SALE OF LAND

Mr Shriniwas Rai asked the Minister for National Development when will the Government launch the next sale of land.

The Minister for National Development (Mr Lim Hng Kiang): Mr Speaker, Sir, during the budget debate in March this year, I informed the House that the Government will announce in September 1999 the land sales for next year. There is no change in our schedule.

Although demand in the private residential sector has picked up in the last quarter of 1998 and the first quarter of 1999, there is still ample supply of new private housing units. As at first quarter of 1999, there were 4,100 launched but unsold units. Another 9,800 units had the pre-requisite approvals to be launched for sale. In addition, there were 6,300 units from other land sales projects and 3,700 units from private land projects under construction which did not have approval for sale yet. This adds up to 24,000 unsold units in the pipeline available for future sales. A resumption of land sales for residential units in year 2000 would ensure that this pipeline is maintained.

As for land sales for commercial development, the Government has announced in June last year that it would release a site at Clarke Quay this year. There is also sufficient supply of commercial space. The supply of office and shop space under construction was 790,900 sq metres and 150,300 sq metres respectively as at first quarter 1999. These would be sufficient to meet demand for the next few years. We would review the situation and announce our plans for future land sales for commercial developments in September as well.