RECORD BID

New Straits Times - - Business -

bil­lion mark,” said Christine Li, di­rec­tor of re­search for Sin­ga­pore at Cush­man & Wakefield. “The par­tic­i­pa­tion from 13 local and for­eign de­vel­op­ers shows the sheer amount of liq­uid­ity in the mar­ket as S$11 bil­lion is go­ing after a plum site.”

Hunger for Sin­ga­pore land is adding to signs the city’s hous­ing mar­ket is making a come­back after three years of de­clin­ing prices.

With new sales surg­ing after an eas­ing of property re­stric­tions in March, de­vel­op­ers are be­com­ing more ag­gres­sive in bid­ding at land auc­tions.

On av­er­age, they have paid a 29 per cent pre­mium, the high­est level in at least five years, ac­cord­ing to Cush­man & Wakefield.

“The strong bid and healthy local par­tic­i­pa­tion re­flects de­vel­op­ers’ op­ti­mism on Sin­ga­pore res­i­den­tial property,” said UOB Kay Hian Pte an­a­lysts Vikrant Pandey and Derek Chang in a note.

They ex­pect hous­ing prices to move in line with gross do­mes­tic prod­uct growth of two to four per cent next year.

The top bid came from a joint ven­ture be­tween Logan Property Hold­ings Co, a Hong Kong-listed devel­oper which has de­vel­op­ments in Shen­zhen and the Pearl River Delta re­gion, and China’s Nan­shan Group. Bloomberg

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