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Govt may restart land sales

Posted on 2 Sep 2009 | Comments Off

National Development Minister Mah Bow Tan (left) said: ‘As far as (private home) prices are concerned, we want to make sure the property market do not become overheated.’

THE Government is considering reinstating the ‘confirmed list’ of new sites for sale at its year-end review – a move seen by experts as a measure to cool the buzzing property market.

National Development Minister Mah Bow Tan said on Wednesday: ‘As far as (private home) prices are concerned, we want to make sure the property market do not become overheated, that there is no excessive speculation.’

‘The government is monitoring the market very closely. If there’s any necessity, obviously we will take certain actions. One of the things we are looking at is the Government land sales,’ he told reporters at the launch of the final skybridge at Singapore’s tallest public housing project The Pinnacle@Duxton. It has 1,848 units, of which 111 are unsold.

Bringing back the confirmed list is a ‘a definite possibility’, said Mr Mah.

The Government suspended the confirmed list of sale sites last October when the property market was in the doldrums and Singapore slipped into a recession. Continue reading →

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Posted in Property Market / Real Estate, Property Price

Tagged Pinnacle @ Duxton, Singapore Property Market, Singapore Property Price

Govt may be taking steps to calm down the property market, say analysts

Posted on 2 Sep 2009 | Comments Off

The government could re-introduce land sales through the confirmed list and analysts said this could mean the government is taking steps to cool down the property market.

Last October, recession woes saw the government suspending land sales through the confirmed list.

But now the government said it will consider re-introducing it for the first half of next year.

National Development Minister Mah Bow Tan, said: “Now that the market is coming back, demand is coming back and the take-up is strong. There is every likelihood that we will resume the confirmed list.”

This means land parcels will be tendered according to scheduled dates and this will translate to more residential property launches.

But one analyst said while these changes will ease the market, they will take time to make any impact.

Nicholas Mak, property consultant, said: “This may be the first of actions by the government if they see that the property market shows signs of overheating especially if there is a lot of speculative buying. I think that could prompt the government to take further action.”

Public housing prices have gone up by almost 35 per cent over the last two years and the government said they’re expecting it to increase even further. Continue reading →