield about 5,050 private residential units (including 560 EC units) and 14,300 sqm GFA of commercial space. 

3. The Reserve List comprises five private residential sites (including two EC sites), one commercial site, two White sites and one hotel site. These sites can potentially yield an additional 3,090 private residential units (including 730 EC units), 99,350 sqm GFA of commercial space and 530 hotel rooms. 

Supply of private housing

4. The private housing market has shown signs of stabilisation, with price momentum easing¹ with the ramp-up in the GLS programme over the last two years². To continue to cater to housing demand and maintain market stability, the Government will sustain the GLS supply, with 5,050 units to be released via the Confirmed List of the 2H2024 GLS programme, similar to the 5,450 units released in 1H2024.

5. For 2024 as a whole, the total supply of 11,110 units (including 610 units from the activated Reserve List site at Zion Road (Parcel B)) to be released will be the highest since 2013. The supply is from a good mix of sites across different geographical regions that offers a variety of housing options to meet different needs and preferences. In addition, the Government will make available a selection of sites on the Reserve List that can yield an additional 3,090 units for developers to initiate for development if they assess that there is demand.

6. The Government will continue to release a steady supply of private housing in future GLS programmes to cater to demand, with supply calibrated every six months to account for prevailing economic and property market conditions. 

Supply of office space

7. The White site for a mixed-use development at Woodlands Avenue 2 and the short-term lease commercial site at Punggol Walk will be carried over from the 1H2024 Reserve List to the 2H2024 Reserve List. These two sites will provide the opportunity for developers to initiate the development of more office and retail space if they assess that there is demand.

Supply of hotel rooms

8. The 2H2024 Reserve List includes a site at River Valley Road carried over from the 1H2024 Reserve List, which will allow developers to increase the supply of hotel rooms based on demand.

¹  Based on URA’s Property Price Index, the increase in private residential property prices has moderated from 8.6% in 2022 to 6.8% in 2023. The pace of price increase has continued to moderate in 1Q2024, with the 1.4% gain in the quarter smaller than the quarterly average increase of 2.0% in 2022 -2023.
 
²  The Government increased the supply of private housing on the Confirmed List of the GLS programme to 9,250 units in 2023, from 3,605 units in 2021 and 6,290 units in 2022.