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GOVERNMENT LAND SALES PROGRAMME FOR PRIVATE RESIDENTIAL, COMMERCIAL AND HOTEL DEVELOPMENT FOR THE FIRST HALF OF 2003 The Ministry of National Development (MND) today announced: a The Government Land Sales (GLS) Programme for private residential, commercial and hotel development for the first half of 2003; and b The extension of the period for successful tenderers of GLS sites and foreign housing developers of private land to reassign their land, or dispose of their shareholdings in the projects on such land. Background 2 In October 2001, the Government announced the suspension of the Confirmed List for the GLS programme for 2002 as part of the second package of off-budget measures. Sites would only be made available through the Reserve List. Continued Suspension of the Confirmed List for the First Half of 2003 3 The economic outlook for Singapore today continues to be uncertain. As a result, sentiment in the property market is also uncertain. 4 Hence, the Government has decided to extend the suspension of the GLS programme’s Confirmed List to the first half of 2003. Sites would only be made available for sale via the Reserve List in the first half of 2003. 5 Under the Reserve List system, the Government will only release a site for sale if an interested party submits an application to release the site with an offer of a minimum purchase price that is 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 in the application. 6 The Government will conduct a review in the second quarter of 2003 before deciding on whether the sale of sites from the Confirmed List will resume in the second half of 2003. Reserve List for the first half of 2003 7 At present, 8 residential sites, 3 white sites, 3 commercial sites and 2 mixed commercial/residential sites are available for application on the Reserve List. 8 URA has decided to withdraw the white site at Central Boulevard from the Reserve List. URA is currently reviewing the Master Plan for the core area around Marina Bay in the New Downtown. In its review, URA has ascertained that there might be a need to make adjustments to the land parcel’s site boundary. 9 The remaining 15 sites in the second half 2002 Reserve List will be carried over to the first half of 2003 if they remain unsold by the end of the year. In addition, the Government will introduce 1 new site at Kovan Road in May 2003 for residential development. 10 The first half 2003 Reserve List will therefore consist of 9 residential sites, 2 white sites, 3 commercial sites and 2 mixed commercial/residential sites (see Appendices 1 and 2). These sites can potentially yield 3,350 housing units (including 755 EC units), 103,200 sqm (gross floor area) of commercial space and 400 hotel rooms. These sites will be adequate to cater to any surge in demand for land in the first half of 2003. The release of site for Business and Financial Centre development 11 In August 2002, the Government announced that it would release a large site in the Marina Bay area for a Business and Financial Centre (BFC) development in 2003. The intention is to allow a master developer the flexibility to develop customized state-of-the-art buildings which will better meet the specific needs of business and financial tenants. This will encourage business and financial firms here to expand their operations as well as attract new players to Singapore. For this project, the Government is considering a longer project completion period and a more flexible payment scheme. This would allow the master developer to phase the development in response to market demand and cater to the expansion needs of tenants. 12 The BFC is an important project and is part of Singapore's efforts to improve our operating environment to support the continued growth of our business and financial services sector. Given the current economic and market uncertainties, we have decided to defer the release of the BFC site for sale in 1H2003. In the meantime, we will continue to make preparations for the sale of the site and finalise the details of the conditions for tender of the site. 13 The Government will conduct a mid-year review of the land sale programme in the second quarter of 2003 before finalising the GLS programme for the second half of 2003. We will also consider then the timing for the release of the BFC site. Re-assignment of GLS Sites and Private Land Owned by Foreign Housing Developers 14 In addition to the off-budget measures announced in Parliament on 12 Oct 2001, MND had also announced that the Government will allow successful tenderers of GLS sites and foreign housing developers of private land to dispose of the land which are vacant or under development, or dispose of their shareholdings in the projects on such land (see Appendix 3). The relaxation of the controls to permit this re-assignment of land or disposition of shareholdings was to be valid from 13 Oct 2001 to 31 Dec 2002. 