GLS supply continues to taper in 1H2016
By Esther Hoon
/ The Edge Property |
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The government has unveiled four land parcels in the Confirmed List and 12 land parcels in the Reserve List for 1H2016 Government Land Sales (GLS) Programme. These sites could potentially yield 7,420 private homes (including 1,460 Executive Condominium (EC) units) and 272,600 sqm gross floor area (GFA) of commercial space, a decline from 7,825 private homes (including 1,340 EC units) and 277,580 sqm GFA commercial space offered in 2H2015 GlS Programme.
Of the four land parcels in the confirmed list, three are private residential sites of which one is slated for EC development, and the remaining a mixed commercial & residential site. 1,560 private homes (including 640 EC units) and 11,000 sqm gross floor area (GFA) of commercial space could potentially be yielded from these land parcels. Strong interest from established industrial player is expected for the rare residential site at Martin Place in the Core Central Region (CCR), says Desmond Sim, CBRE head of research. "The last time a site in this area was sold through the GLS programme was in 2011, along Robertson Quay", notes Sim.
Separately, the Reserved List comprises of eight private residential sites (including 1 EC site), a mix commercial & residential site, two commercial sites and a white site which could potentially yield 5,860 private homes (including 820 EC units) and 261,600 sqm GFA of commercial space, mostly for office use.
With the market effectively competing for three private residential sites, EC sites excluded, Sim expects developers to trigger sites from reserve list to replenish their land bank. However, the overall winning margin is expected to narrow for all tenders. According to Cushman & Wakefield, vacancy rate for the private housing segment could potentially exceed 10% next year.
Housing supply (includes EC units) from GLS Programme
1H15 | 2H15 | 1H16 | |
|---|---|---|---|
Confirmed List | 3,020 | 2,130 | 1,560 |
Reserved List | 5,745 | 5,695 | 5,860 |
Total | 8,765 | 7,825 | 7,420 |
Source: URA, The Edge Property
1H2016 GLS Programme Confirmed List
S/N | Location | Site Area (ha) | Proposed GPR | Estimated No. of Housing Units (1) | Estimated Commercial Space (sqm) (1) | Estimated Launch Date |
|---|---|---|---|---|---|---|
Residential Sites | ||||||
1 | ||||||
2 | ||||||
3 | ||||||
Commercial & Residential Sites | ||||||
4 | ||||||
Source: URA
1H2016 GLS Programme Reserve List
S/N | Location | Site Area (ha) | Proposed GPR | Estimated No. of Housing Units (1) | Estimated Commercial Space (sqm) (1) |
|---|---|---|---|---|---|
Residential Sites | |||||
1 | |||||
2 | |||||
3 | |||||
4 | |||||
5 | |||||
6 | |||||
7 | |||||
8 | |||||
Commercial & Residential Sites | |||||
9 | |||||
Commercial Sites | |||||
10 | |||||
11 | |||||
White Sites (5) | |||||
12 | |||||
Total (Reserve List) |
Source: URA
(1) The actual number of housing units, hotel rooms and commercial space could be different from the estimated quantum depending on the actual plans of the developers in terms of mix of uses and the size of the housing units and hotel rooms.
(2) The estimated number of residential units and/or commercial space have been updated to reflect latest changes in site area.
(3) New sites introduced in 1H2016.
(4) Refers to the estimated date the detailed conditions of sale will be available and applications can be submitted.
(5) In general, White sites can be developed for commercial, residential or hotel developments, or a mix of such uses. The use quantum in this table is just an estimate based on possible mix of uses allowed within the sites.
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