Land supply for private homes raised for first half of 2024

Sites include those for private housing in Bayshore, long-stay serviced apartments

- Grace Leong

Land supply for private housing has been bumped up for the first half of 2024, and will include a pilot site for long-stay serviced apartments in one-north as well as the first private housing site in Bayshore precinct.

In all, the 10 sites on the confirmed list and nine sites on the reserve list of the Government Land Sales (GLS) programme announced on Dec 6 will yield 8,910 private residential units, 107,750 sq m gross floor area (GFA) of commercial space and 530 hotel rooms.

The 10 confirmed list sites which include one executive condominium (EC) site, the third long-stay serviced apartments site, and one commercial and residential site can collectively yield 5,450 private residential units including 710 EC units and 515 longstay serviced apartments, as well as 13,900 sq m GFA of commercial space. This is a rise of 5.6 per cent from 5,160 residential units in the second half of 2023.

The confirmed list supply injection will bring the total pipeline supply of private housing including ECs to about 59,100 units, said the Ministry of National Development (MND).

This comprises 41,900 units with planning approval and 17,200 units from GLS sites and awarded collective sale sites that have not been granted planning approval.

ERA Singapore chief executive Marcus Chu expects a further dilution of bids from developers with 10 confirmed list sites slated for release in the first half of 2024.

"Some developers may have lower appetite for land now, as they have already replenished their land bank in earlier land sales. Excluding ECs, residential sites received an average of 5.2 bids per site in the first half of 2022, and this has moderated to 3.7 bids per site in the second half of 2023," he said.