DEVELOPERS are in talks with the Government, seeking an increase in the supply of affordable sites across the island for mass- to mid-market projects.
Real Estate Developers’ Association of Singapore (Redas) president Simon Cheong said yesterday that a good spread of such sites would lead to less aggressive bidding, which would in turn mean greater affordability for home buyers.
Recent bidding for some land, including far-flung sites, has been more aggressive than usual with sites seeing a dozen or more bids from developers amid booming demand.
This tends to drive up the price of the land, which then filters down to higher unit prices when the condo goes on sale.
Redas is in discussions with the Urban Redevelopment Authority (URA) for the release of a wider spread of sites under its Government Land Sales Programme.
This means not just suburban sites near MRT stations, but also those further afield, so that developers have a variety of sites to bid for.
The programme’s confirmed list of sale sites, which was suspended late last year when the market was in the doldrums, will resume next year – a government move to increase the supply of new sites and cool rising prices. Continue reading
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