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.
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.
Schroders Plc and Baring Asset Management Ltd. are avoiding Singapore stocks, the cheapest in Southeast Asia, as slower economic growth in the region and cuts to Federal Reserve stimulus drive capital outflows.
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.