Ramp-up in private housing land supply paused for 2nd half of 2024

But more plum plots released, including sites in Bayshore, Yishun's Chencharu estate

- Grace Leong

The ramp-up in private residential land supply was paused for the second half of 2024 amid a slowing market, but analysts noted that a number of plum plots were released, including two of the first private housing sites in Bayshore and the Chencharu estate in Yishun.

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 June 25 will yield 8,140 private residential units, 113,650 sq m gross floor area (GFA) of commercial space and 530 hotel rooms.

The confirmed list sites, which include one executive condominium (EC) site and one commercial and residential site, can collectively yield about 5,050 private residential units including 560 EC units and 14,300 sq m GFA of commercial space.

The confirmed list supply dipped 7.3 per cent or 400 units from 5,450 private residential units in the first half of 2024 – the first drop following seven consecutive increases.

“We believe the pause in ramping up supply is wise, considering the lacklustre response in the recent land tenders and decade-low developer sales,” Ms Tricia Song, CBRE’s head of research for Singapore and South-east Asia, said.

Nonetheless, a total supply of 11,110 private homes, including 610 units from the triggered reserve list site at Zion Road (parcel B) for 2024, will be the highest supply introduced in a single year since 2013.

Mr Lee Sze Teck, senior director of data analytics at Huttons Asia, noted that there are no new sites with long-stay serviced apartments added for the second half 2024 GLS, after a pilot site for 100 long-stay serviced apartments and 540 private home in Upper Thomson Road closed on June 19 with no bids.