Property developers, who are keen to ride the buoyant market, are aggressively seeking more sites to replenish their depleting land banks.
Some developers, like Far East Organization, have taken out advertisements in several publications to seek development sites of various sizes in the suburbs and city area. They want to develop office buildings, homes and shopping complexes.
According to experts, though this is common, developers are usually more discreet. However, developers might be driven to look beyond acquiring land through the government land sales (GLS) programme due to their depleting land banks.
Advertisements placed by developers, who are seeking to acquire sites had doubled over the past year, according to Cats Classifieds by Singapore Press Holdings.
Based on research conducted by property consultancy firm DTZ this month, half of the 16 major developers in Singapore had fewer than 1,000 residential units left in their land banks as of 28 February 2010. Another five developers had between 1,000 and 2,000 units.