Singapore Boosts Land Supply for Residential Development
The Singapore government has announced an increase in land supply for private housing for the latter half of 2022, unveiling the first available site at Marina South, located at Marina Gardens Lane near Gardens by the Bay.
This site marks the beginning of new developments in the Marina South precinct, as reported by CNA and The Straits Times. The Urban Redevelopment Authority (URA) revealed on 7 June that the number of private homes available under the Government Land Sales (GLS) programme for the second half of the year will increase by 26% to 3,505 units, up from 2,785 units in the first half.
This supply level is the highest since 2014’s second half, which saw 3,915 units released. However, analysts describe the increase as measured, according to The Straits Times. The GLS programme for this period includes 14 sites: six on the confirmed list and eight on the reserve list.
Among the confirmed list sites, three are new: Marina Gardens Lane, Tampines Avenue 11, and Tengah Plantation Loop (EC). The remaining three – Bukit Timah Link, Hillview Rise, and Lentor Gardens – were moved from the previous programme’s reserve list. Analysts believe these sites will likely generate substantial bidding interest, as noted by Catherine He, head of research at Colliers.
Details on the Marina South Site
Marina Gardens Lane, adjacent to Gardens by the Bay, will connect directly to Marina South MRT station. The Marina South precinct spans 45 hectares, overlooking the Marina Reservoir and the Straits of Singapore. It is planned as a mixed-use area featuring residential, retail, office, and hotel facilities, with the potential to accommodate over 10,000 homes.
The specific Marina Gardens Lane site can support 795 residential units, making it a highly attractive option, according to The Straits Times. Developers securing this site would hold a significant first-mover advantage, as it is the first of five residential sites in the area to be released. However, the scale of the site and the projected development costs exceeding S$1 billion may limit interest to a few major developers, said Lee Sze Teck, senior research director at Huttons Asia.
Understanding the GLS Programme
The GLS programme governs the release of state land for private development, announced semi-annually. Sites on the confirmed list are scheduled for sale through tenders, while reserve list sites are made available for application and put up for tender only when a developer proposes an acceptable minimum price.
This process ensures a balance between supply and demand, driving sustainable urban development across Singapore.
