Govt. to increase private housing supply

The Government has decided to increase the supply of private housing on the Confirmed List, as private housing demand remains resilient, according to the URA.

The Confirmed List supply for 1 H 2023 will add to existing pipeline supply to meet the housing needs of the population. In the next two years, some 33,600 units will be completed compared to 11,500 units completed since 2021, compared to 65,000 units in the total supply of private housing.

URA said these completions will help meet owner-occupier and rental demand in the near term.

Of the sites on the Confirmed List, Champions Way, Media Circle, Marina Gardens Crescent and Jurong Lake District are new.

The Jurong Lake District site, which is expected to launch in June 2023, will cater to market demand for office space and private housing in the medium term, said URA.

The intent is for a single developer to master plan the site and use district-level urban solutions such as a district cooling system that will be integrated into mixed-use development, said URA.

The agency said the new site will be progressively developed over the next five to 10 years and could potentially yield about 1,760 private residential units, 150,000 sq m of office space and 75,000 sq m of gross floor area for retail, hotel or community use.