During the second half of 2019, the government decided to report the government’s land sales program to the general public. The program includes about five established list sites and eight quiet, reserved sites. As shown in the report, the sites can produce around 6,430 units made for private homes covering 92,000 square meters and 1,100 houses. The confirmed list has many amenities, including an executive apartment and private residential areas that can accommodate approximately 1715 units.
An offer of 44,000 private housing units is being prepared. That includes approximately 39,000 ready units of GLS and 5,000 units awaiting approval. Also, there are about 24,000 existing private housing units that remain empty. The latest government land sales programme also see many new sites for sale including the core city centre as well as the Orchard area.
On the contrary, demand has continued to decline since the application of cooling measures in the real estate market in July 2018. The volume of change fell significantly for the third consecutive quarter in the first quarter of 2009, while the demand for land from the developers have been relieved similarly.
In light of these factors, the government has chosen to reduce the availability of housing units that can be used for private on the confirmed list of the GLS 2 program. Along with the ongoing amount, supplies for the GLS program to sell government land will adequately take into account the housing needs of our residents.
The government will continue to monitor the real estate market closely and will change the offer of future GLS programs, as is vital. With an excellent location on the ground, the Kampong Bugis site is deliberately located at the mouth of the Kallang River with 1.1 km of water in front.
Imagine that an attractive residential area on the waterfront, which is a light, community-driven, and sustainable car, will be downloaded from the site within the list of government land sales program reservations available to buy from the leading developer. The expectation is that the solitary developer will carry out an utterly complete site strategy and achieve urban responses at the local level for a brighter, greener, and more sustainable housing classification.
With 4,000 private housing units and an additional 50,000 square meters for mutual use, for example, shops, premises, community use, lofts with sports and recreational services and facilities, the completion of the entire Kampung Bugis area is assessed during 9 to 11 years.
Unlike the Kampong Bugis white site, the government land sales program’s reserve list will have another white site on Woodlands Avenue 2 to develop mixed-use. That will continue to strengthen the momentum of the development of the Woodlands Regional Center as an essential business center outside the city, in line with the government’s goal of providing jobs near homes.
Another lodging location on River Valley Road will be added to the Reserve List of the Government Land Sales Program. The development of Future Inn will be integrated with the Fort Canning MRT station and is located within a picnic chapter near Clarke Quay and Fort Canning Park. Together with the current white site at Marina View, which was migrated from the GLS program in the first half of 2009, it will provide enormous opportunities for developers to start supplying more homes beyond the current pipeline.