LAND prices for commercial and residential developments in the mammoth Singapore-Suzhou township project will be determined by the development and performance of other industrial projects in the area, says its developer, China-Singapore Suzhou Industrial Park Development.
Chan Soo Sen, the company's chief executive, said: 'It all depends on how well the industries are doing. When people have the money to spend, the property market will pick up.' Land prices for industrial sites in the 70 sq km zone, which was allocated to the group for development by the Chinese Government, is now at US$5.58 per square foot and a review is expected within two or three months.
'[The review is] to see whether there is any softening for the investment drive into China,' Mr Chan said.
He said industrial land prices established by the township were about 57 per cent higher than those in areas nearby, where prices ranged between $3.53 and $3.72 a square foot.
'The higher price is because we do it according to the Singapore specification. Fifty metres above floodline. It is value for money.
'We are not aiming at investors who are price-sensitive.' The township wants to attract investors for high-technology industries such as car parts manufacturers and precision engineering plants.
