Oral answer by MND on value of land for HDB BTO flats compared to that for private housing

Jan 10, 2023

Question No: 4017

Question by: Mr Gerald Giam Yean Song

To ask the Minister for National Development in determining the value of land that will be used to build HDB BTO flats

(a) what is the differential that the Chief Valuer applies to land used for public housing compared to that for private housing; and

(b) whether the private housing land use comparables used to value land for HDB BTO flats are based on the records of the last transacted private residential land sold by the Government and private parties.

Answer:

          The land sold to the private sector for development is typically done via open tender through the Government Land Sales (GLS) Programme. Sale of State land to HDB for public housing developments does not fall under GLS.

2        The fair market value paid by HDB for the purchase of State land is independently determined by the Chief Valuer using well-accepted and established valuation principles. Transactions pertaining to land sold for private housing developments are not used to value the land sold to HDB for public housing developments.