Singapore will continue to suspend the confirmed list of Government Land Sales (GLS) for another six months, given the poor property market conditions.
The government had suspended the list for the first half of this year in October last year, placing all sale sites on the reserve list.
The National Development Ministry said this will provide flexibility for the market to adjust supply according to the current economic conditions.
The reserve list has 37 remaining sites, including the White site at Outram Road and Eu Tong Sen Street.
The White site, affected by future infrastructure works, will be removed from the Government Land Sales programme with immediate effect.
The remaining 36 sites will be carried forward to the reserve list.
The reserve list also has two new sites – a residential site at Bartley Road, and a commercial & residential site at New Upper Changi Road.
The residential site at Bartley Road is located next to the new Bartley Circle Line Station.
The ministry said placing it on the reserve list will enable early development of the site and increase the ridership catchment for the MRT line.
As for the New Upper Changi Road site, it will form part of the rejuvenation plans for Bedok Town Centre.
The ministry said a new bus interchange will be incorporated into the proposed development.
In addition, the government will reduce the supply of commercial space.
It will not offer any new supply of private residential units and hotel rooms from government agencies for the second half of this year.
The ministry said it has seen an increased take-up of new private residential properties.
The first quarter of this year saw a take-up of 2,552 units of uncompleted private housing, more than six times the take-up in the fourth quarter of last year.
The government said it will monitor the situation closely before reviewing late this year on whether to suspend the confirmed list further.
Source : Channel NewsAsia – 3 Jun 2009