1. The Ministry of National Development (MND) announced today that it will introduce 19 Confirmed List sites and 24 Reserve List sites under its second half 2011 (2H2011) GLS programme. These sites can collectively provide a potential yield of about 14,200 private residential units (including 2,300 Executive Condominium [EC] units), 268,000 sqm GFA of commercial space and 3,700 hotel rooms. (Please see details in Appendix 1.)
2. In particular, in response to the strong demand from home purchasers and developers, MND will inject 17 private residential sites into the 2H2011 GLS Confirmed List. They can yield a supply of about 8,100 residential units, comparable to the supply from the Confirmed List in 1H2011 GLS programme. Most of the private residential sites, including 4 EC sites, are located in the Outside Central Region or in locations in the Rest of Central Region where more affordable private housing is expected to be built.
Supply of Private Residential Sites
3. The 2H2011 GLS Programme will have a total of 30 sites for residential development, including 4 EC sites and 1 commercial & residential site, which can generate about 14,200 private residential units (including 2,300 EC units). (Details on the sites are given in Appendix 1 and status of the 1H2011 GLS Programme is given in Appendix 2.)
4. The 17 sites on the Confirmed List comprise 16 residential sites (including 2 EC sites) and 1 commercial & residential site. In addition, the Reserve List in 2H2011 will have 13 sites which can yield about 6,100 residential units (including about 1,200 EC units). The 2H2011 Reserve List supply is comparable to the supply made available on the Reserve List in 1H2011.
Supply of Commercial Sites
5. To ensure a steady supply of office space to support the growth of the financial and business services sector, MND will release the commercial site at Sims Avenue / Tanjong Katong Road for sale on the Confirmed List of the 2H2011 GLS Programme.
6. To keep up with the development momentum to transform Paya Lebar Central1 into a vibrant commercial hub to complement the CBD, the Sims Avenue / Tanjong Katong Road site will be transferred to the Confirmed List for sale in July 2011. The site will be sold with minimum office and hotel quantum requirements.
7. Another commercial site at Sengkang West Avenue / Fernvale Road will be placed on the Confirmed List to provide amenities, such as food and beverage (F&B) outlets and shops, to the residents in the area.
8. A White site at Marina View will be made available on the Reserve List of the 2H2011 GLS Programme. This will provide the opportunity for the market to initiate more office space, in particular prime office space in the CBD, for development, if needed.
9. More supply of commercial space is also expected from the development of the 6 plots of land at Marina Bay and Ophir Road / Rochor Road to be jointly developed by M+S Pte Ltd. These land parcels can potentially yield a combined GFA of about 500,000 sqm, part of which will be for office use to support the further growth of our financial sector.
Supply of Hotel Sites
10. A new hotel site at Rangoon Road / Farrer Park Station Road and a White site with hotel component at Thomson Road / Irrawaddy Road will be added to the Reserve List of the 2H2011 GLS Programme. These new sites will ensure that a wide variety of hotel sites is maintained in the 2H2011 Reserve List for developers to choose from.
11. The site at Rangoon Road is located in close proximity to the historic district of Little India, which is popular with tourists. The hotel component of the White site at Thomson Road will provide hotel accommodations that can complement the existing and upcoming hospitals and medical facilities in the Novena Fringe Centre.
Other Government Supply to be Made Available in the Second Half of 2011
12. Apart from the GLS Programme, the Government also makes available other supply of land and properties through its various agencies to meet economic or development objectives.
13. The various Government agencies plan to initiate about 35,000 sqm GFA of commercial space outside the GLS Programme in 2H2011. This includess:
- Leasing of vacant state properties for commercial, including office, uses (about 25,000 sqm GFA); and
- Localised retail facilities at Sentosa, parks, MRT stations and community centres.
Supply in the Pipeline Expected to be Completed in Next Few Years
14. Potential residential property purchasers should bear in mind the strong supply in the pipeline when making their purchasing decisions. As at first quarter 2011 (1Q2011), there were 68,890 private residential units in the pipeline2, comprising supply from projects that were already under construction and those that had been granted planning approval but were not under construction yet. 34,270 of these were still unsold3. If we add the potential supply from recently sold GLS sites and sites from the Confirmed List of the 2H2011 GLS Programme, the total supply of units available for sale may be as high as 53,000 units. In addition to the supply of private residential units, there were also 4,220 EC units in the pipeline as at 1Q2011
15. For the office sector, as at 1Q2011, there was a total supply of about 994,000 sqm GFA of office space from various Government and private land sources in the pipeline. Of these, about 705,000 sqm GFA of office space is expected to be completed between second quarter 2011 (2Q2011) and 2013. Apart from office space, there was a pipeline supply of about 394,200 sqm GFA of Business Park (BP) space as at 1Q2011, of which 258,400 sqm GFA is expected to be completed between the 2Q2011 and 2013.
16. For the shop and hotel sectors, as at 1Q2011, there was a total supply of about 373,000 sqm GFA of shop space and 11,190 hotel rooms in the pipeline, most of which are expected to be completed between the 2Q2011 and 2013.
17. A summary of the estimated pipeline supply of private residential units, office space, shop space and hotel rooms as at 1Q2011 can be found in Appendix 3.
. . . . .
1 The first sale site in at Paya Lebar Road/Eunos Road 8 was launched for tender on 27 January 2011 for commercial use and was successfully sold to the highest tenderer on 27 April 2011.
2 Of the 68,890 private residential units in the pipeline, 20,120 units will be in Core Central Region, 19,240 units in Rest of Central Region and 29,530 units in Outside Central Region
3There is an additional 4,220 EC units in the pipeline, of which 2,580 units were still unsold as at 1Q2011.
More details on http://app.mnd.gov.sg/