S'pore prime land 'exorbitant': CityDev

Singapore

SINGAPORE's second-largest developer has taken a potshot at prices of prime land in the city-state, describing them as exorbitant and predicting that they will go even higher.

"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," City Developments Ltd said in an earnings statement on Wednesday. The comments referred to the 170,000 square foot site the company bought for its Gramercy Park project, just off the prime Orchard Road shopping belt.