News Releases

9 DECEMBER 2003

MINISTRY OF NATIONAL DEVELOPMENT

GOVERNMENT LAND SALES PROGRAMME FOR PRIVATE RESIDENTIAL, COMMERCIAL AND HOTEL DEVELOPMENT FOR THE FIRST HALF OF 2004

1. The Ministry of National Development (MND) today announced:



1. The Government Land Sales (GLS) Programme for private residential, commercial and hotel development for the first half of 2004; 



2. The supply of private residential and commercial space from various Government agencies that would be initiated in the first half of 2004, apart from the GLS programme; and



3. The extension of the period for the reassignment of GLS sites and private land owned by foreign housing developers.




Background

2. In June 2003, the Government announced:



1. The continued suspension of the Confirmed List for the GLS programme for the second half of 2003 because of the uncertain outlook of the economy and property market; and



2. That sites would only be made available through the Reserve List.



3. Under the Reserve List system, the Government will only release a site for sale if an interested party submits an application to have the site put up for tender with an offer of a minimum purchase price acceptable to the Government. The successful applicant must undertake to submit a bid for the site in the ensuing tender at or above the minimum price offered in the application.




Continued Suspension of the Confirmed List for the First Half of 2004

4. Although Singapore's economic prospects are brighter now, it will take time for the property market to recover. Hence, the Government has decided to extend the suspension of the Confirmed List to the first half of 2004. Sites would only be made available for sale via the Reserve List in the first half of 2004.




Reserve List for the First Half of 2004

5. At present, there are 6 residential sites, 2 "white" sites, 2 commercial sites and 2 mixed commercial/residential sites available for application on the Reserve List. These sites will be carried over to the Reserve List for the first half of 2004. In addition, the Government will introduce the following new sites:



1. A residential site at Buangkok Drive;



2. Two residential sites at Handy Road;



3. A commercial site at Victoria Street (for entertainment use); and



4. A "white" site at Marina Boulevard / Central Boulevard for the development of the Business and Financial Centre (BFC).



6. The first half 2004 Reserve List will therefore consist of 9 residential sites, 3 "white" sites, 3 commercial sites and 2 mixed commercial/residential sites (see Annex 1 and Annex 2). These sites can potentially yield 2,755 private residential units (including 810 EC units), 215,500 sqm of commercial space (including 100,000 sqm of commercial space assumed to come from the first phase of the BFC site), and 400 hotel rooms. 




Release of the Business and Financial Centre Site 

7. The Government deferred the release of the Business and Financial Centre (BFC) site in the second half of 2003, due to uncertain economic conditions. As the economy has started to recover, and in view that the BFC development serves longer term needs, the Government has decided to release the site in the first half of 2004.



8. The BFC is an important strategic project. It is to support the development of our business and financial services sector. The intention is to allow a master developer to plan, phase and build an integrated development to meet the specific needs of business and financial tenants. This will provide financial institutions and companies a wider choice of developments to house their activities in Singapore, and attract more such businesses to invest and grow here. More information on the BFC site is provided in Annex 3.



9. As the supply of office space from the BFC site is expected to be sufficient to meet market demand for office space in the Downtown Core area over the next few years, the Government has decided not to release any other office sites through the GLS programme in the Downtown Core area in 2004 and 2005 (see Annex 4 for map of the Downtown Core area). 




Other Government Supply to be Initiated in the First Half of 2004

10. Each year, apart from the GLS programme, the Government also releases other supply of land and properties. For example, sites are released outside of the GLS programme at special development areas like those at Sentosa Cove. Supply is also generated in the form of new buildings built by Government agencies such as those at One-North. 



11. The Ministry of National Development works closely with other agencies like the Ministry of Trade and Industry, Ministry of Law and Ministry of Finance to coordinate the supply from GLS and all other sources of Government supply.



12. The other Government supply outside of the GLS programme that is planned to be initiated in the first half of 2004 and completed over the next few years, is as follows:



1. 40,000 sqm - 50,000 sqm of commercial space, mostly for small-scale, supporting retail facilities at One-North, as well as from the sale of conservation shophouses, and the leasing of non-commercial vacant state properties that can be converted to commercial uses; 



2. Up to 600 private residential units at Sentosa Cove and One-North; and 



3. About 500 hotel rooms. 




13. As these plans are still under study, the quantum is indicative and may change. 



14. STB is currently reviewing the supply of hotel rooms as part of its Accommodation Masterplan and will announce details of these plans at a later stage.



