Fewer government land sites up for sale in the first half of 2014

The Ministry of National Development (MND) said on Wednesday it will sell land in the first half of next year that can yield 11,600 homes. -- ST FILE PHOTO: MARK CHEONG
The Ministry of National Development (MND) said on Wednesday it will sell land in the first half of next year that can yield 11,600 homes. -- ST FILE PHOTO: MARK CHEONG

While no one knows when the US Federal Reserve will start dialing down its bond-buying programme, the tapering off has begun for Singapore's residential land supply.

The Ministry of National Development (MND) said on Wednesday it will sell land in the first half of next year that can yield 11,600 homes.

This is 18 per cent lower than the 14,155 units that had been earmarked for the second half of this year.

The upcoming supply is also significantly lower than the 14,035 units planned for the first half of this year.

The government land sales programme for the first half of 2014 will comprise eight confirmed list sites and 15 reserve list sites. Plots on the confirmed list are put up for sale at a pre-determined date regardless of demand, while land on the reserve list is only put on the market when a minimum acceptable bid is received from a developer.

The 23 sites can yield up to 11,600 private residential units, including 2,800 executive condominium (EC) units, as well as 193,000 square metres of gross floor area (GFA) in commercial space.

The MND said the programme, coupled with projects already in the pipeline, is expected to be adequate to meet the demand for private housing and commercial space over the next few years.

The confirmed list contains seven private residential sites, including four EC sites, and one commercial-cum-residential site.

These sites can yield about 4,600 private residential units, including 2,200 EC units, and 5,000 sqm GFA of commercial space.

The reserve list contains 13 private residential sites, including 1 EC site, one commercial site and one white site at Marina View.

These can yield about 7,000 private residential units, including 600 EC units, and 188,000 sqm GFA of commercial space.

As there is a healthy pipeline supply of 12,700 hotel rooms, the MND has removed a hotel site at Race Course Road which had been made available for sale through the reserve list from May 2011.