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Freehold condominium Amber Park fetched $906.7 million yesterday in a collective sale, the latest of several big-money transactions, but industry bigwigs are at odds over whether the residential market is heading for a major rebound.
The record sale for a freehold site, clinched by City Developments Limited, comes on the heels of a string of large collective sale deals, including Tampines Court at $970 million.
On Monday, GuocoLand secured a commercial site with the old Beach Road Police Station at $1.622 billion, setting a record unit price.
And there could be more on the way, with the tender for Normanton Park closing today after owners launched a second collective sale bid in August with an $800 million reserve price.
But Real Estate Developers’ Association of Singapore (Redas) president Augustine Tan said yesterday that land acquisitions at these higher prices are “not sustainable”.
Developers are replenishing land banks in a risky fashion, he noted, because slower economic and population growth means that “we do not see a runaway demand in sales transaction volume and property prices in the next few years”.
