Type of property land (Government land sale)
How does the Government Land Sales Program work?
For both locals and foreigners, property in Singapore gets seen as a secure investment and asset. Compared to other nations, real estate in Singapore is still very inexpensive, and there is now no inheritance tax in Singapore. This article aims to provide an insight into the Type of property land (Government land sale ) in Singapore. The Urban Redevelopment Authority (URA) publishes a list of available land sites every six months, known as the Government Land Sales (GLS) Program.
Developers’ eyes enlarge, their respiration quickens, and they put down whatever they’re doing to pay attention when this happens. But coders aren’t the only ones who should pay attention. If you’re looking for a private house, you should pay close attention to URA’s announcements of GLS sites. Because, like the URA caveat and URA Master Plan, the GLS Programme gives you valuable insight into prospective real estate projects.
Government Land Sales (GLS) Program, and how does it work?
Singapore’s government owns more than three-quarters (75%) of the country’s territory. Urban Redevelopment Authority (URA) develops and designs residential usage for cities, including housing developments zoning laws on what may go where based on current requirements or future objectives that may entirely alter things up. They plan where new structures go. For example, whether they’re condos for people, sports facilities, or even shopping malls.
The Singaporean government is constantly seeking new methods to expand housing options. The GLS Program (Government Land Sales) is one of their most recent initiatives. The Type of property land (Government land sale ) allows private developers such as Singapore CapitaLand, Oxley Holdings, and Keppel Land – among many others – to buy land from them through an auction procedure before constructing residences on it, benefiting us all.
Procedure for Buying and Selling Land:
The Government Land Sales (GLS) program kicks off the land sale process. Every six months, a GLS Program gets designed and announced. To enable flexibility in the provision of land for development, the GLS Program includes sites on the Confirmed and Reserve Lists. The list of Confirmed and Reserve List sites for sale may find here.
Most land parcels are sold through tenders, while sites selected for sale on the Confirmed List get released for sale at predetermined periods.
Sites on the Reserve List are not immediately accessible for tendering; instead, they are made available for application. When a developer has suggested a minimum price that the government accepts, a Reserve List site will place up for tender. If there is enough market demand for a Reserve List site, the government will consider putting it out to tender. It occurs when more than one unrelated party submits a minimum price within an acceptable time frame. That is close to the government’s Reserve Price.
Developers can apply for sites after the developer’s Packet has complete sales terms. This document provides the following information:
- Tender Terms and Conditions
- Tender Technical Terms and Conditions
- Tender Form / Application Form
- Other pertinent papers and information for the tender and the Land Parcel.
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