By Fiona Chan

THE property market boom may have fizzled out but not before the Urban Redevelopment Authority (URA) rang up a stellar year for sales.

The agency, which plans Singapore's land use and sells state-owned sites, collected a record $8.2 billion in land sale revenue for the year to March 31.

This was more than three times what it took in 2007 and the highest figure since records were initiated in 1989, a URA spokesman said yesterday.

Also hitting a new high was the amount of development charges the URA received in the period: $1.1 billion, double the previous year's figure. These fees are usually paid by developers when they buy and redevelop a site, such as in a collective sale.

The revenue figures, released in the URA's annual report this week, are likely to stay record highs for a while. Property developers are losing interest in government land sales as home prices fall and construction costs skyrocket, while the collective sale market has come to a complete standstill.

Some of the biggest land sale deals in the year included a prime site at Marina View, which was sold in September last year for $2.02 billion. This was the first state-owned parcel to fetch more than $2 billion.

The URA also awarded a plum commercial plot at Beach Road to a consortium led by City Developments, which put in a top bid of $1.69 billion in July last year.

In total, the URA sold 26 land plots last year, including eight residential sites and 10 commercial ones. This could yield more than 3,200 homes and 465,900 sqm of commercial space, it said.

As for its development charge windfall, part of it stemmed from a surprise hike in the calculation of fees in July last year. The URA raised the amount it charged property developers by 40 per cent.

For the year to March 31, the URA posted operating income of $166.8 million and an operating surplus of $25.9 million. The largest contributor was parking fees and related charges, which accounted for $59.3 million in takings.

This article was first published in The Straits Times on October 03, 2008.