Source : The Business Times, December 6, 2007
Singapore's government said on Thursday that it will release 17 new sites under its land programme in the first half of 2008, as the republic tries to improve land supply to control rising property prices.
Housing prices in Singapore have risen to their highest levels in a decade, helped by a strong economy, an influx of foreign buyers and a supply crunch.
The Ministry of National Development said in a statement that the new sites would comprise 12 private residential sites, one commercial site, three hotel sites and one site that could be used for either commercial or residential purposes.
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MND news release
A total of 20 unsold sites would be carried over to the new year from the government's 2007 list, taking the total number of sites to 37, which it said could yield about 8,250 private residential units, 410,000 square metres of gross floor area for commercial space and 5,850 hotel rooms.
'This supply will be sufficient to meet the demand for the various properties over the medium term and support the continued growth of our economy,' the ministry said.
In late October the government announced measures to stop developers from offering delayed payments to home buyers on property purchases in a bid to cool the property sector.
Inflation in Singapore hit a 16-year high in October. -- REUTERS
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