16 May '17, 3am

Developers bid more aggressively amid signs of housing market rebound

With buyers snapping up units at projects such as Seaside Residences (pictured), new home sales more than doubled from the same month last year. The spike in new home sales following an easing of property cooling measures saw more developers aggressively bidding at land auctions in Singapore, reported Bloomberg. Cushman & Wakefield revealed that the number of developers bidding per land tender rose from 8.3 in the second half of 2005 to 13.3 during the first four months of 2017 – paying a 29 percent premium on average or the highest level in at least five years. A land auction held last month drew a record 24 bidders, amid growing demand from Malaysian and Chinese developers. “Sentiment has changed,” said Frasers Centrepoint chief executive officer Christopher Tang. “The general sense is that the market has bottomed out and like many of the developers in Singapore we are a...

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

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