The Ministry of National Development (MND) has announced that there will be 43 land sites released in the second half of 2011 under the Government Land Sales (GLS) programme.
This would yield approximately 14,200 private residential units (including 2,300 Executive Condominium units).
Of the 43 sites, 19 will be on the confirmed list while 24 will be on the reserve list.
MND said it hoped to put up 8,100 residential units from 17 private residential sites in 2H 2011 to meet the robust demand from home buyers and developers.
“The provision of some 14,200 residential units in the GLS programme for 2H 2011 is to ensure that there will be adequate supply to meet the current levels of demand. Take up rate of new homes between January to April 2011, was a strong 5,300 units,” said Mr. Li Hiaw Ho, Executive Director, CB Richard Ellis (CBRE).
“It is good that only two EC sites are included in the 2H 2011 GLS confirmed list. Currently, developers are holding on to five EC sites – which can potentially yield some 2,800 units and these have not been launched yet.”
The 43 sites can also generate about 268,000 sq m ground floor area of commercial space, with sites in the Marina Bay area, and 3,700 hotel rooms.
“A highly-anticipated Marina Bay parcel is finally being listed under the 2H 2011 GLS Programme albeit on the reserve list. Available after details are announced in October 2011, the 0.78 ha white parcel behind UIC Building, will possibly yield 1.09 million sf (GFA) of commercial space. We expect a predominantly office development to occupy this plot,” Mr. Li said.
He added that “some 3.12 million tourists have visited Singapore in the first three months of 2011, an increase of 15.7 percent over the corresponding period in 2010.”
“With the number of tourist arrivals still climbing upwards, demand for hotel rooms are expected to remain robust in 2011. As such, healthy interest in hotel sites can be expected.”
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