Singaporean developers came out strong in the collective sales and private land deals in the market. In spite of foreign developers crowded them out in the government sales of residential sites.
As claimed by Business Time’s compilation of developers, seven of the top 10 developers. They got the largest share in the residential land bank and unsold units in the recently launched projects are local developers.
Thus, half of the eight private residential sites, excluding the mixed-use site in Bidadari, sold in Government Land Sales (GLS). This year went to Singapore developers. Based on JLL’s analysis.
With the increase in the collective sales market, Singaporean developers snagged six of the seven deals with a residential component. They also secured most other land deals this year.
Ong Teck Hui, national director of research and consultancy at JLL said, “It was a matter of time before the local developers upped their game plan,”
For instance, Sim Lian Group, topped the list in terms of a residential land bank in one swoop when it acquired Tampines Court, a former Housing and Urban Development Company (HUDC) estate that could yield over 2,000 homes.
With the purchase of six residential sites comprising three sites via en bloc deals and three under private treaties. Two of the en bloc deals were for large sites acquired with consortium partners, Oxley Holdings made a swift comeback this year to its home market.
“When land prices are rising, they may sacrifice margins if they are motivated to get the site but when the project is ultimately launched a year down the road, selling prices are likely to have increased, thereby pumping their margins up again.”
Savills Singapore research head Alan Cheong expects Singapore developers to continue to be aggressive in their land bidding.