Large GLS residential sites may help tame land prices, but also heighten risks for developers

WHEN the second half 2022 Government Land Sales (GLS) programme was unveiled on Jun 7, observers were generally not surprised that the authorities had raised the supply of private housing units (including executive condominium or EC units) from the confirmed-list sites by 26 per cent versus H1.

Developers’ unsold inventory is dwindling, and home prices are rising — making an increase prudent.

What did surprise some observers was the introduction of 2 mega sites: the maiden GLS site in Marina South that can generate nearly 800 private homes, and a commercial and residential site in Tampines Avenue 11 that can yield 1,190 private homes.