By Kevin Lim
SINGAPORE (Jun 29) -- Singapore will sell more land to developers during the second half of 2017, a move that could damp the nascent revival in the residential property market.
Announcing this in a statement on Thursday, the Urban Redevelopment Authority said the government would make land available for up to 8,125 private residential units in the second half, up from 7,465 units in the first half of this year.
Four sites which can yield 2,840 private residential units are on the confirmed list while the reserve list has nine sites that can accommodate 5,285 private residential units.
Sites on the confirmed list will be put up for tender regardless of conditions in the property market, while those on the reserve list will go on sale if a developer indicates a willingness to pay an amount deemed sufficient by Singapore authorities.
There is a need to inject a larger supply of residential sites through the government land sales program to ensure "there is an adequate pipeline supply of new private housing units to meet the needs of our population," URA said in a statement.
"As the demand for new private housing from home buyers continued to rise in the first half of 2017, the number of unsold private housing units in the pipeline has declined," the authority added.
Singapore private home prices have fallen for 14 straight quarters due to government measures to cool the housing market. However, sales volumes have picked up in recent months, leading several analysts to call a bottom.
About 80% of people in Singapore live in government-built Housing and Development Board apartments, leaving private developers to cater to the rest.
- By Kevin Lim; Kevin.Lim@newsrise.org; +65 6331 6250
- Edited by Sumathi Vaidyanathan
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