Local developers still keen to replenish land bank

Singapore

DEVELOPERS are seeing a challenging outlook ahead for the private residential market but many are still keen to replenish their land bank, albeit in a selective fashion.

Sim Lian Group, which sold the most number of residential units among developers this year, is actively looking at both the government land sales (GLS) programme and enbloc properties to replenish its land bank, its executive director Kuik Sing Beng told The Business Times.

The recently privatised construction cum development group sold over 1,000 units in the first 11 months of this year during which it launched two executive condominiums (ECs); it had 267 unsold units left in its inventory.

CapitaLand, which sold 541 units as of end-November, said it will continue to look out for opportunities to build…