Surging Singapore Land Bids Are Unsustainable, Warns Executive
- President of developers’ association comments in a speech
- City’s home prices have just snapped record run of declines
A residential property development in Singapore.
Photographer: Suzanne Lee/Bloomberg via Getty ImagesThis article is for subscribers only.
Surging bids for Singapore land aren’t sustainable in a market constrained by demographics and the government’s cooling measures, according to the head of a developers’ association.
“It is not sustainable to continue at this rate,” Augustine Tan, president of the Real Estate Developers’ Association of Singapore, said in a speech on Wednesday. “With property measures in place, slow growth in Singapore’s population and manpower curbs, we do not see a runaway demand in sales transaction volume and property prices in the next few years.”