16 May '17, 2am

As home sales surge after an easing of cooling measures, developers are more aggressive in bidding at land auctions.

As home sales surge after an easing of cooling measures, developers are more aggressive in bidding at land auctions.

Developers' hunger for land is adding to signs that Singapore'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 per cent premium, the highest level in at least five years, according to broker Cushman & Wakefield, which makes comparisons with the past prices of similar properties. "Sentiment has changed," said Christopher Tang, chief executive officer of developer Frasers Centrepoint. "The general sense is that the market has bottomed out and like many of the developers in Singapore we are a bit landbank-starved - we are keen to build our land bank." A land auction last month attracted a record 24 bidders, amid swelling demand from Chinese and Malaysian developers. Home buye...

Full article: https://www.srx.com.sg/singapore-property-news/36742/sing...

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