Govt adopts more ‘measured’ approach in latest land sales programme, says Mah Bow Tan

The National Development Minister, Mah Bow Tan, said the government decided on a more measured approach in its latest land sales programme, taking into account the country’s medium to long-term needs.

Speaking on the sidelines of a community event, he said the strategy is to ensure that there’s sufficient land set aside for development in the medium term, while at the same time, not forcing supply into the market.

13 new sites have been added, bringing the total number of sites earmarked for sale now to 40. The actual number of confirmed residential sites has also been cut – from eight in the first half to only four in the second half.

Analysts said this suggests a more prudent stance by the government, given the current cautious market environment.

Mr Mah however pointed out that taking both the confirmed and reserved list in total, there is sufficient stock in case demand goes up again.

“Right now, the demand is fairly slow and the market is fairly quiet, reflecting the… uncertainties in the economy. But there may be some demand waiting at the sidelines, we don’t know… If confidence returns fairly quickly, it’s possible for all these reserve sites to be triggered,” said Mr Mah. – CNA /ls

Source : Channel NewsAsia – 21 Jun 2008

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