Having land not near MRT stations or ‘hotspots’ will lead to lower bids and cheaper homes
DEVELOPERS hope to see the government offer more affordable private residential sites so that they, in turn, can build cheaper homes for buyers.
The Real Estate Developers’ Association of Singapore (Redas) is in ‘ongoing dialogue with the Urban Redevelopment Authority to more efficiently increase affordable land supply’, said president Simon Cheong at a Mid-Autumn Festival celebration yesterday. ‘We believe that there is more than sufficient supply of housing in the pipeline to meet future demands.’
The Government Land Sales Programme offers 99-year leasehold residential sites, and developers have been bidding fiercely for some of them.
Since July, developers have triggered the sale of five sites on the reserve list, of which two – at Dakota Crescent and Serangoon Avenue 3 – are next to MRT stations. The Dakota site attracted 13 bids, and the top bid exceeded the second-highest by more than 5 per cent. The reserve list still has several housing sites which have not been triggered for sale.
Plots near MRT stations or with other good attributes are ‘hotspots’, Mr Cheong told reporters. ‘Perhaps in the next confirmed list, we have sites more spread out across the island for the developers to bid. Land that is not in MRT areas or hotspots probably will have a lower price.’ Continue reading
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