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

PROCEEDS of state land sales have amounted to about S$8.15 billion so far for the government’s fiscal year ending Mar 31, 2024. 

This is the largest sum recorded from government land sales (GLS) in the past six years, since FY2017, when S$8.4 billion worth of land was sold, said Chia Siew Chuin, JLL’s head of residential research. 

The value of state land sold so far in FY2023 is up from the S$3.6 billion transacted in FY2022. It is also higher than the average seen annually between FY2017 and FY2021, which Minister for Law and Home Affairs K Shanmugam put at S$5.5 billion in a parliamentary reply in January 2023.