According to the MND, demand for private housing remains robust, while the number of unsold units is at a historical low. (Photo: Nikki De Guzman)
The Ministry of National Development (MND) on Monday (6 February) said it does not plan to slow down or halt the supply of private housing via the Government Land Sales (GLS) programme.
This is because demand for private housing remains robust, while current inventory for unsold units is at a historical low.
In a written reply to Ang Mo Kio GRC MP Intan Azura Mokhtar’s query on whether the ministry will consider slowing down or halting the sale of land parcels for residential development in view of the sluggish property market, the MND revealed that developers sold around 12,000 units in 2016, up 20 percent from the 10,000 units sold in the year before.
Meanwhile, the number of unsold private homes, including executive condominiums, launched by developers stood at 9,700 units as at end-2016. These include completed and uncompleted units.
“If we include those that have received planning approvals, but have not yet been launched for sale, the figure is about 25,000 dwelling units,” it said.
“This is a historical low since the Urban Redevelopment Authority (URA) started compiling such data in 2001.”
It noted, however, that the URA does not compile data on the number of housing units put up for sale by homeowners.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
