Friday, June 20, 2008

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Government Land Sales GLS Programme 2008 Second Half

Some 7,960 private residential units to be built in second half of 2008
The government will release enough land to build about 7,960 private residential units in the second half of this year. ...
Under the latest programme, two new sites will transform the Jurong Lake District and Kallang Riverside into a destination for work, life and play. And as part of the government's drive to open new growth areas, a new white site at Jurong East St 13 has been set aside to kickstart the development of a commercial hub at Jurong Gateway.
..... 40 sites in total for sale in the second half. These comprise 21 residential sites that can yield about 7,960 private residential units, six commercial sites which make up 400,000 square metres gross floor area, 11 hotel sites that can produce 5,750 hotel rooms and two white sites.
- CNA, 19 June 2008

More sites up for sale
..... With the property market showing signs of slowing, the Government’s land sales programme is generally more moderate than last year, when home prices hit new highs. . This is partly because of concerns over a possible looming rush of new supply. As many as 56,500 homes and 11.8 million square feet of office space will be finished by 2011, according to fresh MND data released yesterday. ..
Said :research head at Chesterton International, Mr Colin Tan: “The Government has already moderated its supply, but it probably feels that a little oversupply is good for the market, especially if you need to bring rents down to a more competitive level for the good of Singapore.”
-Today, Friday, June 20, 2008

Govt to offer 13 new land sites in second half
‘The total supply has been assessed to be sufficient to meet the demand for the various types of properties over the medium term,’ said the URA statement. Home prices and office rents in Singapore are cooling after rising to records last year, as a global credit squeeze damped economic growth this year.
Straits Times - 19 Jun 2008

Developers get more wriggle room with H2 land sales
Latest slate sees sharp cut in supply from confirmed list, while that from the reserve list is up
Not one reserve list site in H1 has so far drawn a successful application by a developer. In the face of weak home sales, developers held back from applying for reserve sites. Tight financing for property and a construction bottleneck could see them continue to hold back in H2.
Business Times - 20 Jun 2008

Fewer confirmed Govt sites put up for sale
Chesterton International’s head of research and consultancy, Mr Colin Tan, said the Government is forcing developers to be more reasonable with their pricing by pushing out sites on the confirmed list.
‘While the overall numbers do suggest there is a good chance of a glut occurring, there are also pockets of pent-up residential demand, especially among owner-occupiers.'

Straits Times - 20 Jun 2008

Choice GLS sites could still generate interest
While no sites on the reserve list were triggered from the H1 2008 GLS programme, four non-landed sites on the confirmed list were sold, with a further two sites tendered and pending award.
And compared with the eight sites that were awarded from the H2 2007 GLS programme, of which five were from the confirmed list, it would appear that the global economic slowdown has not stopped developers from buying land, as long as the price is right.
Business Times - 20 Jun 2008

May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
Smart Buyers, 10 reasons to wait
Property Price Index Graph Plotter & Online Property Valuation


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