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  • CBRE comments on 1H2020 GLS program

CBRE comments on 1H2020 GLS program

December 3, 2019
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Mr Desmond Sim, Head of Research, Southeast Asia, CBRE:

Measured supply in light of measured demand

The latest Government Land Sales Program for 1H 2020 maintains status quo with just three sites listed on the Confirmed list, with the bulk of sites listed on the Reserve list. It is also in line with market sentiments, where developers have become more cautious in land bidding activity. At the same time, it was highlighted that a pipeline of 39,000 residential units beckons. The holdback of supply on the Confirmed list would allow developers to focus on clearing their existing inventory while those who are keen to acquire land can look to the Reserve list as a viable option.

Residential

There are 6,490 residential units proposed for GLS 1H 2020, which is around the same number (6,430 units) released for 2H 2019. More residential units (4,715) were proposed in the Reserve list as compared to only 1,775 proposed residential units on the Confirmed list.

All three sites on the Confirmed list are new sites, with an EC site and two of the sites comprising commercial components. On the Reserve list, all four residential sites were from the 2H 2019 Reserve list. The three sites with residential components are located outside the CBD, which means that any residential developments in the CBD would likely arise from the implementation of the CBD incentive scheme.

Mixed-use

Of interest is the Jalan Anak Bukit site comprising 22,000 sqm of commercial space, with a retail cap of 7,500 sqm. The development will help to spruce up the Beauty World precinct, where there is a lack of office space and retail stock is predominantly aged. Furthermore, the injection of 865 residential units will rejuvenate the mature precinct. This project kickstarts the urban transformation of the Beauty World area as there will be more land parcels released in the area as reflected in the URA Master Plan 2019. The 7,500 sqm designated for retail will support the residential catchment, and is in line with URA’s plan to enhance street-level activities and add vibrancy to the area. A stipulated tender condition for this site is the inclusion of a bus interchange which will create a transport hub in the Beauty World area.

Overall, there are no major surprises in the 1H 2020 GLS Programme; it is measured supply introduced against a backdrop of measured demand. Mixed developments continue to be a big feature of URA’s plans. The availability of sites on the Reserve list will ensure flexibility in land supply, as well as development autonomy in growth areas such as the Kampong Bugis district in accordance with the URA Master Plan 2019.


END


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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.

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