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Singapore Property : More land for homes soon, so don’t rush

Posted on 8 Nov 2009 | Comments Off

Private developers will have a variety of sites to choose from by first half of 2010, says Mah

There is no need to rush to buy homes, now that a slew of land parcels will be released to private developers in the first half of next year.

That was the assurance given yesterday by National Development Minister Mah Bow Tan.

Similarly, he assured developers that they will have a variety of sites to choose from, with some up for grabs as early as January.

He was speaking to reporters a day after the Government announced that at least eight residential sites – and as many as 26 – will be offered to developers.

It made the move to allay fears of a shortage of homes in the private property market that may have sent prices surging to levels seen in the previous boom. Five of the 26 sites are for executive condominiums, to cater to the ’sandwiched group’, Mr Mah said.

These are people who do not qualify for new HDB flats because they earn more than the $8,000 monthly income cap, but who may find private property too expensive.

The 26 sites could yield 10,550 private homes, the most from half-yearly government land sales since the second half of 2001. Continue reading →

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Posted in Property Market / Real Estate

Tagged Land Sales, New Homes Supply, Singapore Property, Singapore Property Market

Buffet-table spread of sites for developers

Posted on 7 Nov 2009 | Comments Off

But the jury is out on whether the govt’s release of plots will tame land bids, which have soared wildly at state tenders

THE government is offering developers a platter of residential sites through the confirmed and reserve lists for the next half – including several plots in the vicinities of hot-selling condo launches this year, such as Caspian near Jurong Lake and Alexis near Queenstown MRT Station.

However, the jury is out on how much this will tame land bids, which have soared wildly at recent state tenders.

Four of the eight sites on the confirmed list and at least four reserve list sites are near MRT stations – but there are also many sites not in the vicinity of train stations where more affordable private housing could be built.

A few plots are close to the city while the majority are in typical suburban locations where private condos catering to HDB upgraders are located.

Peter Ow, Knight Frank executive director (residential), said: ‘The government’s main message is that it is taking care of the upgraders’ market. The current release is to tackle and try to moderate prices in the upgraders market which concerns most Singaporeans.’

For new private homes, prices in the mass-market segment have surpassed their 2007 peak levels; whereas for high-end homes, prices have yet to recover to their 2007-highs, he added.

‘Thus, there are no sites in the Core Central Region, which includes the prime districts. The government recognises the fact that not all sectors of the residential market are doing well, especially high-end homes.’ Continue reading →