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The figures are up from 8,140 in the current six-month period, according to the authorities
December 10, 2024 | Staff Reporter | Singapore | Property Management
The overall private housing supply from Singapore’s Government Land Sales programme will amount to 8,505 homes in the first half of 2025, up from 8,140 in the current six-month period, according to the Ministry of National Development.
The figure includes 5,030 homes (including 980 hybrid public-private executive condo units) from 10 sites to be tendered out via the GLS confirmed list, the ministry said in a release. A further 3,475 homes will be made available via nine sites on the GLS reserve list.
Excluding the executive condo segment, the first-half confirmed list of 4,050 homes translates to 8,100 on an annualised basis, higher than 2023’s developer sales of 6,421 units and not far from the 10-year average in developer sales of 8,853 units during 2014-23, according to real estate agency CBRE.
“This should provide ample future land banking opportunities for developers and satisfy the resilient demand and hopefully stabilise prices,” said Tricia Song, the consultancy’s head of research for Singapore and Southeast Asia.
Hougang Standout
Of the first-half confirmed list sites, CBRE finds the most attractive to be two northeastern parcels: the Hougang Central commercial and residential project and a second Chuan Grove site after an adjoining plot was launched for tender this week. Both sites are expected to be launched in May.
Located in a mature housing estate and integrated with Hougang MRT station, Hougang Central will feature 835 homes and 40,000 square metres (430,556 square feet) of commercial space. The scale of the project means developers could form partnerships or joint ventures to take part in the tender, Song said.
The analyst noted that mixed-use projects near suburban transport nodes at Tampines Street 94 and Tampines Avenue 11 had received good developer response with six and three bids respectively and top bids of S$1,004 ($750) and S$884 per square foot of accommodation.
The second Chuan Grove site, close to Lorong Chuan MRT station, can yield 505 homes. The tender for the first parcel, representing 555 units, will close on 8 July 2025. Developers can merge the two sites, spanning more than 3 hectares (7.4 acres) combined, to build a mega-project on the order of the nearby Chuan Park redevelopment, Song said.
Chuan Park, a joint venture of Kingsford Development and Metallurgy Corporation of China, sold 696 of its 916 units at an average price of S$2,579 per square foot after hitting the market in November.
Reserved List Retreads
There are no new sites on the reserve list, which includes three sites that were not awarded in 2024: Media Circle and the multi-purpose “white sites” at Marina Gardens Crescent and Jurong Lake District.
The Jurong Lake District site — which in September saw the rejection of a sole bid by a consortium of CapitaLand Development, City Developments Ltd, Frasers Property, Mitsubishi Estate and Mitsui Fudosan — remains sizable at 6.47 hectares, only slightly smaller than the 6.8 hectares when originally announced in the first half of 2023, said Knight Frank Singapore research head Leonard Tay. “At this magnitude, only select large developers or partnerships of substantially sized developers will have the wherewithal to trigger the Jurong Lake District parcel,” Tay said.
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