Singapore cuts supply of private housing in 2019
December 10, 2018 - Singapore
The Singapore government has cut the total supply of private residential units for the first-half 2019 Government Land Sales (GLS) programme.
This comes amid a moderation in demand following the latest property market cooling measures announced in July, said the Ministry of National Development (MND) in a statement by the Thursday (6 December).
In the first half of next year (H1 2019), the government plans to release five confirmed list sites and nine reserve list sites through the GLS programme. These sites can yield about 6,475 private residential units, including 910 executive condominium units.
The private housing supply for H1 2019 is about 19.5% less than the 8,040 private residential units announced in the second-half 2018 GLS programme.
The supply of private housing units in the pipeline has grown significantly and currently stands at 45,000 units, the MND said.
This comprises around 31,000 unsold units from GLS and en-bloc sale sites with planning approval, and an additional 14,000 units from sites that are pending planning approval.
In addition, there are around 28,000 existing private housing units that remain vacant.
The statement added that, following the introduction of the property market cooling measures in July, overall transaction volumes have declined while developers’ demand for land has also moderated.
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