Property consultants for Botanique at Bartley have noted that there has been a recent cutting back by the Ministry of National Development (MND) in proposed housing units’ total numbers that fall under their GLS Programme (Government Land Sales) for 2015’s first half. This comes amidst a slow moving residential market in Botanique at Bartley and the fact that between the latter half of 2014 into 2018 there is a very significant supply coming up of 78,402 units.
The government has made plans under this most recent exercise to release 6 confirmed list sites and 13 reserve list sites. These will bring in a total of 8,775 units; 7,765 private housing and 1,010 executive condominiums. To be more specific, on the confirmed list are 490 executive condo units and 2,530 private homes. The reserved list has 5,235 private homes and 520 executive condos.
Cutting back Housing Supply increase prices for Botanique Bartley
The International Director of Research and Advisory for Colliers, Chia Siew Chuin has stated that he finds it a surprise that there was a marginal increase in private residential units such as Botanique at Bartley from UOL that were not EC’s on the confirmed list. This brings the amount up from 2014’s 2nd half figure of 2,395 to 2,530 units for 2015’s 1st half. Meanwhile, the reserved list for non-EC units was cut back by about 17% for 2015’s 1st half to 5,235 units.
Chia added that the 8,775 figure of housing units was the lowest of new residential units coming available under the GLS Programme’s half yearly scheme since 2009’s 2nd half, which saw around 8,655 housing units being made available.
Supply of Botanique Bartley
He Head of CBRE Research for Southeast Asia and Singapore, Desmond Sim has stated that this was an expected reduction which would allow unsold inventory for Botanique at Bartley to be absorbed into the market.
Chia has said the despite the muted market for private housing and the lower numbers, there are a few residential sites on the GLS Programme list for the 1st half of 2015 that have appealing attributes that should attract developers to bid for land in Botanique at Bartley.
Botanique Bartley Condo
Such land parcels include a site that runs along Dundee Road and is in close proximity to both the Commonwealth Towers, which launched recently, and the Queenstown MRT station. Another site that is on Sturdee Road also is in close proximity to town and the yet to come Bendemeer MRT station as well as Botanique at Bartley near Bartley MRT Station.