THE Government acted ahead of schedule yesterday in following through on its pledge to release plenty of land sites to meet strong demand for mass market homes outside the city centre.
In the first half of next year, at least eight residential sites – and as many as 26 sites – will be offered to developers.
The move is being seen as a bid to allay fears of a shortage of these homes – often bought by HDB upgraders – which may have sent prices surging.
The 26 sites could produce 10,550 private homes – the highest number from any half-yearly government land sales since the second half of 2001, said the Urban Redevelopment Authority (URA).
In an announcement that came a few weeks earlier than usual, the Government said it would put eight residential sites, including two executive condominium (EC) sites, on the confirmed list. This is where sites are put up for sale regardless of developers’ prior expressions of interest.
These sites could boast about 2,925 new homes, close to the boom time 3,000 in the second half of 2007.
‘There’s some anxiety about housing supply, so its better to tell people that there will be adequate supply,’ said URA senior group director of land sales and administration Choy Chan Pong.
‘The private residential market has seen very strong demand in the past eight months, so we want to ensure there is enough supply to meet demand, so that prices can move more in sync with economic fundamentals,’ he said. Continue reading
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