Taking a tone familiar among home buyers, Singapore’s second-largest developer said that land prices in the city-state are exorbitant and will continue to rise in the years to come.
The price rise will be led by prime land, City Developments Limited said in an earnings statement, making a reference to the 170,000 square foot site of its Gramercy Park project, located close to Orchard Road.
“In land-scarce Singapore, it is increasingly difficult to secure prime land of this scale and even if available, the asking price for land alone is exorbitantly high,” the company said.
“Future stock in this area is expected to be priced higher,” it added.
The developer said that profit dropped by 14 percent to $105.3 million in the quarter ending March 31, while revenue saw a 11 percent decline to $723.3 million.
Read Bloomberg for more.
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