by OrangeTee & Tie Pte Ltd.

Govt steps up supply of private homes, offices for first half of 2023; includes mega Jurong Lake Dis

New Project Launches

SINGAPORE - Land supply for private housing and commercial offices in the first half of 2023 has been bumped up significantly. This includes the upcoming launch of a 6.8ha site in Jurong Lake District to support business needs and decentralise development outside the city centre.

The number of private homes offered on the confirmed list for the first half of 2023 has risen to its highest level since the first half of 2014. However, the pace of growth has moderated in the face of the latest cooling measures and a potential economic slowdown next year. Meanwhile, land supply for offices has seen the biggest increase since 2016.

Seven sites on the confirmed list of the government land sales (GLS) programme announced by the Ministry of National Development on Thursday will yield about 4,090 units. This is a rise of 16.7 per cent from 3,505 units in the second half of 2022.

Among the confirmed list sites are two white sites – intended for a mixed-use residential and commercial development – in Jurong Lake District and Marina Gardens Crescent in Marina South. There is also an executive condominium (EC) site in Tampines near the new Tenet EC in Tampines Street 62 which should meet pent-up demand from HDB upgraders, said Mr Steven Tan, chief executive of OrangeTee & Tie.

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