Outright suspension of GLS unlikely: Analysts

The period (from tender launch to tender close) was noticeably longer compared with the pre-pandemic years.

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This timeframe was about 4.5 months for GLS sites launched from 2020 to 2022, versus 2.7 months from 2017 to 2019.

"The policy intent of the extended tender periods was to grant developers more leeway to assess market conditions," Mr Lam said.

Will the Government adopt similar measures with the GLS programme this time?

Analysts believe an outright suspension of the GLS programme is unlikely because the authorities will likely have to continue to prime sites for new homes, due to the need to supply land to meet housing demand.

Furthermore, domestic demand for new non-landed homes continues to be supported for now.

On the private property front, housing supply from the GLS programme will be raised to 8,505 units in the first half of 2025, up from 8,140 units in the second half of 2024.

PropNex chief executive Ismail Gafoor pointed out that the unsold stock of uncompleted private homes, excluding executive condominiums, is much lower now than in previous crises—so there is much less risk of the market crashing because of an oversupply.