Take your pick: 14,100 potential homes for Singaporeans in 2012

Question is - will most of them get sold?

The Ministry of National Development has taken this into consideration, seeing that of the 81,600 units available in the pipeline, about 41,000 units were still unsold as of 3Q11.

The MND announced that the first half 2012 GLS Programme will comprise 14 Confirmed List sites and 27 Reserve List sites. These sites can yield about 14,100 private residential units, including 3,500 Executive Condominium units, 218,000 sqm gross floor area of commercial space and 4,800 hotel rooms.

All 14 Confirmed List sites are for private residential developments, including 5 EC sites. These sites can yield about 7,000 residential units (including 2,900 EC units).

Of the 27 sites in the Reserve List, 15 are residential sites (including 1 EC site), 2 are commercial sites, 2 are white sites and 8 are hotel sites. These sites can yield about 7,100 private residential units, 218,000 sqm GFA of commercial space and 4,800 hotel rooms.

Large Pipeline Supply to Meet Demand
The Government had injected a strong supply of land for new private residential, commercial and hotel developments in the last few GLS Programmes. Together with additional supply from private land sources, there is currently a large pipeline supply of private residential units, commercial space and hotel rooms that is expected to be completed in the next few years.

In planning for the 1H2012 GLS Programme, MND has taken into consideration this strong pipeline supply, as well as other factors, including prevailing market conditions and the policy measure announced today by MND and Ministry of Finance for the private residential market.

Supply of Private Housing
To continue to ensure that there is adequate supply of land for private housing to meet demand from home-buyers, the Government has placed 14 private residential sites on the Confirmed List, which can yield about 7,000 residential units. In deciding on this supply, which is slightly less than the 8,100 units in the second half 2011 Confirmed List, MND has taken into consideration the large supply of 81,600 private residential units (including 5,300 EC units) that are already available in the pipeline as at 3rd Quarter 2011 as well as the possible moderation in investment demand for private housing due to the policy measure announced today. Of the 81,600 units available in the pipeline, about 41,000 units (including 1,900 EC units) were still unsold.

Most of the private residential sites in the 1H2012 GLS Programme, including the 15 sites on the Reserve List, are located in the Outside Central Region or in locations in the Rest of Central Region where more affordable private housing is expected to be built.

Supply of Office Space
The 1H2012 Reserve List will have 2 sites for office development. The first is the white site at Marina View, which is already available in the 2H2011 Reserve List. This site will be carried over to the 1H2012 Reserve List. The commercial site at Sims Avenue / Tanjong Katong Road, which was put up for tender under the 2H2011 Confirmed List but was not awarded, will also be added to the 1H2012 Reserve List.

In addition, there is more supply from projects that are pending approvals such as at Choon Guan Street and the 6 plots of land at Marina Bay and Ophir Road / Rochor Road by M+S Pte Ltd3. Together, these projects are estimated to add another 400,000 to 500,000 sqm GFA of office space. The potential office supply in the 1H2012 Reserve List will provide opportunities for developers to trigger more office supply if there is demand.

Supply of Hotel Rooms
The 1H2102 GLS Programme will include 2 new hotel sites at Jurong Town Hall Road and East Coast Road. Together with the existing sites carried over from the 2H2011 GLS Programme, these 2 new hotel sites on the Reserve List will provide ample opportunities for developers to initiate additional supply of hotel rooms over and above the pipeline supply of about 11,000 hotel rooms as at 3rd Quarter 2011.

Other Government Supply to be Made Available in 1H2012
Apart from the GLS Programme, the Government also makes available other supply of land and properties through its various agencies to meet economic or development objectives.

The various Government agencies plan to initiate about 52,000 sqm GFA of commercial space outside the GLS Programme in 1H2012. This includes:

Leasing of vacant state properties for commercial, including office uses (about 39,000 sqm GFA); and
Localised retail facilities at parks, MRT stations and community centres.