Prices of prime land in Singapore are high. It may trend even higher as land supply shrinks further down the road.
Referencing the S$383 million price tag CDL paid for its Gramercy Park 170,000 sq ft site just off the Orchard Road shopping belt, the company predicted “future stock in this area is expected to price higher.”
“In land-scarce Singapore, it is increasingly difficult to secure prime land of this scale,” City Developments Ltd said in its earnings statement. “Even if available, the asking price for land alone is exorbitantly high.”
City Developments said because it was fortunate to have secured the freehold Gramercy Park site in its earlier years, it could afford to market it at current market rates,
Singapore is the most expensive place in the region to buy a luxury home after Hong Kong, according to a Knight Frank 2016 wealth report.