Singapore trims private housing land supply on confirmed list

Three sites on confirmed list

- Grace Leong

Private housing supply on the confirmed list of the Government Land Sales (GLS) programme for the next six months will fall by 6.1 per cent to 4,725 units, a move that analysts attribute to the uncertain economic climate.

But supply on the reserve list will increase, said the Ministry of National Development on June 13. Reserve list sites are launched for sale when a developer offers a minimum price that the Government accepts, or when there is enough market interest.

Ms Tricia Song, CBRE's head of research for Singapore and South-east Asia, noted that raising the reserve list supply "is an appropriate response that takes into account slower home sales since April, and still-rising prices amid a tentative macroeconomic climate".

"Developers' bids in recent land tenders have also been measured," she added.

Mr Nicholas Mak, chief research officer at Mogul.sg, said the latest dip in the confirmed list supply may be in response to growing economic headwinds and labour market uncertainty.

Huttons Asia senior director of data analytics Lee Sze Teck noted that although the supply fell 6.1 per cent to 4,725 units—down from 5,030 in the first half of the year—this is still much higher than the land supply from 2015 to 2023.

A total of 22 sites under the GLS programme were announced on June 13. The 10 sites on the confirmed list and 12 on the reserve list will yield about 9,200 private residential units, up from 8,505 in the first half of the year.