15. The announcement of Government supply of space outside the GLS programme is to provide more transparency in the property market. This information will give a more complete picture of the planned Government supply of space for the first half of 2004.




Re-assignment of GLS Sites and Private Land Owned by Foreign Housing Developers

16. MND had announced in October 2001 that successful tenderers of GLS sites and foreign housing developers of private land can dispose of the land which is vacant or under development, or dispose of their interest in the projects on such land, if the transaction is not of a speculative nature. In June 2003, MND announced that the measure will be extended to all developers of GLS sites awarded on or before 23 June 2003 and foreign housing developers of projects on private land for which the application for the Qualifying Certificate (QC) was made on or before 23 June 2003. Those who wish to reassign their land can do so by 31 December 2003.
    
    
17. The deadline to apply for such reassignment has now been further extended to 30 June 2004. This will continue to apply to all developers who were awarded GLS sites on or before 23 June 2003 and foreign housing developers of projects on private land for which the application for the QC was made on or before 23 June 2003 (see Annex 5). 



18. All applications for re-assignment of GLS sites are to be made to the appropriate GLS agent. Applications by QC holders for the re-assignment of private land are to be made to the Controller of Housing.

ANNEX 1

RESIDENTIAL SITES IN THE RESERVE LIST FOR THE FIRST HALF OF 2004

ANNEX 2

COMMERCIAL SITES IN THE RESERVE LIST FOR THE FIRST HALF OF 2004

ANNEX 3

ADDITIONAL INFORMATION ON THE BUSINESS AND FINANCIAL CENTRE SITE

URA SHARES ITS PLANS FOR THE BUSINESS AND FINANCIAL CENTRE SITE AND THE NEW DOWNTOWN AT MARINA BAY

The Business and Financial Centre site

1. The BFC site comprises 3.55 hectares of prime waterfront land fronting Marina Bay made up of two separate parcels of 0.53 hectares and 3.02 hectares each, as well as 1.8 hectares of subterranean space in the Central Open Space and surrounding areas. (See illustrative site plan in Appendix 1.)



2. The site is zoned white and can be built to a maximum gross floor area (GFA) of 438,000 sqm. It is planned for a quality office development integrated with a range of complementary uses such as hotel, residential, retail and entertainment uses. The 1.8 hectares of subterranean space will be developed to provide all weather covered linkages between the BFC site and surrounding facilities such as the future MRT Station along Central Boulevard. The linkages could be supplemented by rows of underground mall to create an activity hub for the BFC.




Potential of the BFC Development

3. The BFC offers an opportunity for developers to build a dedicated development that is customised to the specific needs of global businesses and financial institutions in the heart of Singapore's CBD. The site can cater to large floor plates and a mix of different uses for a complete live, work and play environment.




Good Transportation Networks

4. The BFC will enjoy immediate access to and from the rest of the city and the island via comprehensive and efficient road and rail networks.




Reliable Utility Provisions

5. The BFC will be served by the Common Services Tunnel (CST), a comprehensive system of underground tunnels, which will house and distribute utility service lines, including power and telecommunication cables. With the CST, the developer will be able to provide occupants with uninterrupted supply of major utilities, 100% emergency back-up services and capacity for expansion to meet changing utility needs.




Flexible Development Approach

6. The BFC will provide the developer the unique opportunity to plan, design and phase the development of the 3.55 hectare site according to market demand. The developer will be able to plan for a well-integrated development with an attractive mix of signature buildings, complementary uses and open spaces. With this flexibility, the developer can respond quickly to changes in tenants' requirements, such as future expansion and office reconfiguration.



7. The tender conditions will allow for a longer project completion period and a flexible payment scheme that allows the development to be purchased and phased out over a longer period of up to 18 years.



8. The BFC site will be made available for sale in May 2004 as part of the reserve list for the first half 2004 Government Land Sales Programme.




New Downtown at Marina Bay

9. The BFC will be the third site in the New Downtown at Marina Bay to be made available for sale. Two white sites were sold earlier in 2001 and 2002. The New Downtown at Marina Bay is earmarked for the future expansion of Singapore's Central Business District (CBD).



