Singapore, 21 Jun 2023 SINGAPORE – Land supply for private housing has been further beefed up for the second half of 2023, taking the total confirmed supply for the year to its highest in a decade.
In all, the eight sites on the confirmed list of the Government Land Sales (GLS) programme announced on Wednesday will yield about 5,160 private residential units, including 560 executive condominium (EC) units, and 4,900 sq m gross floor area (GFA) of commercial space.
Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said that despite the latest cooling measures crimping demand from foreigners for prime district property, the Orchard Boulevard site is deemed a “trophy” due to its rarity.
“There has not been a GLS released for sale in this area in the past five years. The last GLS site released was in Cuscaden Road – now Cuscaden Reserve. That site attracted nine bidders then and the winning bid was $2,377.2 per sq ft per plot ratio (psf ppr) in May 2018. Moreover, few new developments in the Orchard area are directly linked to an MRT station,” she added.