IMMEDIATE RELEASE 29 NOVEMBER

SLA’s first auction of infill sites fetches $30.64 million

1          The Singapore Land Authority (SLA) has successfully concluded the public auction of six residential sites. Please refer to Annex A for the auction results.

2          Six choice infill sites were launched for sale on 25 October 2007 on 99-year leases for residential use.  Over 120 individuals and private companies turned up to register to bid for the six sites.  The profile of the bidders includes professionals, businessmen, construction companies and niche developers.  The most popular site is at Somme Road and there were altogether 64 bids before the auctioneer awarded the site to Sarda Pte Ltd.

3          For the first time, SLA released two sites in good locations for Good Class Bungalow (GCB) development. The two sites in Eng Neo Avenue were sold for $6m and $12.1m respectively.    

4          Chief Executive SLA, Mr Lam Joon Khoi said : ”We are very encouraged by the strong bids shown at this auction. We will consider releasing more infill sites to help meet the current market demand for high quality residential properties.”

5          Director, Head of Auction & Sales of Jones Lang LaSalle, Ms Mok Sze Sze added :”We see that people are open to 99 year leaseholds to build their dream homes. The GCB sites are really quite rare and these plots are attractive especially in land scarce Singapore.”

6          For media enquiries, please contact Ms Margaret Chee at tel: 6325 7180 or e-mail: Margaret_Chee@sla.gov.sg.

Attachment:
Annex A - Particulars of Auction of Six Infill Sites 29 Nov 2007

Issued by:
The Singapore Land Authority
29 November 2007

About SLA
Singapore Land Authority (SLA) is a statutory board with the Ministry of Law. Its mission is to optimise land resources for the economic and social development of Singapore. SLA is responsible for the direct management of some 14,000 hectares of State land and about 5,000 buildings. It is also in charge of land sales, leases, acquisitions and allocation, developing and marketing land-related information, and maintaining the national land information database through digitised land information services. SLA is also the national land registration authority for property transactions, and the issuance and guarantee of land titles in Singapore. It also manages and maintains the national land survey system, including the defining of boundaries or legal limits of properties based on a coordinated cadastre survey system.  For more details, visit www.sla.gov.sg.

Annex A
PARTICULARS OF AUCTION SALE OF 6 STATE LAND AT:

29 NOVEMBER 2007

(WHILST EVERY ENDEAVOUR IS MADE TO ENSURE THAT THE INFORMATION PROVIDED HEREIN IS CORRECT, SLA DISCLAIMS LIABILITY FOR ANY DAMAGE OR LOSS THAT MAY BE CAUSED AS A RESULT OF ANY ERROR OR OMISSION. PLEASE NOTE THAT THE AUTHORITY RESERVES THE RIGHT TO REJECT THE HIGHEST OR ANY TENDER OR ANY PART THEREOF.)

* Applicable for Somme Road only.

NOTE: The successful bid ($ per square METRE) is derived from the successful
bid awarded and the site area of the respective parcel.

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