Singapore’s prime land prices “exorbitantly high”, says CityDev

Asking prices are just too steep.

Singapore’s second-largest developer bemoaned excessive land costs in the city-state, and predicted that prices will continue to rise in coming years.

“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 group said in its earnings statement.

This statement was in relation to the upcoming launch of Gramercy Park, a 174-unit freehold condominium at Grange Road.

“The Group was fortunate to have secured this site in the earlier years, which affords it the ability to market this product at current market rates. Future stock in this area is expected to be priced higher,” CityDev said.