XN000022-1994-08-25 — Page 2

THURSDAY, AUGUST 25, 1994

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GOVERNMENT SATISFIED WITH AUCTION RESULTS

THE

TUESDAY'S GOVERNMENT IS SATISFIED WITH THE PRICES PAID IN LAND AUCTION, SINCE THE RESULTS REFLECT THE WISH OF BOTH THE COMMUNITY AND THE GOVERNMENT TO SEE MODERATION OF PROPERTY PRICES, THE SECRETARY FOR PLANNING, ENVIRONMENT

LANDS, MR TONY

SAID TODAY EASON,

(THURSDAY).

AND

THE OF

MR EASON SAID THE LEVEL OF INTEREST IN THE OUTCOME OF TUESDAY'S AUCTION WAS UNDERSTANDABLE, BUT ONE SHOULD NOT READ TOO MUCH INTO

OF A SINGLE

A AUCTION WHICH WAS AFFECTED BY OUTCOME FACTORS.

VARIETY

MR EASON BELIEVED DEVELOPERS AT AUCTIONS WERE MOTIVATED LARGELY BY THEIR VIEWS OF THE MARKET AND THE INDIVIDUAL SITES PUT UP FOR SALE.

"THEY ARE JUST AS CONCERNED TO HAVE STABILITY IN THE MARKET AUCTIONS THE GOVERNMENT, AND I DON'T THINK DEVELOPERS WOULD USE SEND SIGNALS OR WARNINGS TO THE GOVERNMENT.

||

HE SAID THE THREE-MEMBER AUCTION REVIEW PANEL WOULD TUESDAY'S AUCTION JUST AS IT DID ON THE ONE HELD IN JULY AS ITS ONGOING REVIEW OF THE LAND SALE ARRANGEMENTS.

LAND THIS.

MR EASON REITERATED THAT THE GOVERNMENT DID NOT HAVE PRICES

SHOULD POLICY AND THE AUCTION ON TUESDAY

ON

HELP

AS

то

LOOK AT PART OF

A HIGH CONFIRM

THIS AUCTIONS. THE WHOLE

LAND REVENUE FROM

SAID: "SO FAR SALES, MR EASON FINANCIAL YEAR, WE HAVE REALISED NEARLY $5 BILLION IN THREE THIS IS MUCH IN LINE WITH THE $18.4 BILLION ESTIMATE FOR YEAR.

HE POINTED OUT THAT THERE WOULD BE AT LEAST SEVEN MORE AUCTIONS THE REMAINING LAND THE REST OF THIS FINANCIAL YEAR. SCHEDULED FOR

PROGRAMME SALES

OF

RESIDENTIAL/COMMERCIAL/INDUSTRIAL

AND

THE OLDER URBAN AREAS.

FOR

1994/95

CONTAINS A GOOD MIX SITES LOCATED IN THE NEW TOWNS

MR EASON ALSO REVIEWED PROGRESS ON THE FOLLOW-UP TO THE OF THE TASK FORCE ON LAND SUPPLY AND PROPERTY PRICES,

AS

REPORT

PARTICULAR

HE SAID: "THE GOVERNMENT'S SHORT-TERM MEASURES, IN REGARDS PRE-SALE RESTRICTIONS, COMBINED WITH THE EFFECTS OF OTHER FACTORS, E.G. MORTGAGE RESTRICTIONS AND INTEREST RATE INCREASES, SEEM TO HAVE HAD THE DESIRED EFFECT OF COOLING THE MARKET."

HE NOTED THAT THE CONSUMER WAS RESISTING MARKETING PRESSURE AND TAKING A MORE CAREFUL LOOK AT HIS POSITION.

"SPECULATORS HAVE LARGELY LEFT THE MARKET.

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"PRICES HAVE MODERATED CONSIDERABLY RANGING FROM 10% TO 30%, DEPENDING ON LOCATION, SIZE AND AGE."

"WHILE IT