Singapore cuts supply in first-half 2016 land sales programme

SINGAPORE - The Singapore government has cut the amount of land it plans to sell in the first half of next year because property prices remain subdued, Ministry of National Development said in a statement.

Its revised programme will comprise four sites on the confirmed list, which will be launched for sale on set dates, and 12 sites on the reserve list, which will be put up for tender when a developer has offered an acceptable price.

Together, the sites can accommodate up to 7,420 homes and 272,600 square metres (sqm) of commercial space.

The announced sales programme is down from second half of 2015, in which a land area that could support a potential 7,825 homes and 277,580 sqm of commercial space was offered.