2H2012 GLS: No let-up in sites for new homes...

By The Folks @PropTalk - June 13, 2012 3 Comments
The Singapore government will continue to inject new supply of land for residential development in the second half of the year to meet strong demand for private homes.

In a joint statement, the National Development Ministry and the Urban Redevelopment Authority said the new sites can yield some 14,200 private homes, including 3,100 executive condominium (EC) units.

The Government Land Sales Programme for the second half of the year will comprise 15 Confirmed List sites and 24 Reserve List sites.

Under the Reserve List system, a site will only be put up for tender if the developer's minimum bid price is acceptable to the government.

The two agencies said that 13 of the sites on the Confirmed List are for residential development and can potentially yield 7,100 units, comparable to the supply made available in the first half of the year.

This, to ensure there is adequate supply to meet private housing demand.

Majority of the private residential sites are located in the suburban areas or at the city fringe.

As of first quarter this year, 38,000 units of private homes, including 1,800 EC units are still unsold, according to the statement.
Source: Channel News Asia

With the deluge of new sites that will be offered and backlog of unsold private homes that are already in the pipeline, it be interesting to see how long prices will hold, especially if the EU economies continue to falter...

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3 comments to ''2H2012 GLS: No let-up in sites for new homes..."

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  1. hi sgproptalk, i'm looking for a private unit for own stay and have been to many showflat. but i have not committed yet. everytime after viewing, i will have the urge to buy but after two days, the urge just disappear, lol. i'm concerned of the world economy and i'm afraid to be the last one who bought at a high price and then the market collapse. i have this thought always at the back of my mind. as this is my first property, i'm very mindful of the purchase price. i would like to seek your opinion, if it is a good time to enter the property now? i am in no so hurry to get a place, but would like to own a place of my own someday. Thank you.

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  2. The Folks @PropTalkJune 14, 2012 at 9:52 PM

    Hi vian,

    Firstly, welcome to the brave new world of private apartment purchase!

    We understand perfectly the "urge" you felt after each showflat visit, becos the wife and I still feel the same way sometimes. But it is always wise to take a step back and think things over for a few days, rather than signing on the dotted line at the spur of the moment and risk losing that booking fee. It is not as if you are buying vegetables from the market, although the buying euphoria seen over the past year or two may suggest otherwise.

    Back to your question, and we must pre-warn you that the wife and I have been billed the "doomsayers" many a time: Now is the absolute terrible time to buy into a new project, especially when you are in no hurry to get a place. However, there may still be some relatively decent pickings in the secondary market. You just have to take the time (and patience) to suss them out. Having said that, one major consideration with buying from the secondary market is that you will have to fork out the money sooner than a new project.

    But if we are in your shoes, we will hold on to our cash and wait a couple more months. Fourth quarter sounds like a better time to buy, BUT this is strictly our humble opinion only. :)

    Best of luck on your search!

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  3. thank you for your comments. i have thought of secondary market but they are always priced higher than new projects. so maybe i will need to look harder for the affordable one.
    Having read your comment, i will wait further because so far, i have not particularly like any project, except one by FEO which is a soho unit. I like the soho concept, but FEO priced it so high, so i just push that idea to the back of my mind. lol. thank you for your valuable opinion.

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