More Hotel Land Sites to be Put Up For Sale in Next Few Years

More hotel land sites will be put up for sale over the next few years, according to Minister for National Development Mah Bow Tan.He was speaking to reporters at the launch of the Gardens by the Bay Masterplan Exhibition on Wednesday.The move is in line with the government’s drive to attract 17 million visitors to Singapore by 2015.

National Development Minister Mah Bow Tan said: “We are ramping up sites for sale for hotel rooms fairly sharply over the next few years. There is a fine balance between overdoing it and undersupply.

“When we put more land onto the reserve list, it’s up to the developers to read the market and decide whether or not they want to trigger it, so we don’t run the risk of oversupply. But we also don’t want this (to result in a) shortage of hotel rooms.”

More than half of the new sites which have been placed under the Government’s Land Sales Programme for the second half of this year are set aside for hotel projects.

Source: Channel NewsAsia, 06 September 2006

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