Tuesday, September 23, 2008

SLA Reaps $12.4b In Sales

Source : The Straits Times, Sep 23, 2008

THE property market might not be red-hot at the moment, but the bullrun last year was enough to send sales revenue at the Singapore Land Authority (SLA) shooting to a ten-year high of $12.4 billion.

This was a two-fold increase from the $6.2 billion achieved in the 2006 financial year, and is just shy of the record set in 1997, when sales revenue climbed to $14 billion.

SLA's annual report, released on Tuesday, showed that land sales proceeds from the private sector hit a new record of $10.4 billion, compared to $3.5 billion for 2006, and $6.9 billion in the last property peak in 1997.

Land sales to the public sector dropped slightly to $2 billion, from $2.7 billion collected in 2006.

SLA's 2007 financial year, which ended March 31 this year, was marked by strong demand for office, hostels, international schools and other commercial uses.

To meet this surge in demand, the agency rolled out 78 tenders - an average of one every 4.5 days - an 8 per cent increase from 2006.

SLA's chairman Greg Seow also announced on Tuesday that SLA will focus on a new initiative in the coming year: Establishing a national spatial data infrastructure to support geographic information exchange across government agency networks

'This initiative is significant as it aids in both strategic planning and operations for the appropriate agencies. It will also demonstrate a government-wide approach to problem solving and resource sharing.'

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