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More Private Housing Options To Be Available In Suburban Areas
This article was originally on GET.com at: More Private Housing Options To Be Available In Suburban Areas
We’ve recently been talking about en bloc projects in Singapore like Shunfu Ville, Harbour View Gardens, as well as Katong Shopping Centre and how the performance of these collective sales might be impacted by an increase in land supply for developers.
The Government just announced yesterday that a total of 4 Confirmed List sites and 11 Reserve List sites are available in the second half 2016 (2H2016) Government Land Sales (GLS) Programme. This makes up a total of 7,545 residential units comprising 2,170 units in confirmed sites and 5,375 units in reserved sites. Compared to the first half 2016 (1H2016), which had a total of 7,415 units available, there is a slight increase in land supply this time round.
This increase in supply is said to be in line with market demands. According to a blogpost by Minister for National Development Lawrence Wong, the latest land quantum takes into consideration a decline in the number of remaining unsold private homes and a pick-up in new private home sales over the past year. The location of the new sites are also focused on suburban areas to cater to the preferences of first-timer homebuyers and upgraders.
2 of the confirmed list sites are located in areas outside the Central Region. The two sites, Fernvale Road in Serangoon and West Coast Vale in Clementi, are set to yield 1,145 new units in total.
The other 2 confirmed list sites are Perumal Road and Upper Serangoon Road, with the latter being a mixed development comprising residential and commercial units.
For those of us who want to buy a property, this could simply mean that there will be more options for you, especially if you're looking to settle down with your family in a suburban area. The greater supply of private homes in the suburban area could render more affordable prices for these new homes, and potentially bring greater value for existing housing estates in these areas as they become more developed over time.
Keen To Find A Property?
If you’re looking to buy a property, then perhaps now might be a good time to look into planning your finances to see if you can afford that $1.5 million condo.
Have you been looking for a home loan? It pays to use a home loan comparison site like GET.com to help you compare DBS home loans, UOB home loans or OCBC home loans, amongst a total of 14 financial institutions in Singapore in just seconds.
Or if you have to refinance your home loan, then you should check out these 4 things you can consider when you’re comparing home loans to help you make an informed decision.
What do you think? Share your comments with us below!
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