The latest Government Land Sales programme, announced yesterday, suggests that the government is taking a more cautionary stance towards the housing market especially in light of the slower market activity since the introduction of the recent financing policy, according to a statement from Jones Lang LaSalle.
The state is releasing a total of 11,585 residential units under the confirmed and reserve list collectively. This is some 18 percent fewer than the 14,155 units seen in the earlier 2H2013 release.
Within the confirmed list, the 4,630 units is the lowest number since 1H2010 – some 36 percent lower than the average of 7,203 units seen in the past three years.
The statement from JLL said that the softening of land supply this year falls in line with the government’s intention to moderate the market, complementing the series of polices released recently.
Among the sites released under the confirmed list, half are executive condominium, supplying some 2,165 of the total 4,630 units available. This further demonstrates the state’s continual effort to close the gap between the public and private housing market.
On the commercial front no major change to the supply is not a surprise given the current market conditions.
Overall, the company said, the 2014 GLS is a modest and more cautionary land supply program we have seen since 2H 2010.