{"id":1636,"date":"2018-12-07T06:06:35","date_gmt":"2018-12-07T06:06:35","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1636"},"modified":"2021-06-04T14:10:56","modified_gmt":"2021-06-04T07:10:56","slug":"singapore-cuts-supply-of-private-housing-in-2019","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/singapore-cuts-supply-of-private-housing-in-2019\/","title":{"rendered":"Singapore cuts supply of private housing in 2019"},"content":{"rendered":"<p><strong>Release of 14 sites to yield 6,500 private homes, the lowest number since 2007<\/strong><\/p>\n<figure id=\"attachment_1637\" aria-describedby=\"caption-attachment-1637\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1637\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/Singapore-cuts-supply-of-private-housing-in-2019.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Singapore-cuts-supply-of-private-housing-in-2019.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Singapore-cuts-supply-of-private-housing-in-2019-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Singapore-cuts-supply-of-private-housing-in-2019-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1637\" class=\"wp-caption-text\">The imposing Marina Bay Sands and Gardens by the Bay dominate the Singapore skyline. anek.soowannaphoom\/Shutterstock<\/figcaption><\/figure>\n<p>Due to moderating demand and a glut of incoming homes in the city-state, Singapore\u2019s Urban Redevelopment Authority (URA) has decided to lower the supply of private residential units in the first half of 2019.<\/p>\n<p>Fourteen sites will be released under the Government Land Sales (GLS) programme for the next six months. \u201cTogether with the supply in the pipeline, this will sufficiently cater to the housing needs of our population,\u201d the URA said in a statement.<\/p>\n<p>The release comprises five Confirmed List sites and nine Reserve List sites, which can yield about 6,475 private residential units; 86,000 square metres in\u00a0gross floor area (GFA) of commercial space; and 1,115 hotel rooms. The number of private homes to be released is the\u00a0<a href=\"https:\/\/www.straitstimes.com\/business\/private-housing-supply-to-be-cut\" target=\"_blank\" rel=\"noopener noreferrer\">lowest since the first six months of 2007<\/a>\u00a0when only 5,475 units were offered.<\/p>\n<p>Singapore currently has 45,000 private housing units in the pipeline, including 31,000 unsold units from GLS and en-bloc sale sites with planning approval, the URA noted. These do not include the estimated 28,000 existing private homes\u00a0that remain vacant around the city-state.<\/p>\n<p>Moreover, overall transaction volumes have\u00a0declined and\u00a0developers\u2019 demand for land has\u00a0moderated since the implementation of cooling measures in July.<\/p>\n<p>\u201cGiven these factors, the Government has decided to moderate the total supply of private residential units for the 1H2019 GLS Programme,\u201d the URA stated.<\/p>\n<p>Authorities will continue to monitor the property market closely and adjust the supply from future GLS Programmes, \u201cas necessary,\u201d the statement read.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Release of 14 sites to yield 6,500 private homes, the lowest number since 2007<\/p>\n","protected":false},"author":2,"featured_media":19870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Singapore cuts supply of private housing in 2019 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/singapore-cuts-supply-of-private-housing-in-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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