Government land sales market activity to remain steady in 2024 amidst strong developer interest

Total investment increased 30.2% to $8.2b.

The government land sales (GLS) market is expected to maintain steady activity throughout the year, as investors focus on identifying opportunities that align with their strategies.

According to EDMUND TIE, total investment sales rose 30.2% to $8.2b QoQ in Q3 2024 from $6.3b in Q2 2024.

The residential sector was the largest contributor to sales (40.3%), boosted by strong developer interest in GLS tenders, with the government awarding five sites worth $2.34b.

“However, the Jurong Lake District and Media Circle sites received bids that were assessed to be too low, resulting in those two parcels not being awarded,” EDMUND TIE stated.

In Q3 2024, the Urban Redevelopment Authority (URA) and Housing Development Board (HDB) released two sites amid ongoing economic recovery, with both expected to close and be awarded in Q4 2024.

In the private sector, significant acquisitions highlighted strategic investment trends, EDMUND TIE noted.

Meanwhile, investor interest in land and property remained strong, driven by expectations of Fed rate cuts in September, but some investors stayed cautious, delaying decisions due to persistent negative yield spreads, reflecting mixed market sentiment amid changing economic conditions.

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