No New Sites For MND's H1 2009 Govt Land Sales Programme

Source : The Business Times, December 4, 2008

Ministry of National Development (MND) has decided not to add any new sites to the Government Land Sales (GLS) Programme for first half 2009.

The H1 2009 slate - comprising entirely reserve list sites, as previously announced - will have a total of 38 sites. These comprise 37 plots that are being carried over from the H2 2008 reserve list slate and the unsold executive condo site at Punggol Road/Punggol Field which had been tendered under the confirmed list of H2 2008.

The sites that will be available in the H1 2009 GLS Programme can potentially yield some 7,920 private homes, 512,000 sq metres gross floor area (GFA) of commercial space and 5,160 hotel rooms.

'The Government will not add any new sites to the GLS Programme for H1 2009,' MND said.

In formulating its policy, the Ministry took into account the current economic uncertainties and noted that the global economic outlook is likely to remain weak in 2009 and this would have an impact on Singapore's economy, including the property market.

Giving an update on land supply outside the GLS Progamme, MND said there will be a reduced supply of commercial space and no new supply of private residential units from Government agencies. The H1 2009 supply from this source will comprise about 40,000 sq metres GFA of commercial space and 240 hotel rooms.

This is smaller than the land supply for 20 private residential units, 143,000 sq m of commercial space and 240 hotel rooms outside the GLS Programme for H2 2008.