An ambitious $25 billion land revenue target was set for next financial year - a rise of more than 150 per cent on this year's income.
Revised estimates released yesterday put total land income for the year ending March 31 at $9.79 billion, well short of the $27.55 billion originally forecast.
Analysts have mixed views on whether the new target is achievable.
Land sales by public auction and tender are forecast to contribute $10.95 billion. Another $8.22 billion is expected from lease modifications and $5.59 billion from private treaty grants of railway developments, with the balance from short-term waiver fees.
The Government's medium-range forecast for annual land premiums for 2002-2003 to 2006-2007 is calculated at two per cent of estimated gross domestic product.
Some analysts said the latest forecast was realistic, with more valuable sites available for sale and possible premium settlements for delayed railway property projects. Others cautioned that it would depend on developers' interest in applying for land on the application list.