Singapore’s prime land price indices stayed flat, according to Knight Frank’s Prime Asia Development Land Index.
The city-state is tenth on the list for prime residential and as well as prime office indices, trailing behind other Asian cities.
“The residential market, in particular, faced strong headwinds. In Q2 2014, as compared to the same period last year right before the impact of the Total Debt Servicing Ratio ruling was felt, prices of non-landed houses in Core Central Region dropped 4.8 percent as transactions plunged 52.5 percent, softening demand for land,” the report said.
Bangkok saw the largest increase in the prime residential development land index in the first half of 2014. Meanwhile, Bengaluru, known as the Silicon Valley of India, topped Asia for the prime office development land index.
Additionally, land prices seem to have peaked in most key Chinese markets in Q1 2014.
While land transaction volumes in Asia dropped five percent year-on-year in H1 2014, investment inflows from outside Asia increased 423.9 percent year-on-year.