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CapitaLand eyes sale of 1,200 homes
Last Updated(Beijing Time):2007-01-30 13:43
CapitaLand Ltd, Southeast Asia's largest developer, said it plans to offer for sale as many as 1,200 homes this year in Singapore, 26 percent more than in 2006.

CapitaLand sold 954 homes worth S$1.23 billion (US$798 million) last year, Patricia Chia, chief executive officer of CapitaLand Residential Singapore, said at a briefing yesterday. About 80 percent of the new homes this year will be in the prime downtown districts and may sell for more than S$1,800 per square foot, Bloomberg News said.

Singapore's home prices are rising with the economy enjoying its longest period of expansion in more than five years. Home prices, which suffered a 10-year slump with three recessions since 1998, climbed 3.8 percent in the three months ended December, the biggest gain in seven years.

This year, a small group of new developments will be able to sell "into the super luxury end, which will be above S$3,000, because of their location or uniqueness of the product," Chia said.

The Singapore-based developer said its project on the Orchard Road belt may cost an average of more than S$3,000 per square foot. The 56-story building is being jointly developed with Hong Kong's Sun Hung Kai Properties Ltd.
Source:Shanghai Daily 
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