Monday, March 8, 2010

Larger sites to be released in H2 2010: Mah

Singapore government will make available a larger supply and wider variety of sites in the reserve list in the second half of this year, National development minister Mah Bow Tan told Parliament on Monday.

Mr Mah said the move is to give developers more choices.

The H2 2010 Government Land Sale will be announced later.

Mr Mah added that the government will consider releasing a reserve first site for sale immediately if there is more than one party that submits a minimum bid price that is close to the Government’s Reserve Price for the site, within a reasonable period.

Previously, a site is only released for sale if a developer submits a minimum bid that matches or exceeds the Reserve Price.

The government will, also with immediate effect, reduce the deposit required from successful applicants of reserve list sites from 5 per cent to 3 per cent of the minimum bid, subject to a cap of $5 million (US$3.6 million), to reduce the cash flow burden to successful applicants.

Source: Business Times, 8 Mar 2010

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