The government has injected 25% more residential units in the Confirmed List in the Government Land Sales Programme for H2 2021, which analysts have seen as a response to a keen appetite for land from developers.
According to Ismail Gafoor, chief executive officer of PropNex the increase in the GLS Confirmed list is timely and much welcomed by developers, as the competition for land has been stiff, with the top bid price of the Ang Mo Kio Avenue 1 and Tengah Garden Walk sites in recent GLS tenders all hitting above market expectations.
Catherine He, Director of Research of Southeast Asia at CBRE agreed, adding that the increase in residential units will help to provide a much-needed boost for developers to shore up their inventory, given that supply from previous GLS sites has been relatively limited. “Developers will be looking towards the reserve list and the enbloc market to replenish their landbanks. Also, the sites on the confirmed and reserve list are mostly mid to large sites, smaller developers looking to acquire smallish sites will have to look towards the enbloc market,” Wong said.
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