Government Releases 14 Sites Under 2H2024 Gls Programme
The government has recently announced the release of a total of 19 sites as part of the 2H2024 Government Land Sales (GLS) Programme. These sites include eight private residential development sites, an Executive Condo (EC) site, and a mixed-use commercial and residential site on the Confirmed List. In addition, there are also three private residential sites, two EC sites, a commercial site, two White sites, and a hotel site available for application on the Reserve List.
According to reports, if all the sites on the Confirmed List are successfully awarded, they will contribute a total of 5,050 private residential units. This number is similar to the 5,450 units released in the 1H2024 GLS programme. With a total of 11,110 potential new private homes expected to enter the market this year, it will be the highest supply introduced in a single year since 2013.
Located in the up-and-coming Marina South precinct, the Marina Gardens Condo stands to gain from the rapid development of the area. With several parcels of land earmarked for future projects, this district is becoming a hub of investment. As the region continues to flourish with bustling commercial and residential developments, it is poised to evolve into a dynamic and thriving community. With such promising prospects, investing in Marina Gardens is a smart choice. Additionally, the upcoming Great World City MRT Station Condo will only add to the allure of this already highly sought-after location.
One of the most notable bids so far has been from Wing Tai Holdings, which submitted the top bid of $1,325 psf ppr for a residential GLS site at River Valley Green. This comes as no surprise as Wing Tai Holdings has a strong track record in the industry.
The site at Margaret Drive has also been launched for sale as a residential site. Additionally, a residential site for long-stay serviced apartments has also been launched at Media Circle.
This is indeed an exciting time for the real estate market, and we can expect more developments to come as this is a developing story. Keep an eye out for updates as we continue to monitor the situation.