BT Breaking News : Govt announces biggest ever land sale‏

Business Times - 06 Nov 2009


Govt announces biggest ever land sale

By KALPANA RASHIWALA

Singapore's Ministry of National Development on Friday announced its biggest ever land sales programmme for the first half of 2010, following very strong demand for private homes seen in the past eight months.

This will ensure there will be enough supply to meet demand, Urban Redevelopment Authority's senior group director, land sales and administration group, Choy Chan Pong said.

MND will be releasing eight private residential sites under the confirmed list in H1 2010, inclusive of two for executive condos, a hybrid between public and private housing. The eight sites will generate a total of 2,925 homes.

In addition, for the H1 2010 reserve list - where sites are launched for tender only upon successful application by developers - there will be 16 residential sites including three exec condo sites - and two mixed use sites where private homes can potentially be built. Of the 18 sites, six are new and 12 will be carried over from the current half's reserve list. In total these 18 sites can be built into 7,625 homes.

Hence, the total housing supply from the H1 2010 programme is 10,550 units.

The Government has also added two new hotel sites through the reserve list - at Robinson Road and Robertson Quay. The Robinson Road property is currently Ogilvy Centre, which will be sold on either 30- or 60-year leasehold tenure. Its facade has to be conserved as well as part of its interior.

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