Govt cuts private housing supply from confirmed land sale sites due to Covid-19 fallout

Government help to stabilize the property market by limiting the government land sales for the second half of the year in view of the current economic uncertainties caused by the covid-19. This will allow developer to gradually move their existing stocks before replenishing their land banks since there are still ample unsold units to cater to current housing demand. Developer will also be given more time to submit their tender. With lower supply in the pipeline, this will indirectly cause property price to increase. Forett at Bukit Timah is the only freehold launch in the Bukit Timah area this year and we would expect strong response from the public.

Source: The Straits Times

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