Average Sale Price for Land Sold to Private Developers and HDB

5 Mr Muhamad Faisal Bin Abdul Manap asked the Minister for National Development from 2015 to 2018, what is the average sale price for land sold to (i) private housing developers and (ii) HDB for development of public housing in mature housing estates, respectively.

The Minister for National Development (Mr Lawrence Wong): Mr Speaker, the Government sells residential land to private residential developers through the Government Land Sales Programme. For public housing developments, state land is sold to HDB at the market value assessed by the Chief Valuer. The valuation is done in accordance with market conditions and established valuation principles.

Land for public housing has a lower valuation compared to land zoned for private housing. Excluding the Core Central Region (CCR), the average price of land paid for private housing developments bought through the Government Land Sales Programme between 2015 and 2018 was about $7,000 psm. In the same period, HDB paid an average of about $2,000 psm for land for public housing in mature estates.