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Second Half 2024 GLS Land Sales

Second Half 2024 Goverment Land Sales (GLS)

Singapore keeps land supply high to manage price growth

The Government Land Sales (GLS) programme in the second half of 2024 is expected to yield a further 5,000 units, bringing the total number of units in 2024 to 11,110, one of the highest figures since 2013.

The supply driven policies serve to provide developers with enticing sites to choose from in the midst of a more cautious bidding environment. This is a good opportunity for developers to replenish their land bank without having to aggressively bid up land prices. 

The government has continued to release ample residential supply in the 2nd half 2024 government land sales (“GLS”) programme with a total of 10 sites available for developers to tender, yielding a total of 5,050 residential units (including one 560-unit executive condominium site) on the confirmed list. On the reserve list, nine sites with a potential 3,090 units, 99,350 sqm GFA of commercial and 530 hotel rooms are available for developers to bid, subject to meeting a minimum bid price.

It is noted that the government will look to continue releasing more supply and calibrate this to suit prevailing market and economic conditions. 

Developers have also been highly selective in recent land tender exercise, with only a handful of developers turning up to bid for sites.  We note that the upcoming supply are well located across the island, with a number of attractive sites with strong attributes such as , i.e. Chuan grove, Bayshore Road and 2 sites along prime Holland Link (confirmed list) and Holland Plain (reserve list) could spark interest from developers.

Certain residential sites within the reserve list are also attractively located within mature estates across the island which will see good interest, in our view. Overall, it is observed that the Government plans to entice developers to bid for land parcels in order to introduce supply to keep housing prices stable.