Realty developers in the city-state Singapore have urged the government to provide more affordable land to meet the rising demand of mass- to mid-market projects across the country.
Simon Cheong, the president of Real Estate Developers' Association of Singapore (Redas) said that more supply of land is required for less aggressive bidding. It can increase affordability homes and can attract more buyers.
Demand has been picking up for sites even in far-flung areas, which had witnessed unusual aggressive bidding in recent past. Developers through Redas are in touch with the Urban Redevelopment Authority (URA) for discussing the possibility of releasing more sites under Government Land Sales Program.
Releasing more sites would give more bidding options to the developers, instead of concentrating on a particular pool of land. Adverse market conditions had forced the government to roll back its Land Sales Program which is expected to resume next year, in an attempt to cool property prices and to ensure adequate supply of land for developers.
Mr. Cheong, at the Redas Mid-Autumn Festival celebration at The Fullerton Hotel, said: "We'd like to work with the URA, to see there's a more even spread and adequate sites. Perhaps, in the next confirmed list, we will have sites more spread out across the island."
Dubai News
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