Developers' net margins fell sharply from a recent peak of 35.7 per cent in 2009 to about 11.8 per cent last year, he estimated. And amid increased competition for sites, established Singapore developers have not been effective in restocking in Singapore, he added. Using City Developments (CDL) and Frasers Centrepoint as proxies for these developers, he said their success rate of securing land has dropped from 13 per cent to 23 per cent in 2010 to 2012, to 10 per cent in 2013 and last year, to zero so far this year.
说来说去，你是想说我提的20%-30%+的地价成本是错的，你可以说我不了解房地产市场。
我只是从govt policy, inflation trend, real interest rate trend看real estate这个资产类别，提了我自己的观点，仅此而已。事实上，地价占比和普通老板姓投资房地产没什么关系，只有贷款给开发商的借贷方才关注开放商的资产负债表。holding power, land cost,borrowing cost。。。什么都抵不上inflation rate对房价走势的影响。
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