GLS Programme to yield 2,530 new private homes and 490 EC units in 1H15

Despite a glut in unsold units.

Of the potential supply in 2015, only 42,218 units (56.1%) have already been sold.

In its latest announcement, the government placed six sites in the confirmed list for the 1H/2015 Government Land Sale Programme. These are residential sites located across all regions, and will yield an estimated 2,530 new private homes and 490 EC units.

According to a report by Savills, at the end of 2014, 32,970 units, out of the total number of new private residential units launched for sale, remain unsold.

Notwithstanding this, new projects will continue to enter the market. Most of the units expected to be launched in 2015 will be located in the OCR, with the largest project, Kingsford Waterbay (1,165 units), located at Upper Serangoon View.

In early January 2015, 50 units at Marine Blue were released for sale. Savills comments that response was relatively good, with 31 units sold over a single preview weekend, at an average price of between S$1,800 and S$2,000 per sq ft.