14 December 2012

Singapore Government to Keep Land Sales Steady in 1st Half 2013

SINGAPORE, Dec 14 (Reuters) - Singapore will make available for sale sufficient land to build around 4,000 private homes in the first half of next year, little changed from the second half of 2012, the government said on Friday.

The government is also prepared to release land for around 315,000 square metres of commercial space and 1,740 hotel rooms during the first six months of 2013, the Ministry of National Development said in a statement.

The ministry said most of the residential sites will be located outside the core central part of Singapore "where more affordable private housing is expected to be built". Singapore has stepped up land sales in recent years as part of measures to keep soaring home prices in check.

According to an index compiled by the Urban Redevelopment Authority, Singapore private home prices rose 5.9 percent last year after surging 17.6 percent in 2010. The pace of increase has slowed in recent quarters, with home prices edging up 0.6 percent in July to September from the second quarter of the year although the number of transactions remains high by historical standards.

The ministry said the land available for sale in the first half of next year included 12 private residential sites and one site for a mixed commercial and residential development on a confirmed list. Another 11 residential sites will be placed on a reserve list where the land will be put up for tender only if a developer expresses an interest.

For more information on the government's land sales programme for the first half of 2013, please click on: http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=3974&category=Press%20Release&year=2012&RA1=&RA2=&RA3=

While Singapore government try to curb the property price in Singapore, it does not intend to lower down the selling price of land in Singapore. Rather, it allows bidding among developers to get a piece of land for development in this Island.

I do not foresee a reverse of selling price in Singapore property market, baring any unforeseen circumstance. Let's see what will happen of property market in Singapore next year. I am still waiting for a good opportunity to buy a property in Singapore, be it private / resale HDB.

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