Housing supply for 2nd half of 2024 to see big increase as market stabilizes

📆 25/06/2024 13:05:00
📰 IndependentSG

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Bloomberg added that higher interest rates and lower foreign demand are the reason for the cooling property market

SINGAPORE: The Ministry of National Development said in a statement on Tuesday that the Government Land Sales Programme for the second half of 2024 will yield around about 8,140 private residential units, 113,650 sqm gross floor area of commercial space, and 530 hotel rooms.

In addition, the Government will make available a selection of sites on the Reserve List that can yield an additional 3,090 units for developers to initiate for development if they assess that there is demand,” the MND said. Case in point: For the first time in two decades, no bids were placed for a plot of land at Upper Thomson last Wednesday . The site had been designated for 640 residential units, including 100 long-stay serviced apartments.

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