15 The Government has decided to extend the period to allow for such reassignment or disposition of shareholdings to 30 Jun 2003. This will only apply to sale sites sold on or before 13 Oct 2001 and Qualifying Certificate (QC) projects for which the application for the QC was made on or before 13 Oct 2001. There must also be no previous reassignment of the land or disposition of shareholdings. 16 All applications for re-assignment of GLS sites are to be made to the appropriate GLS agent, i.e. URA or HDB. Applications by QC holders for the re-assignment of private land are to be made to the Controller of Housing. 17 If you have any queries, please contact Mr Soo Siew Keong at 63257222 or 97700669(h/p). The softcopies of the plans are available at the MND website at www.mnd.gov.sg. Issued by: Date: Ministry of National Development 04 December 2002 APPENDIX 1 RESERVE LIST RESIDENTIAL SITES FOR THE FIRST HALF OF 2003 S/N LOCATION TYPE OF DEVELOPMENT SITE AREA (HA) LIKELY NO. OF UNITS ESTIMATED AVAILABLE DATE (1) SALES AGENT Sites carried over from the 2H2002 Reserve List 1 2 3 4 5 6 7 Tampines Rd Jellicoe Rd Lor 9/11 Geylang Enggor Street Segar Road (EC) Punggol Drive (2) Choa Chu Kang Rd/Woodlands Rd (above Bukit Panjang LRT Depot) Sengkang West Avenue (3) Woodlands Drive 16/ Woodlands Drive 53 (EC) Bt Ho Swee Crescent/ Bt Ho Swee Link Serangoon Central (4) Low Density / Landed High/Medium Density High/Medium Density High/Medium Density High/Medium Density High/Medium Density High/Medium Density 0.27 1.46 0.17 0.58 1.70 1.39 1.50 30 485 40 460 355 200 200 Already available HDB URA URA URA HDB HDB URA 8 9 High/Medium Density High/Medium Density High/Medium Density High/Medium Density High/Medium Density 0.88 1.80 120 400 HDB HDB 10 11 0.51 2.39 170 275 Dec 2002 SLA LTA New site 12 (1) (2) (3) (4) Kovan Rd/Flower Rd 2.20 610 May 2003 URA 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 in the Commercial Reserve List. Same site as Serangoon Central in the Commercial Reserve List. APPENDIX 2 RESERVE LIST COMMERCIAL SITES FOR THE FIRST HALF OF 2003 S/N LOCATION TYPE OF DEVELOPMENT SITE AREA (HA) ESTIMATED AVAILABLE DATE(1) SALES AGENT Sites carried over from the 2H2002 Reserve List 1 2 3 4 5 6 7 (1) (2) (3) (4) Sengkang West Avenue (2) North Bridge Rd/ Bras Basah Rd Belilios Rd/Klang Lane Punggol Drive (3) Changi South Ave 1/2 Fairy Hill Point Serangoon Central(4) Commercial/ Residential Hotel White site Commercial/ Residential Commercial Resort/Club/ Recreational White site 0.88 0.33 0.30 1.39 1.50 4.20 2.39 Dec 2002 Already available HDB URA URA HDB URA URA LTA Refers to the estimated date the detailed conditions of sale will be available and applications can be submitted. Same site as Sengkang West Avenue in the Residential Reserve List. Same site as Punggol Drive in the Residential Reserve List. Same site as Serangoon Central in the Residential Reserve List. APPENDIX 3 RE-ASSIGNMENT OF GLS SITES AND PRIVATE LAND OWNED BY FOREIGN HOUSING DEVELOPERS 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% of the shares in the company formed to develop the site. 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, in Oct 2001, the Government decided that, where the transaction is not of a speculative nature: a For all GLS sites that have already been awarded, the successful tenderer will be allowed to: i Dispose of the entire land, whether vacant or in the course of development to a single party before TOP is obtained; or ii Dispose of all his shares in the company formed to develop the site provided that there is at least one shareholder who holds more than 50% of the shares in the new company. The purchaser will take over from the successful tenderer all the obligations under the tender conditions/building agreement. Only one re-assignment will be allowed for each site. The developer taking over the land from the original successful tenderer will not be allowed to further re-assign the land. b For existing QC holders: i ii The QC holder may dispose of the land; or Dispose of all his shares in the company. Where the above re-assignment is to another foreign company or person, no further re-assignment will be allowed. 4 In seeking approval for re-assignment, an applicant must satisfy the Government that the transaction is not of a speculative nature.
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