Singapore land frenzy slows to a trickle after property curbs

(Sept 5): The bidding frenzy for Singapore land has slowed to a trickle, going by the results of the first auctions since property curbs were tightened.

Just three bids were submitted for the Jalan Jurong Kechil site in the island’s northwest, compared to 24 received in April last year for the nearby Toh Tuck Road plot. Only five offers were tendered for The Dairy Farm plot, the Urban Redevelopment Authority said in a statement late Tuesday, while a public housing site was priced lower than a similar project sold in February, according to brokers.

The government stepped up property curbs in July after home prices rose for a second straight quarter, saying it wanted to avoid a sharp correction that could damage the economy. The moves included increased stamp duties and tougher loan-to-value limits for buyers.

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