Amcorp Global halts new projects in SG amidst cost pressure
Amcorp Global Limited has decided to halt new property projects in Singapore due to low profit margins and inflationary cost pressures. The company cited higher interest rates since 2022 as a contributing factor. Moving forward, Amcorp will focus on selective projects with reasonable profit margins and shift its attention to the Baker Street project in London, UK.
The profit margins for property development in Singapore remain low.
Amcorp Global Limited will not be undertaking new projects in Singapore due to inflationary cost pressure and higher interest rates since 2022.
“The profit margins for property development in Singapore remain low particularly for smaller projects,” the company said in a bourse filing.
The group said its board has grown cautious and selective in undertaking new property developments and will only choose projects that have reasonable profit margins.
The company will instead pivot to London, United Kingdom, where it is jointly developing the Baker Street project.
