S'pore to resume land sales

S'pore to resume land sales

SINGAPORE (AFP): The Singapore government announced Saturday that it would resume land sales for property development amid signs of a recovery in the economy and the property market.

Government land sales were suspended as the property market slumped a few months after the regional economic crisis struck in mid-1997.

"With the economy and property market showing signs of recovery, the government will resume selling a steady supply of land," the ministry of national development said.

In 2000, land for development will be released for up to 6,000 private residential units, 3,000 executive condominium units, and 75,000 square meters (807,000 square feet) for commercial space, the ministry said.

No land will be released for hotel development, it added.

The government would also conduct a mid-year review of the program, and announce subsequent land sales programs for 2001 by end-2000.