10. A master plan for the Marina Bay area has been drawn up to develop the area as a multi-purpose destination and major gathering point in the city, offering round-the-clock amenities.




Bay of Excitement

11. To tap on available attractions already in place around Marina Bay - The Esplanade-Theatres on the Bay, the New Merlion Pier and the One Fullerton, two promontory sites have been earmarked for signature waterfront cultural facilities.



12. All the facilities will be linked by a continuous pedestrian promenade. Forming a 3.35km loop around the bay, a promenade with lush landscaping and lined with pavilions, sculptures, outdoor refreshment areas and kiosks is envisaged.




State-of-the-Art infrastructure

13. The Marina Bay area will be served by a comprehensive and integrated infrastructure network of rapid transit systems, hub car parks, common services tunnels and centralised refuse disposal systems, which provide state-of-the-art conveniences and seamless access to transportation and utilities.




Pedestrian Friendly

14. Moving around the Marina Bay area will be comfortable and easy. A comprehensive pedestrian system of at-grade walkways and underground shopping malls are proposed to ensure all-weather protection and seamless connectivity from one building to the next and to open spaces and transport networks.




Parks and Open Spaces

15. Signature public open spaces will be complemented by pocket parks, plazas, sky terraces and roof gardens within individual developments to create a lush tropical landscape, thus reinforcing Singapore's garden city image.




Signature Skyline

16. Around Marina Bay, building heights will be kept low-to-medium rise in the foreground, with higher heights stepping up behind. This is to achieve a 3-dimensional layered effect, thus creating a unique and instantly recognisable signature image for Singapore's CBD. Distinctive night lighting of key buildings will enhance the downtown skyline, creating a unique and memorable night-time setting.




A Great Place to Live, Work and Play

17. Sites will be designated within the Marina Bay area for high density, high rise residential developments, to provide quality options for city living. These homes will provide owners with the convenience of the city's attractions at their doorsteps and great views across Marina Bay and Marina City Park.



18. Working and living within the city will be convenient, with short travelling times and quality office environments, offering self-sufficient corporate lifestyle amenities and facilities.



19. There will also be a wide choice of options for relaxation, leisure and recreation.



20. With such vast potential, the Downtown at Marina Bay is set to bring much vibrancy and life to Singapore's city centre.




BFC & the Marina Bay

21. The BFC is the next key development along Marina Boulevard that fronts the Bay after the two other sites sold earlier. Construction of the first sale site at One Raffles Quay is slated for completion in 2005 / 06. Plans for the second site, sold by URA in 2002, are being drawn up.



22. The BFC and the other plans for the Marina Bay will make the area a choice location for businesses, residence, and recreation.




More Details to Be Released Later

23. Some illustrations of the development possibilities for the BFC site are shown in Appendices 2-1, 2-2 and 2-3. More details on the development parameters for the BFC site and tender conditions for the BFC will be announced in May 2004 when the site is made available for sale.

ANNEX 5

RE-ASSIGNMENT OF GLS SITES AND PRIVATE LAND OWNED BY
FOREIGN HOUSING DEVELOPERS

1. The successful tenderer of a GLS site is normally not allowed to dispose of the land to a single purchaser before completion of the development, i.e. before obtaining TOP. He is also required to retain a controlling interest of more than 50% in the development.



2. Foreign housing developers who wish to purchase private residential land or properties for development are required to apply to the Controller of Housing for a Qualifying Certificate (QC) under the Residential Property Act. They are not allowed to dispose of the land or change the shareholding of the company without the prior written approval of the Controller.



3. These restrictions are to ensure that such developers purchase the land for development and not for speculative trading. However the Government has decided that, where the transaction is not of a speculative nature:



1. For all GLS sites, the developer of the sale site (as at 23 June 2003) will be allowed to:



• Dispose of the entire land, whether vacant or in the course of development to a single party before TOP is obtained; or



• Dispose of all his shares in the company undertaking the development provided that there is at least one party who holds more than 50% of the shares in the company.




The purchaser will have to take over all the obligations under the tender conditions/building agreement.

2. For QC holders who applied for their QC on or before 23 June 2003:



• The QC holder may dispose of the land; or



• Dispose of all his shares in the company.



4. In seeking approval for re-assignment, an applicant must satisfy the Government that the transaction is not of a speculative nature.