Singapore maintains caution in new GLS announcement

Supply of private residential units moderated due to economic uncertainties.

The Urban Redevelopment Authority (URA) has announced the Government Land Sales Programme for the first half of 2021 comprising four confirmed list sites and nine reserve list sites that are said to yield 7,045 private residential units, 101,200 sqm gross floor area (GFA) of commercial space, and 1,070 hotel rooms.

According to the URA, it has calibrated the land supply from the H1 2021 GLS programme to take into account the COVID-19 and macroeconomic situation.

“Given the continued uncertainties in economic and labour market conditions, the Government has decided to maintain a moderate supply of private residential units on the confirmed list and will not introduce any new sites for predominantly commercial or hotel use in the 1H2021 GLS Programme,” the URA said.

The confirmed list comprises four private residential sites that include an executive condominium site, which can yield 1,605 private residential units and 9,200 sqm GFA of commercial space.

The reserve list comprises five private residential sites that also include an executive condominium site, three White sites, and one hotel site. These sites can yield about 5,440 private residential units, 92,000 sqm GFA of commercial space, and 1,070 hotel rooms.

“The government will continue to monitor economic and property market conditions closely and adjust the supply of future GLS Programmes, as necessary,” URA said.