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SINGAPORE: The Ministry of National Development (MND) said it would inject 15 new sites in the government land sales programme in the second half of this year, in response to the robust growth of the economy and the increase in demand for various types of properties.
These sites will comprise eight residential sites, two commercial sites, four hotel sites and a white site.
Twenty-six unsold sites from the first half of this year's land sales programme will also be carried over, bringing the total number of sites available to 41.
The ministry said these sites could potentially yield about 8,000 private residential units, 6,500 hotel rooms and 354,000 square metres of commercial space.
This is among the largest amount of space in ten years.
But property analysts said there is no danger of a glut.
Nicholas Mak, Consultancy & Research Director, Knight Frank, said: "Currently, there is a supply crunch, both in the number of completed residential units and also in completed office space. This is more of a mid-term planning. It's going to give developers many more choice sites for them to consider. And it's going to give more variety of housing that will come onto the market in a couple of years' time, which means there will be more consumer choices."
Analysts said most of the attention will be centred on a new white site in the up-and-coming New Downtown around the Marina Bay, which can produce 565 hotel rooms and 85,000 square metres of office space.
Mr Mak said: "It's likely to attract the attention of quite a few commercial developers because of its location. It is very near to the existing downtown commercial area and very near to the New Downtown. And when it's going to be sold and developed, it's going to be right after the BFC (business and financial centre) is completed, and it will cater to the expected demand that is going to continue into 2010."
The government will also release a site for an executive condominium in Punggol – the first time it is providing such a site since 2004.
- CNA/so
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