What you need to know about the GLS for H1 23

Listed are 4,090 homes including executive condominiums.

Property analysts evaluated some of the notable launches in the government land sales (GLS) for the first half of 2023, which include high supply of homes and increase in office supply.

According to Cushman & Wakefield, over seven confirmed list sites and nine reserve list sites were rolled out. In the confirmed list, 4,090 homes were launched, which is the highest since the first half of 2014.

“This is around 17% or 585 units more than the 3,505 units released from the 2H2022 Confirmed List and the fifth semi-annual increase in private home supply,” said Cushman & Wakefield researchers. 

Despite the highest launches, Cushman & Wakefield said there is a slower increase in housing supply due to economic situation and cooling measures.

“Developer demand has also slowed as development risks have risen amidst higher interest rates and construction costs. This is also reflected in slowing activities in the en bloc market,” he said.

Office supply increases

The GLS programme also saw a “bump up” in the office supply, the largest since 2016, CBRE said. 

A 6.8-hectare white site in the Jurong Lake District will be released for sale to a master developer. Such a site will have three plots of land and will be used for district-level urban solutions.

With a potential yield of “about 150,000 sqm of office space, 1,760 private residential units and 75,000 square metre gross floor area of complementary uses such as retail, hotel or community uses, the proposed integrated development will be progressively developed over the next 5 to 10 years to cater to market demand.”

“This marks the largest GLS office space supply since 2016, and the largest in a decentralised location,” said CBRE.