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Government ramps up supply of private homes

Government ramps up supply of private homes

The Government has increase the personal housing land supply on the Confirmed List under its Government Land Sales (GLS) Program to 4,090 devices for the first fifty percent of 2023, from 3,505 devices in the 2nd half of 2022. Meanwhile, Priest for National Growth Desmond Lee said the Housing as well as Growth Board (HDB) will elevate the proportion of Build-To-Order (BTO) flats with much shorter waiting times of less than three years over the coming years.

The Government has actually increase the personal housing land supply on the Confirmed Checklist under its GLS Programme to 4,090 devices for the very first half of 2023, from 3,505 systems in the second half of 2022.

Especially, the Confirmed Listing consists of five exclusive residential sites, including one executive condo (EC) website generating 700 units, disclosed by the Urban Redevelopment Authority (URA).

URA stated the supply of personal housing on the Confirmed Listing has been progressively ramped up over the last 2 years to “deal with strong demand from homebuyers”.

Propnex Property Agent included on the Confirmed List are two white sites at Marina Gardens Crescent along with the Jurong Lake District.

“The injection of these sites, as well as the connected room quantum, are well calibrated to avoid a surplus situation,” stated Lam Chern Woon, Edmund Tie’s Head of Research as well as Consulting.

He expects the white websites “to bring in eager bidding process rate of interest, offered the greater freedom to curate brand-new residential and company communities”.

The HDB will increase the proportion of BTO apartments with shorter waiting times of less than three years over the coming years, reported The Straits Times.

Nevertheless, it will take at least 2 years for this to occur given that the Federal government’s top priority currently is to introduce BTO apartments to satisfy urgent need, following severe interruption over the past two years because of the COVID-19 pandemic, said Preacher for National Development Desmond Lee.

“But after we overcome this difficulty, this hump, we aim to turn the equilibrium of supply in the mid to longer term,” he stated.

“That has actually been the trajectory also before COVID-19, to construct even more shorter-waiting-time apartments to match the BTO supply, which would take anywhere from three to five years, depending on place as well as intricacy,” he added.

Also Read: Housing and Development Board Issues $900mil Fixed Rate Notes



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