Singapore, 25 Jun 2023 The beefing up of private-housing land supply announced this past week signals the Government’s intent to ensure a sustainable property market, while assuring Singaporeans that there is adequate supply to meet housing needs. But the latest land injection is not expected to have an impact on current prices, as potential launches will hit the market only in 2025.
“As underlying demand remains resilient and continues to grow, pushing out new housing supply could mitigate a potential sharper increase in prices when market conditions recover,” said Mr Wong Xian Yang, head of research for Singapore and South-east Asia at Cushman & Wakefield.
Nonetheless, some industry observers question if the supply ramp-up will convince buyers to adopt a watch-and-wait approach and temper price growth.
A 10-minute neighbourhood refers to one that provides basic amenities such as retail, F&B, parks, among other things, within a radius of 10 minutes.
OrangeTee & Tie deputy chief executive Justin Quek sees more joint ventures formed for the Marina Gardens Lane tender exercise because of the sizeable bid quantum.
Similarly, the mega site in Tampines Avenue 11 is likely to draw interest, Mr Lam said, given potential strong Housing Board upgrader demand and the site’s proximity to the future Tampines North MRT station, a hawker centre, bus interchange and community club.
But bids could be restrained for the Plantation Close exec condo site, as there is a neighbouring exec condo GLS parcel that will be launched for tender in November, while two exec condo projects in neighbouring Bukit Batok West Avenues 8 and 5 will likely be launched over the next few months, Mr Lam said.
Mr Quek sees four to seven bidders for this exec condo site, as new unsold supply is tight and exec condos remain popular amid rising new-condo launch prices and the significant price gap between new suburban homes and new exec condos.