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As risks heighten, it makes sense for developers to collaborate, not compete, when buying land

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Kalpana Rashiwala

Kalpana Rashiwala

Published Wed, Aug 16, 2023 · 05:00 AM
    • There’s no guarantee a developer will make a profit from a residential project.
    • There’s no guarantee a developer will make a profit from a residential project. ILLUSTRATION: BT VISUAL

    TO SHARE risks and expertise in the face of the increasingly challenging Singapore residential property development business, some new partnerships between developers have surfaced at recent Government Land Sales (GLS) tenders.

    In their first-ever collaboration, mainboard-listed UOL Group (controlled by banking and property billionaire Wee Cho Yaw) teamed up with CapitaLand Development (part of Temasek Holdings) to place the S$1.21 billion winning bid at a state tender in June for an integrated commercial and residential development site in Tampines Avenue 11.

    UOL and its listed subsidiary Singapore Land took a half stake in the joint venture (JV), with CapitaLand Development holding the other 50 per cent.

    Singapore propertyCity Developments Ltd (CDL)frasers propertyHongkong LandSpotlight

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