Singapore's property comeback fueled by land-hungry developers

SINGAPORE (March 16): Developers’ hunger for Singapore land is adding to signs that the city’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% premium, the highest level in at least five years, according to broker Cushman & Wakefield Inc., which makes comparisons with the past prices of similar properties.

“Sentiment has changed,” said Christopher Tang, chief executive officer of Singapore at developer Frasers Centrepoint Ltd. “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.”

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