10 Dec 2001
MINISTRY OF NATIONAL DEVELOPMENT PRESS RELEASE
RESERVE SITES FOR PRIVATE RESIDENTIAL, COMMERCIAL AND HOTEL DEVELOPMENT FOR 2002
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The Ministry of National Development (MND) today announced the list of reserve sale sites for private residential, commercial and hotel development for the first half of 2002.
Background
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The Government announced a 2nd package of off-budget measures on 12 October 2001. As part of the package, the Government will make land available for sale in 2002 through the Reserve List only.
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Under the Reserve List system, a site will only be launched for sale if there is a successful application from an interested developer who is able to offer a minimum price acceptable to the Government. The successful applicant must undertake to subsequently submit a bid for the land in the tender at or above the minimum price offered by him in the application.
Reserve List for 2002
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As of now, there are a total of 9 residential sites, 4 "white" sites, 1 commercial site and 1 mixed commercial/residential site in the 2001 Reserve List.
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These sites can potentially yield 3,080 housing units, 180,000 sq m of nett commercial (office and shop) space and 400 hotel rooms. They will be carried over to 2002.
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In addition, the Government will introduce 6 additional sites into the list in the first half of 2002 to provide the market with a wider choice of sites.
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The total number of sites for the first half 2002 Reserve List is therefore 12 residential sites, 4 "white" sites, 3 commercial sites and 2 mixed commercial/residential sites (please see Appendices 1 and 2). These sites can potentially yield 4,350 housing units and 194,000 sqm of nett commercial (office and shop) space. They will serve as a buffer to absorb any surge in demand for land should market sentiments improve.
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The Government will conduct a mid-year review in the second quarter of 2002 to assess if any changes need to be made to the Reserve List for the second half of 2002 to ensure that a sufficient buffer of supply is maintained in the Reserve List.
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If you have any queries, please contact Mr Soo Siew Keong at 3257222 or 97700669(h/p).
Appendix 1
PARTICULARS OF RESERVE SITES
* Refers to the estimated date the detailed conditions of sale will be available and applications can be submitted.
# Same site as Punggol Drive in the Commercial Reserve List.
## Same site as Sengkang West Avenue (N4C13) in the Commercial Reserve List.
APPENDIX 2
COMMERCIAL RESERVE SITES FOR THE FIRST HALF OF 2002
* Refers to the estimated date the detailed conditions of sale will be available and applications can be submitted.
# Same site as Punggol Drive in the Residential Reserve List.
## Same site as Sengkang West Avenue (N4C13) in the Residential Reserve List.
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