According to URA statistics, there are over 50,000 condos to be completed in the next few years up to year 2013. And with tht latest announcement by Singapore government on releasing more land, (enough to build over 10,000 units of condos), looks like those who rushed into the Property Market recently afraid that they can't get a property will find that their fears are unfounded.

If people have the chance to cool down and think, they would probably think thrice about paying S$1,400 psf for a new condo 1 street from Geylang.

Government Land Sales Programme for Private Residential, Commercial and Hotel Developments for First Half of 2010

The Ministry of National Development (MND) today announced:

a) The Government Land Sales (GLS) Programme for private residential, commercial and hotel developments for the first half of 2010 (1H2010); and

b) The supply of commercial space by Government agencies outside the GLS Programme in the first half of 2010.

Increase in Supply of Private Housing in First Half 2010 to Meet Demand

In view of the strong demand for private housing and improved conditions in the property market, Minister for National Development had announced on 14 September 2009 that the Government would reinstate the Confirmed List and replenish the supply of Reserve List sites in the GLS Programme for 1H2010 to ensure that there is adequate supply of private housing to meet demand.

In line with the earlier announcement, MND will place 8 residential sites, including 2 Executive Condominium (EC) sites, on the Confirmed List of the 1H2010 GLS Programme. The 8 Confirmed List sites comprise 4 new sites and 4 sites carried over from the 2H2009 GLS Programme. These sites can potentially yield about 2,925 residential units, close to the highest potential supply of about 3,000 units from the GLS Confirmed List1 since the Reserve List/Confirmed List system started in 2H2001.

In addition, the Reserve List in 1H2010 will have 16 residential sites including 3 EC sites, and 2 mixed use sites where private residential units can potentially be built2. Of the 18 sites, 6 are new sites and 12 sites will be carried over from the 2H2009 GLS Programme (see details on the status of the sites in the 2H2009 GLS Programme in Appendix 1). In total, these 18 sites can yield about 7,625 private residential units.

The 1H2010 GLS Programme will therefore have a total of 24 residential sites and 2 mixed use sites where private housing can be built. Of the 26 sites, 10 are new sites and 16 sites will be carried over from the 2H2009 Programme. Overall, the 26 sites in 1H2010 (i.e. from both the Confirmed and Reserve Lists) can generate 10,550 private residential units, which is the highest from any half yearly GLS Programme since the Reserve List system started in 2H2001. The details of all the private residential sites in the Confirmed and Reserve Lists of the 1H2010 GLS Programme are given in Appendix 2.

All the 26 sites in the 1H2010 GLS Programme, including the 5 EC sites, are located in the Outside Central Region (OCR) or in locations in the Rest of Central Region (RCR) where more affordable private housing are expected to be built. They will therefore provide additional supply of more affordable private housing.