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Govt turns up supply tap to cool property fever

Posted on 7 Nov 2009 | Comments Off

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.

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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Posted in Property Market / Real Estate

Tagged GLS, Government Land Sales Programme, Land Sales, Singapore Property, Singapore Property Market

Govt to offer slew of sites for homes

Posted on 7 Nov 2009 | Comments Off

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 →