Government may offer several land sites for sale at one go

This may moderate developers' bids and help rein in home prices

In a bid to rein in rising property prices, the Government is looking at offering multiple sites for sale to developers in a given area at around the same time.

The idea is that if a few sites near each other - or possessing other common features - are offered in one go, developers may put in lower bid prices, which may mean lower home prices in the long run.

The Urban Redevelopment Authority (URA) flagged this possible tweaking of the Government Land Sales (GLS) programme earlier this week.

"Many have suggested that batching land tenders may help to moderate tender bids and hence subsequent property prices," it told The Straits Times.

"We are prepared to do so opportunistically, for example when we can identify sites that are located close to each other or share other common characteristics." This could include, for instance, several sites being offered for executive condominiums (EC).

The URA said the first trial could be tenders for three EC sites. One is in Yuan Ching Road, Jurong, and the other two in Punggol Central and Punggol Drive. They are on the Housing Board's GLS list of sites confirmed for sale in the first half of the year.

melissat@sph.com.sg