Kampong Bugis risky for developers in light of hefty taxes and weakening sentiment

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SINGAPORE PROPERTY WEEKLY Issue 127 Developer inventory building up. developers’ sentiment has weakened further in Q3. The Real Estate Sentiment Index, Kampong Bugis: new development by URA The URA is reported to develop Kampong Bugis, located at the convergence of Rochor.

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Kampong Bugis risky in light of hefty taxes and weakening sentiment With a sizeable land area, the Kampong Bugis site is strategically located at the mouth of Kallang River with 1.1 km of water frontage.

Kampong Bugis poses higher risk to developers in light of the hefty taxes (non-remittable tax and ABSD) and weakening market sentiment, said List Sotheby’s Interntional Realty (List SIR). List SIR, the leading luxury real estate services company, said that in referring to the announcement of the Government’s second half 2019 Government Land Sales programme (2H2019 GLS).

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However, this large site poses higher risk to developers in light of the hefty taxes (non-remittable tax and ABSD) and weakening market sentiment. Nevertheless, by the time the site details are released in December, developers will have a clearer picture of the market and a better idea what the project entails.