2024 private housing supply highest since 2013 with latest 2H2024 Government Land Sales (GLS) Programme

• Sustained supply of 5,050 private residential units to be tendered out in 2H2024, similar to the 5,450 units in 1H2024.

• Total supply of 11,110 private residential units in 2024 (including 610 units from the activated Reserve List site tendered out in May 2024) will be the highest supply introduced in a single year since 2013.

• Good spread of sites island-wide will provide a variety of housing options that cater to different needs and preferences. 

• The Government will continue to release a steady supply of private residential units over the next few years, with supply calibrated to account for prevailing economic and property market conditions.

Reference: 2024 private housing supply highest since 2013 with latest 2H2024 Government Land Sales (GLS) Programme, URA, 25 June 2024

1 The Government today announced the Government Land Sales (GLS) Programme for 2H2024, which comprises ten Confirmed List sites and nine Reserve List sites. Together, these sites can yield about 8,140 private residential units, 113,650 sqm gross floor area (GFA) of commercial space and 530 hotel rooms (see Appendix 1 and Appendix 2).

2 The Confirmed List comprises nine private residential sites (including one EC site) and one commercial & residential site, which can collectively yield about 5,050 private residential units (including 560 EC units) and 14,300 sqm GFA of commercial space. 

3 The Reserve List comprises five private residential sites (including two EC sites), one commercial site, two White sites and one hotel site. These sites can potentially yield an additional 3,090 private residential units (including 730 EC units), 99,350 sqm GFA of commercial space and 530 hotel rooms. 

Supply of private housing

4 The private housing market has shown signs of stabilisation, with price momentum easing¹ with the ramp-up in the GLS programme over the last two years². To continue to cater to housing demand and maintain market stability, the Government will sustain the GLS supply, with 5,050 units to be released via the Confirmed List of the 2H2024 GLS programme, similar to the 5,450 units released in 1H2024.

5 For 2024 as a whole, the total supply of 11,110 units (including 610 units from the activated Reserve List site at Zion Road (Parcel B)) to be released will be the highest since 2013. The supply is from a good mix of sites across different geographical regions that offers a variety of housing options to meet different needs and preferences. In addition, the Government will make available a selection of sites on the Reserve List that can yield an additional 3,090 units for developers to initiate for development if they assess that there is demand.

6 The Government will continue to release a steady supply of private housing in future GLS programmes to cater to demand, with supply calibrated every six months to account for prevailing economic and property market conditions. 

¹  Based on URA’s Property Price Index, the increase in private residential property prices has moderated from 8.6% in 2022 to 6.8% in 2023. The pace of price increase has continued to moderate in 1Q2024, with the 1.4% gain in the quarter smaller than the quarterly average increase of 2.0% in 2022 -2023.
 
²  The Government increased the supply of private housing on the Confirmed List of the GLS programme to 9,250 units in 2023, from 3,605 units in 2021 and 6,290 units in 2022. 

Appendix 1 :
PROPOSED RESIDENTIAL, COMMERCIAL AND HOTEL SITES FOR 2H2024 GLS PROGRAMME

(1) The estimated number of dwelling units (DU) for Executive Condominium and private residential sites takes into account the average unit sizes of recent comparable developments and prevailing Development Control guidelines.
(2) New sites introduced in 2H2024.
(3) Site has a DU cap of 403 residential units.
(4) Site is required to provide a minimum 600 sqm GFA for childcare centre.
(5) A portion of the GFA for the site will be allowed for Serviced Apartments use (estimated 220 SA units). Site has a retail cap of 500 sqm GFA.
(6) Sites have a retail cap of 400 sqm GFA.
(7) Sites are required to provide a minimum 500 sqm GFA for childcare centre.
(8) Site has a DU cap of 242 residential units.
(9) A mixed-use development with integrated community and bus interchange facilities (estimated 8,500 sqm GFA) at GPR of 3.26. Retail cap is 13,000 sqm GFA.
(10) Site has a DU cap of 279 residential units and is required to provide a minimum 500 sqm GFA for childcare centre.
(11) Site is required to provide a minimum office quantum of 8,400 sqm GFA and a minimum 650 sqm GFA for childcare centre.
(12) Site has a retail cap of 6,000 sqm GFA and is required to provide a minimum 500 sqm GFA for childcare centre.
(13) Site has a retail cap of 33,000 sqm GFA and is required to provide a minimum office quantum of 45,000 sqm GFA.
(14) Site has a retail cap of 2,000 sqm GFA.
(15) Refers to estimated date the detailed conditions of sale will be available and applications can be submitted.

Appendix 2 :
Status of the GLS Programme for the first half of 2024 (1H2024)
(as of 25 June 2024)

1. The 1H2024 GLS Programme comprises nineteen sites, of which ten are on the Confirmed List and nine are on the Reserve List.
   
   
2. To date, nine of the Confirmed List sites have been launched for tender and the remaining Confirmed List site at Tampines Street 94 will be launched in the later part of June 2024.
   
   
3. The Reserve List site at Zion Road (Parcel B) has been successfully activated. The public tender for the site was launched on 13 May 2024 and will be closing on 18 July 2024.
   
   
4. As a result, a total of five residential sites, one commercial site, one White site and one hotel site remain on the 1H2024 Reserve List and will be carried over to the second half of 2024 (2H2024) GLS Programme