Pursuits
Singapore's Property Comeback Fueled by Land-Hungry Developers
- Sales surge adds to sign of renewed vigor in housing market
- Singapore, Hong Kong have grappled with property overheating
Residential and commercial buildings stand in the central business district of Singapore, on Tuesday, Feb. 14, 2017.
Photographer: Nicky Loh/BloombergThis article is for subscribers only.
Developers’ hunger for Singapore land is adding to signs that the city’s housing market is making a comeback after three years of price declines.
As new home sales surge after an easing of property restrictions in mid-March, developers are becoming more aggressive in bidding at land auctions. On average, they’ve paid a 29 percent premium, the highest level in at least five years, according to broker Cushman & Wakefield Inc., which makes comparisons with the past prices of similar properties.