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State land sale proceeds in FY2023 at S$8.15 billion so far, highest in 6 years

Singapore’s land sales have surged to an extraordinary six-year high, totaling S$8.15 billion in the fiscal year ending March 31, 2024. This remarkable achievement surpasses the previous record of S$8.4 billion set in FY2017, showcasing a significant uptick in government revenue from state land sales (GLS).

The contrast between FY2023 and the preceding fiscal years is striking. The government’s revenue from land sales has witnessed a substantial boost, soaring well beyond the S$3.6 billion recorded in the previous fiscal year. In comparison, the average annual sales between FY2017 and FY2021 hovered around a relatively modest S$5.5 billion, underscoring the magnitude of this year’s unprecedented achievement.

The strategic allocation of land to developers in FY2023 encompasses various purposes, including commercial, industrial, and private residential development. This deliberate diversification reflects the government’s commitment to shaping a dynamic and sustainable urban landscape. These upcoming developments are poised to play a pivotal role in reshaping Singapore’s economic and social dynamics as the city-state continues its evolution.

In summary, Singapore’s land sales in FY2023 have reached an impressive S$8.15 billion, marking the highest figure recorded in the past six years. This not only attests to the government’s effective land management strategies but also underscores the enduring appeal of Singapore as a premier destination for real estate investment. The transformative developments arising from these land sales will undoubtedly contribute to the city-state’s dynamic growth and ongoing transformation.

The Business Times

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