10 new sites signal intent to keep home prices affordable
THE government yesterday fired a clear signal that it intends to keep private homes affordable by announcing its land sales programme for the first half of 2010 earlier than expected.
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The 10 new residential sites introduced through the confirmed and reserve lists will allow developers to build many more homes – some of these in executive condominiums (ECs). There will also be more plots in less pricey regions.
‘The large number of sites in the confirmed and reserve lists shows how keen the government is to cool the residential property market,’ observed DTZ South-east Asia research head Chua Chor Hoon.
The Ministry of National Development (MND) reinstated the confirmed list with eight residential sites – four are new while the other four are from the H2 2009 government land sales (GLS) programme. Of these eight parcels, three could be launched in January alone.
The government puts up sites on the confirmed list for tender according to scheduled dates. It suspended this list last October as the property market weakened, but recently decided to reinstate it as private home demand and prices surged in the last few months.
The eight parcels on the confirmed list can hold an estimated 2,925 units. This is close to the largest potential supply of 3,014 units from the confirmed list in H2 2007, since the confirmed list and reserve list system began in H2 2001. Continue reading
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