One of the oldest governmental development programs of Singapore is the Land Sales Program. The initiative came to life 50 years ago and it is the first to come with solutions for urban development and economic growth. During the years, the program has evolved into two schemes, one dedicated to private investors which is currently run by the Ministry of National Development (MND) and one by JTC Corporation, a governmental agency which releases land plots for industrial development projects.
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The Government Land Sales (GLS) and the Industrial Government Land Sales (IGLS) are at the forefront of the development of urban areas, respectively industrial zones in Singapore. The GLS releases land plots to investors who want to build private houses, commercial spaces, shopping malls, office spaces, and hotels. The IGLS was created for investors who want to build warehouses, facilities for workers and factories.
The plots can be acquired through the Urban Redevelopment Authority and the Housing and Development Board.
In order to enter the program, Singapore companies or other private investors must enter one of the two lists created by the Land Authority – the confirmed list and the reserve list – the two governmental agencies selling the plots making the selection of the participant companies.
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At the end of 2017, the Singapore government has announced it will release 15 new sites under the GLS program during the first half of 2018. At the moment 6 sites are on the confirmed list, while 9 on the reserve list.
The confirmed sites will be dedicated to housing and commercial developments. Also, 7 of the current reserve sites will pass to the confirmed list in the second half of the year. According to officials, the GLS will provide various options for developers.
If you are interested in investing in the construction or real estate sectors in the city-state, please contact our company registration agents in Singapore for assistance.