The 4,630 private homes that can be generated from the confirmed list sites slated for launch by the government in H1 next year is not only down 22.3 per cent from the current H2 2013 slate but is also the lowest half-yearly quantum since H1 2010, when the figure was 2,925 units. Across the board, MND is scaling back the GLS Programme for private housing, commercial and hotel sites for the first six months of 2014 to factor in the large supply pipeline. The move is seen as an attempt to engineer a soft landing. For H1 2014, MND will be launching through the confirmed list eight sites that can generate a total of 4,630 private homes (including 2,165 ECs) against 5,960 units (including 2,785 ECs) in the current slate. In all, there will be seven pure residential sites on the confirmed list in the first half next year, down from 10 currently. “The government is indirectly acquiescing to the fact that if they continue the previous torrid pace of supply for housing, the market will swing from deficit to glut for completed housing stock come 2017,” observed Savills research head Alan Cheong.... Continue Reading