Government raises land supply for private homes on confirmed list to 5,450 units in H1 2024

This is the highest supply since H2 2013, but analyst says that after removing long-stay serviced apartments, the increase is only 1 per cent

The government has boosted its land supply for New Launches on the confirmed list of the half-yearly Government Land Sales (GLS) programme for the seventh consecutive time.

The Ministry of National Development (MND) announced on Wednesday (Dec 6) that it will be offering sites that can produce a total of about 5,450 private residential units – including 710 executive condominium (EC) units and 515 long-stay serviced apartments – through the confirmed list in the first half of next year.

“Long-stay serviced apartments... cannot be individually strata titled and sold to meet the homebuying demand from individuals.” Lee Sze Teck of Huttons Asia

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New Launches - This is 5.6 per cent or 290 units more than the 5,160-unit supply for the current second-half 2023 GLS programme. It is also the highest supply on the confirmed list since H2 2013’s 5,960 units.

However, Huttons Asia’s senior director of data analytics Lee Sze Teck said that, without the long-stay serviced apartments from the confirmed-list sites, the rise in the number of private housing units (including EC units) between H2 2023 and H1 2024 is much smaller, at just 50 units or 1 per cent. “We excluded the supply of long-stay serviced apartments as they cannot be individually strata titled and sold to cater to the homebuying demand from individuals.”

According to MND’s figures (including ECs and long-stay serviced apartments), some analysts note that the 5.6 per cent half-on-half rise in the confirmed-list supply is a slowdown from the the 26.2 per cent half-on-half rise in H2 2023.

Eight out of the 10 sites of New Launches on the latest confirmed list are new. These include a private housing site next to Great World MRT station, an EC plot in Jalan Loyang Besar next to Downtown East’s recreational and retail offerings and a first private condo plot in the new Tengah estate.

Adapt from THE BUSINESS TIMES

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