Wednesday, October 12, 2011

More downward pressure on mass-market home prices?

Supply of land for residential homes is not likely to let up in the short-term.

The government said it will release more land and calibrate measures to ensure property prices are in line with economic growth.

The price of property has become a hot button issue here and is likely to get considerable airing in Parliament next week.

In the addendum to the President's Address in Parliament, National Development Minister Khaw Boon Wan said the government is releasing more land for private housing to meet the aspirations of Singaporeans.

Keeping private property affordable seems to be the message.

This could mean that more sites will be made available for development when the Government Land Sales Programme for the first half of 2012 is announced in November or December.

Judging by the popularity of recent GLS tenders, executive condominium sites could be on top of the list.

Mr Donald Han, vice-chairman of Cushman & Wakefield, said: "By virtue of the fact that there's a huge demand for executive condominium sites... and that the income ceiling for executive condominiums has been raised... I suspect more executive condominium sites will be released by the government for the first half of next year."
Source: Channel News Asia



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