Developers’ sales for the week of 19 Jun – 25 Jun 2023 were 45 units
The CCR accounted for 33.3% while the RCR and OCR made up 48.9% and 17.8%
The respective top-selling project in the CCR was Grange 1866, followed by The Reserve Residences in the RCR, and North Gaia in the OCR
The Government called a tender for a 6.5ha master development in JLD last week
Huttons estimate the land cost to be between $1,000 and $1,500 psf ppr which works out to $3.93 to $5.89 billion and total estimated development costs to be in the range of $5.89 to $8.84 billion
With the option of spreading the development up to 8 years and phased ABSD for residential use, the development risks to developers are lowered
There are probably not more than 3 developers locally who can undertake such scale and complexity of development
The success of this tender and the future developments will put Singapore on the radar of international companies
