Billionaire developer Kwek Leng Beng said last year that skyrocketing prices and restrictive rules made buying residential land in Singapore “suicidal.” That hasn’t stopped international developers from rushing in.
City Developments Ltd., Singapore’s second-biggest property developer, is expected to report a rise in full-year net income to around S$686 million, according to the average estimate of 24 analysts compiled by Bloomberg. The release is due before market open today.
Singapore’s developers posted the worst performance on the benchmark Straits Times Index this year after recording the biggest gains in 2012 as property curbs drove home sales lower and slowed price gains.
Singapore stocks posted Asia’s second- biggest gain and the currency gained the most in a week as the ruling party retained power with 81 out of 87 parliamentary seats after facing the biggest electoral battle.