Singapore to Slow Sale of Residential Land Sites as Demand Cools

(Bloomberg) -- Singapore will slow the government sale of residential land sites in the first half of 2019 because supply has spiked and demand has cooled after the imposition of further property curbs.

The government will release 11 residential plots in the first half of next year, the Urban Redevelopment Authority said in a statement Thursday. The sites can yield about 6,475 apartments, which is 19 percent lower than the amount available in land sales in the second half of this year.

The pipeline of private housing in development has grown to about 45,000 units, and there is a further 28,000 apartments sitting vacant, the Authority said.

The government also reduced the supply of land for office projects. It released sites that can yield about 86,000 square meters of office space, 31 percent less than was made available in the second half of 2018.

It increased the supply of hotel rooms by releasing land that can yield about 1,115 rooms compared to 930 in the current half.

To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Peter Vercoe

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