Government reduces supply of land for private housing as demand continues to slow

in July last year. Overall transaction volume fell for the third straight quarter in the first quarter on 2019, while developers’ demand for land also moderated.

Additionally, there are about 44,000 private homes in the pipeline. This includes about 39,000 unsold units from GLS and en-bloc sale sites with planning approval and 5,000 from sites pending planning approval.“Given these factors, the Government has decided to reduce the supply of private residential units on the confirmed list for the GLS Programme," MND said.

"Together with the supply in the pipeline, the supply for the 2H2019 GLS programme will sufficiently cater to the housing needs of our population." It added: “The Government will continue to monitor the property market closely and adjust the supply from future GLS programmes, as necessary.”

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Government cuts supply of private homes on confirmed list for second half land-sales programme by 15%This is due to a drop in demand and a large supply of private homes, said MND.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »