Singapore to sell sites for 14,000 homes in H1 2013

Tags: Real Estate
Singapore is seeking to sell land to add as many as 14,000 new homes in the first half of 2013 as the government moves to prevent excessive gains in home prices after they reached a record this year.

The government will sell 12 private residential sites in the first half that could yield 6,900 apartments, and may sell a further 19 sites where developers could build 7,100 units, the ministry of national development said in a statement.

“There is a currently a large supply in the pipeline to meet the robust demand for private housing,” the ministry said, The new sites are added “to provide adequate supply to meet demand,” it said.

Singapore home prices reached a record high in the third quarter amid low interest rates, raising concerns of a housing bubble. The property market may get “bubbly” even with slow growth and the government won’t allow prices to outstrip gains in incomes, finance minister Tharman Shanmugaratnam said at a conference in Hong Kong on October 9.

The additional 19 sites will be sold through auctions, which are triggered by bids that meet the government’s minimum price for the properties. As of the third quarter, about 93,800 homes are being built over “the next few years” with 40,000 units still unsold, the ministry said.

Singapore is also selling a hotel site at Havelock Road at the edge of the city’s financial district, the ministry said. Along with unsold hotel sites in the second half of 2012, the properties will offer a pipeline of 12,000 rooms, it said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sex education in schools can help bring do​wn juvenile crime

    Whatever the health minister’s views on banning “vulgar” sex education in schools, given the backdrop of the Bangalore child rape, and the count

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Why cleanliness is a vital human right

I have spent the past few months in India witnessing ...

Parvez Imam

Tourism agenda with a colonial undertone

Tourism is supposed to bring in foreign exchange and provide ...

Dharmendra Khandal

Let the tiger breathe in its natural home

The world has been observing July 29 as International Tiger ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture