25 Jun 2024
GLS Commentary 2H2024 GLS Programme
Property Insight

Moderation in GLS Supply

The second half of 2024 sees a moderation in the Government Land Sales (GLS) programme after seven consecutive increases since 1H2021. The number of residential units on the confirmed list has been adjusted from 5,450 units in the first half of 2024 to 5,050 units in the second half, marking a 7.3% reduction. This adjustment reflects a strategic response to current market conditions, aiming to balance supply with demand amidst three consecutive quarters of increasing uncompleted unsold private residential units, which grew from 16,929 units in Q4 2023 to 19,936 units in Q1 2024.

Strategic Adjustments

The authorities' decision to moderate the GLS supply is influenced by recent property market cooling measures and a cautious sentiment among developers. This measured approach ensures that the supply of private residential units aligns with the housing requirements of the population without oversaturating the market. Additionally, the reserve list supply has been reduced by 10.7%, from 3,460 units in 1H2024 to 3,090 units in 2H2024. The combined supply from both the confirmed and reserve lists totals 8,140 units, an 8.6% decrease.

Notable Confirmed GLS Sites

Key GLS sites on the confirmed list include:

Chencharu Close: Set in Yishun, this site will contribute to the development of 10,000 new homes by 2040, with at least 80% for public housing. It is expected to be a mixed-use integrated development, enhancing connectivity and providing a comprehensive living environment.

Media Circle (Parcels A and B): Located within the One-north precinct, known for its focus on knowledge-intensive sectors, these sites aim to support the local workforce by providing housing options close to workplaces. This aligns with the area’s role in fostering innovation and economic growth.

Bayshore Road: With the opening of the Bayshore MRT station, this site has transitioned from the reserve list to the confirmed list. It is part of a broader transformation of the Bayshore area, including new Build-To-Order (BTO) flats and enhanced amenities, making it a highly attractive location.

Reserve List Sites

A significant site on the reserve list is an Executive Condominium (EC) at Woodlands Drive 17. This marks the first EC site in Woodlands since the Northwave project in 2016, highlighting a key development for the area.

Market Outlook

The strategic moderation of the GLS supply aligns with current market dynamics, ensuring a balanced supply that meets demand. The real estate market in Singapore is closely tied to various factors, including economic conditions, market fluctuations, and regulatory changes. The authorities' measured approach aims to provide a stable and sustainable housing market, supporting economic stability and growth.

Overall, the 2H2024 GLS Programme reflects a cautious yet strategic response to evolving market conditions, ensuring that the supply of residential units aligns with demand while supporting the ongoing development of key areas in Singapore. This approach underscores the importance of adapting to market trends and maintaining a balanced real estate market.

 Click here for the full report 

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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here

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