Singapore’s Ministry of National Development yesterday released its Government Land Sales (GLS) programme for private residential, commercial and hotel development for the second half of 2005. Apart from the usual GLS provisions, the MND also makes available additional land and properties after close coordination with other government agencies. The Integrated Resorts (IRs) at Marina Bay and Sentosa Island, which won Government backing on April 18, will require an extra supply of land.

The Government of Singapore decided to proceed with two IRs in order to boost its tourism sector and strengthen the country’s status as an aviation, entertainment and retail hub. The convention and expo market is also likely to be enhanced. From last December’s Request For Concepts, the Government has estimated that the two resort projects would generate around 100,000 sq m of retail space and 3,400 hotel rooms. Growth in tourist numbers and spending is expected to create an ample demand for the additional supply.

Spill-over benefits from the two IRs, when operational, are anticipated. Singapore’s retail and hotel sectors, the tourist industry and the overall economy should gain by the presence of the casino resorts. The Government has stated that the actual supply of retail space and hotel rooms from the IRs will depend on the final concepts and designs proposed by the selected developers. (E-06.24.05)

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