12/6/2018 4:54:09 PM
|written By : Team India Se|
The Singapore government has decided to moderate the supply of land available for private homes under the Government Land Sales (GLS) programme for the first half of 2019, the Ministry of National Development announced on Thursday (December 6).
This follows a drop in demand for private homes since property market cooling measures were introduced in July, the ministry said.
The land sales programme for the first half of the year comprises five Confirmed List sites and nine Reserved List sites. These sites can yield about 6,475 private residential units.
That is down from the 15 sites released, expected to yield 8,040 private homes, in the second half of 2018.
The government decided to moderate supply because the “supply of private housing units in the pipeline has grown significantly and is currently at 45,000 units”, the ministry said. “This comprises around 31,000 unsold units from GLS and en-bloc sale sites with planning approval, and an additional 14,000 units from sites that are pending planning approval. In addition, there are around 28,000 existing private housing units that remain vacant,” it added.