Singapore to Release Development Sites for 5,050 Homes in Second Half of 2024

Singapore on Tuesday announced a second-half confirmed list of the Government Land Sales programme that would bring total supply in 2024 to 11,110 private homes, representing the most supply introduced in a single year since 2013.

The confirmed list comprises nine private residential sites (including one executive condo site) and one commercial-plus-residential site, the Urban Redevelopment Authority said in a release. The plots can yield 5,050 homes (including 560 EC units) — roughly in line with the first half’s 5,450 units — as well as 14,300 square metres (153,924 square feet) of commercial space.

“The supply is from a good mix of sites across different geographical regions that offers a variety of housing options to meet different needs and preferences,” the URA said.

The reserve list, meanwhile, comprises five private residential sites (including two EC sites), one commercial site, two versatile “white” sites and one hotel site, potentially yielding an additional 3,090 private homes (including 730 EC units), 99,350 square metres of commercial space and 530 hotel rooms. These plots can be triggered for sale if a developer submits a bid.

Ample Confirmed Supply

The newly added confirmed-list sites are Faber Walk, Media Circle Parcels A and B, Chuan Grove, Holland Link and Chencharu Close, while the new reserve-list sites are Marina Gardens Lane, Woodlands Drive 17, Holland Plain and River Valley Green (Parcel C).

Plots at Bayshore Road and Chencharu Close, yielding a respective 515 and 875 units, could prove attractive as the first private housing sites offered in their respective housing precincts, local broker PropNex Realty said in a release.

“On the other hand, we think the plot in Holland Link — near the Brizay Park good-class bungalow area — could potentially face some challenges owing to its less accessible location further away from the MRT station, as well as being near a columbarium which may not appeal to some buyers,” said Wong Siew Ying, head of research and content at PropNex.

The Marina Gardens Crescent white site has been moved to the reserve list after the URA rejected a GuocoLand-led consortium’s sole bid for the site in February, deeming it too low. Also added to the reserve list is a new residential plot at Marina Gardens Lane, within walking distance of the future Marina South MRT station.

“Given the ample supply of housing units on the confirmed list, we do not anticipate developers to trigger the reserve list sites for tender launch in the coming months,” Wong said.

Lentor Hills Crowd

Two confirmed-list sites that caught JLL’s attention were Lentor Gardens, the seventh GLS plot to be offered in the Lentor Hills estate, and River Valley Green (Parcel B) next to the recently tendered River Valley Green (Parcel A).

Five projects in Lentor Hills have been launched for sale — Lentor Modern, Lentor Hills Residences, Hillock Green, Lentoria and Lentor Mansion — with 75 percent of their 2,477 units having sold.

“We reckon given the large supply coming onstream, coupled with over 1,000 units unsold inventory in the vicinity, bidders are likely to price these factors with an expected bid price of some S$1,000-S$1,050 ($738-$775)” per square foot of accommodation at Lentor Gardens, said Chua Yang Liang, head of research and consultancy for Southeast Asia at JLL.

The vicinity of River Valley Green has also seen a flurry of activity recently, Chua said, though bidding lethargy may be setting in after Zion Road (Parcel A) received just one offer in January (from CDL and Mitsui) at S$1,202 per square foot with a mandatory serviced-apartment component.