Responding to the strong private residential demand, the government is further increasing the supply of private homes on the confirmed list to about 5,160 units – including 560 executive condominium (EC) units – in the second half of this year. This is 26.2% higher than the supply of 4,090 private homes (including 700 EC units) in the current, first-half 2023 Government Land Sales (GLS) programme. ECs are a public-private housing hybrid.
The Ministry of National Development (MND) also said that the total confirmed list supply of 9,250 units for full-year 2023 is at the highest level since 2013. This is also nearly 50% higher than the supply in 2022, and around 2.5 times the supply in 2021.
Sites on the reserve list are launched only upon successful application by a developer, or when there is sufficient market interest. On this list, MND will release land for 3,430 private homes (including 855 EC units) in H2 2023, 5.4% lower than the supply of 3,625 private housing units (including 855 EC units) in H1 2023.
The latest increase in land supply may not have an immediate impact on prices, as potential new launches may hit the market only in 2025.
The Orchard Boulevard and Zion Road sites are attractive, given their location and proximity to MRT stations on the Thomson-East Coast Line. The Lorong 1 Toa Payoh site will be appealing too since it has been eight years since the last GLS site for private housing was offered here.
