SINGAPORE: Property developers expect land prices for private homes in Singapore to scale higher.
This may add to their woes as they are already faced with increasing development costs and rising unsold units.
Soon, all private homes in Singapore can no longer be called "mass market" developments.
This according to the President of the Real Estate Developers' Association of Singapore (REDAS), Wong Heang Fine, who said that developers have no choice but to participate in land bids although it's highly competitive.
Speaking at the association's anniversary dinner, Mr Wong added that this causes a vicious cycle of rising land costs.
REDAS will work with the government to keep land costs in check and he hopes would then keep the rise in property prices moderate.
Mr Wong said: "We are in an unusual time - an environment of high global liquidity and low interest rates. With the slew of recent cooling measures, we now have a safety valve to moderate the market. We would like to suggest to policy makers not to "tighten the demand tap" any further but allow recent measures to work through its course. We do not want a situation when people look back and say we overdid in our policy measures."
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