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Singapore land supply for private housing in 1H18 almost steady

Property

Singapore land supply for private housing in 1H18 almost steady

Reuters Published on Wed, Dec 13, 2017 / 3:22 PM GMT+8

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SINGAPORE (Dec 13): Singapore kept the amount of land it plans to sell for private housing almost steady in the first half of 2018 as the government seeks to strike a balance between a potential future glut of residential units and current demand from developers.

The market has been awaiting the Ministry of National Development's (MND) biannual decision on government land sales (GLS) as hungry developers have been aggressively bidding for sites in public auctions and collective sales.

The MND recognised there was strong demand for sites by real estate developers, and a pick-up in transaction volumes. But it said there was large potential supply of around 20,000 units from awarded en-bloc sale and GLS sites that will add to 18,000 unsold units that already have planning approval.