CDL 'confident' in master-developer ambitions; launching Irwell Hill Residences on April 10

CITY Developments Limited (CDL) has set its sights on becoming a master developer in Singapore, as part of the property group's focus on replenishing its land bank to ensure a stable launch pipeline.

In the meantime, updating the additional buyer's stamp duty (ABSD) rules on residential land purchases and allowing for more flexible business models could help encourage prudent bids and ease some pressure on developers, said CDL group general manager Chia Ngiang Hong, who is also president of the Real Estate Developers' Association of Singapore (Redas).

C09 : C09 0%, whose land banking approach entails participating in both collective-sale tenders and the government land sales programme, is now also exploring master-developer initiatives.