Billionaire developer Kwek Leng Beng said last year that skyrocketing prices and restrictive rules made buying residential land in Singapore “suicidal.” That hasn’t stopped international developers from rushing in.
Pedestrians cross a road in a public housing estate in Tampines district, in Singapore, on Thursday. Singapore has been attempting to rein in prices since 2009, when the government barred interest-only loans for some housing projects and stopped allowing developers to absorb interest payments for apartments still being built. (Bloomberg photo)
Land prices in some parts of the island-state are climbing at three times the pace of apartment costs, with plot values rising by an average 30% per year since early 2011, according to property broker Chesterton Singapore Pte, which used government auction data. Singapore’s fourth-quarter home prices slid for the first time in almost two years, as property curbs cooled values in the Southeast Asian city.
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