13 Nov '17, 11pm

Blockbuster land deals signal Singapore property set to sizzle in 2018

Blockbuster land deals signal Singapore property set to sizzle in 2018

SINGAPORE (BLOOMBERG) - A series of blockbuster land deals in Singapore this year signal the city-state's property market is set to break out of its prolonged slump in 2018. A Chinese group lobbed a winning record bid for a residential plot, while Guocoland paid a record per-square foot price for an office development site in the central business district. Office rents last quarter rose for the first time in 2½ years and home prices ended a four-year slide. The spending spree may not be over, with more than S$3.3 billion of land deals set to be completed by the end of the year, pushing the annual total to S$14 billion, the highest since 2011, according to Cushman & Wakefield. "Singapore's residential and office market has passed its inflection point, embarking on an exciting recovery journey," said Christine Li, a director of research at Cushman. "With brighter economic pr...

Full article: http://www.straitstimes.com/business/property/blockbuster...

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