MND changes Government Land Sales programme for greater flexibility

The National Development Ministry has announced changes to the Government Land Sales (GLS) programme for the rest of 2008.

It said that while Singapore’s fundamentals remain sound, the global economic uncertainties have affected the outlook for the country’s economy and property market.

There were three main changes.

Firstly, most of the sites under the confirmed list are being transferred to the reserve list.

This gives flexibility as the government will only release a site for sale if an interested party submits an acceptable minimum price.

Secondly, the confirmed list for the GLS programme for the first half of 2009 will be suspended.

Thirdly, the existing ban on conversion of office space in the central area to other uses will be lifted.

The temporary ban had started in May 2007 to ease the office space crunch.

Source : Channel NewsAsia – 31 Oct 2008

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