Government to reduce supply of EC Land
The government is expected to trim down the supply of land intended for private and EC Tampines Ave 11 Condo housing on the confirmed list for H1 2015 Government Land Sales (GLS) programme due to rising vacancies and sluggish sales, according to property experts in media reports. Therefore existing land like Westwood Residences will continue to be in demand.
Chua Yang Liang, JLL’s Research Head for Southeast Asia, said, “The period of supplying sufficient land to meet the pent-up demand arising from the large population growth between 2007 and 2009 is over. Now the state is likely to be looking at maintaining sufficient new supply to meet the long-term housing need, i.e. from new household formation in Westwood Residences”.
Westwood Residences Land Sales
In concurrence, Savills’ Alan Cheong noted “the general undersupply situation has been resolved and thus the GLS Programme may reflect a more sedentary pace in line with demographic trends.”
R’ST Research believes the land to be released under the confirmed list for the second half of next year can yield about 1,900 units and this include Westwood Residences, while JLL projected a higher figure of around 3,700 units.
On the other hand, experts feel that land on …