The government is scaling back the supply of land for residential development in the first half of next year, a move that analysts said made sense in light of the softening market and the large supply of homes already being developed. MND said yesterday seven residential sites and one mixed-development land parcel — mainly located away from the central region — have been placed on the confirmed list under GLS programme from Jan to June next year, potentially yielding 4,630 homes. Analysts said this is the lowest number of units since the GLS programme for the first half of 2010. “The softening of land supply next year falls in line with the Government’s intention to moderate the market, complementing the series of polices released recently,” said Dr Chua Yang Liang, Head of Research for SEA and Singapore at JLL. However, Century 21 CEO Ku Swee Yong said developers may continue to be aggressive in bidding for land now that there are fewer land parcels on offer. Besides residential development, the government has also included around 193,000 sqm GFA of commercial space in the latest GLS.... Continue Reading