The Government will release four sites on the Confirmed List and 11 sites on the Reserved List under the 2H2016 government property sales (GLS) programme.
The entire supply of 7,550 housing units for 2H2016 GLS programme is about 1.8% higher than the 7,420 units in 1H2016. Desmond Sim, head of CBRE Research reckons that it will provide a level playing field for the market to absorb unsold stock, too as for developers to develop their property bank, and supply is sufficient to support developers’ hunger for land.
Three of the four sites on the Confirmed List are for private residential development and they’re situated at West Coast Vale; Perumal Road off Serangoon Road; and Fernvale Road in Sengkang, off West Coast Road. The fourth is a mixed-use commercial-cum-residential development site at Upper Serangoon Road next to Woodleigh MRT station in Bidadari. The mixed-use website at Bidadari is expected to see “a healthy number of bids” as it’s located next to the MRT station, and it’s found within a precinct earmarked as a fresh public and private housing estate, says CBRE’s Sim.
The four websites on the Confirmed List can give about 2,170 private residential units and 166,840 sq ft GFA of commercial space. That is higher in comparison with the total supply of 1,560 units (including 640 ECs) and 118,400 sq ft of commercial space in the Confirmed List for 1H2016.
Nine of the 11 sites on the Allowed List are carried over from 1H2016 GLS programme. The two new websites on the Reserved List are designated for private residential development, and are found at Serangoon North Ave 1 (estimated 825 units) and Toh Tuck Road (325 units).
URA have set a sharper focus on sites with powerful traits and has taken into account the present imbalance in supply and demand for retail space, says CBRE’s Sim. The retail space at Holland Village for the mixed-use site and the commercial site at Beach Road has thus been reduced, notes Sim.