Singapore Government will scaling back the land sales for first half of 2014. This is to ease the amount on offer from the second part of 2013 and a move to soften the market.
The Ministry of National Development said a total of eight sites consist of seven residential sites and a mixed-development land parcel which boast 4,600 privates homes and has earmarked another 15 plots of land it will sell if there is sufficient interest. These land parcel are mainly situated away from central region and are placed under GLS programme confirmed lists from January to June 2014. Analysts said that this is the lowest number of units since GLS programme for the first half of 2010.
Transactions in the housing market have slowed this year as the government introduced a series of measures to cool interest in the property sector.
“Supply from the GLS Programme, together with the large supply from projects in the pipeline, is expected to be adequate to meet the demand for private housing and commercial space over the next few years,” the Ministry of National Development said in a statement.
In the third quarter of this year private home prices rose 0.4 percent from the second quarter.
Developers may continued to bid for land sale aggressively due to the limited land parcels offer and many developers need to build up their land banks.
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