05 Oct '17, 3am

REDAS: Fast-paced land acquisitions at higher prices not sustainable

Augustine Tan, President of Redas. (Photo: Far East Organization) While City Developments Limited and Hong Realty acquired Amber Park for a record $1,515 psf per plot ratio, Real Estate Developers’ Association of Singapore (Redas) president Augustine Tan warned that the fast rate by which developers acquire private residential sites at higher prices today may not be sustainable, reported the Business Times. “With property measures in place, slow growth in Singapore’s population and manpower curbs, we do not see runaway demand in sales transaction volume and property prices in the next few years,” he said at yesterday’s Redas Mid-Autumn Festival Lunch. In fact, he expects many, including the displaced sellers from collective sales, to downgrade to public housing. “Hence, if the prevailing ‘bullish’ appetite for residential land persists while demand (for end units) is not s...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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