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Singapore to sell more mall land
 Singapore is known for its shopping. YOUR E-MAIL ALERTS SINGAPORE (Reuters) -- Singapore said on Tuesday it would sell more land along its prime Orchard Road shopping strip for a retail mall, signalling rising confidence in its reviving property market. This would be the government's third commercial land sale along the thoroughfare in the last six months. The last two sites set record prices and pulled in S$1.8 billion ($1.11 billion) for state coffers. The Urban Redevelopment Authority (URA), the city-state's real estate planning agency, said the 0.7-hectare plot above the Somerset subway station would be placed on its reserve list and will be up for auction only when a buyer places an opening bid that surpasses an undisclosed minimum level set by the government. At least 60 percent of the maximum 39,410 square metre gross floor area of the development will be for retail and entertainment use. "The developer will be given the flexibility to use the remaining gross floor area for other commercial and complementary hotel and residential uses," the URA said in a statement. The last two land auctions along the 2-km stretch of malls and hotels have attracted strong interest from local and regional developers. In December, Singapore's CapitaLand and Hong Kong's Sun Hung Kai Properties secured a 1.8-hectare site for S$1.38 billion or S$10,976.25 per square metre, fighting off competition from the likes of Indonesia's Lippo Ltd. and Cheung Kong (Holdings) Ltd. The second plot along Orchard Road, adjacent to the site currently on offer, was sold in January to privately held developer Far East Organisation for S$421 million ($260.4 million) or S$11,682.62 per square metre. The reserve list was created in 2001 to regulate land supply and replace regularly scheduled government land sales. 
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