Singapore Land Bids ‘Suicidal’ With Rules, Billionaire Kwek Says
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Buying land in Singapore at current high prices would be “suicidal” given the government’s requirement that new homes must be sold within two years of completion, City Developments Ltd. Chairman Kwek Leng Beng said.
Developers of land for high-end residential projects are subject to conditions of a so-called qualifying certificate, which includes the two-year deadline, according to the city-state’s rules. Developers can apply for an extension after paying a fee.