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(SINGAPORE) Including yesterday's Lucky Tower deal, 26 collective sales have been transacted for a total of about $3.5 billion so far this year, surpassing the $2 billion for the whole of last year, although that was for 36 sites, the latest figures from CB Richard Ellis show.

What is more interesting is the broad spectrum of buyers in the current wave of en bloc deals that kicked in last year.

From property giants like Far East Organization and City Developments to mid-size players like Ho Bee, relatively new entrants like Aspial and construction and property groups like Chip Eng Seng, Sim Lian and Hoi Hup, just about every player in town seems to have netted at least one prime district site - or more. Even Hotel Properties, which had not made a major purchase since the Asian financial crisis of 1997, was lured recently by Beverly Mai at Cuscaden Road.

Can property agents continue to whet the appetite of developers as they keep rolling out prime district collective-sale sites at current prices?

'After you've eaten something you're less hungry and tend to be more choosy about what you're going to eat next,' is how DTZ Debenham Tie Leung director Tang Wei Leng puts it.

Agreeing with this, a fellow property consultant notes that the number of bids for recent en bloc tenders has fallen compared with, say, six months ago.

However, taking a more positive view, CB Richard Ellis executive director Jeremy Lake says the broad spectrum of buyers for collective-sale sites - with buying not just confined to just a few players - suggests that if some drop out and decide to take a break for the time being, others can replace them.

But the jury is out on where luxury land prices are headed. Some industry players reckon they have plateaued, while others believe they can head further north because developers need to keep replenishing their landbanks with prime district sites on the back of strong purchases of luxury homes driven by foreigners.

Says a developer who has been buying prime en bloc sites: 'I think prices have levelled off. If prices were to come down, a lot of prime Orchard Road sites would not be available in the market as the prices would not be enough to entice owners to sell.

'But by the same token, over the past three months, everyone has bought at least one piece of choice land. When you're full and look at the dessert menu, it doesn't look so interesting. So that will provide a stalemate in land prices, I think.'

However, others beg to differ. 'St Regis Residences will be the litmus test for luxury residential prices. And that will provide the base for further increases in high-end residential land values,' suggests Knight Frank executive director Foo Suan Peng. Sources say Hong Leong Group has begun to sell the luxury housing project at Tomlinson/ Cuscaden roads at average prices of about $2,500-2,600 psf, although some choice units have achieved much higher prices.

Even taking into account the project's unique factors, the pricing reflects values above the current market, Mr Foo notes.

Luxury home prices in Singapore still lag those in major cities and are attractive to foreign buyers. 'Increasingly we are seeing regional and international property buyers who are looking for a place to park funds being drawn to Singapore because it's a wealth management hub and enjoys a safe haven status,' says Mr Foo.

'This will continue to provide the momentum for developers to replenish prime sites. If developers buy predominantly high-end sites, this will create upward pressure on prime land prices.'

A list compiled by CBRE of collective-sale transactions since June last year shows the big buyers include Hong Leong Group, which includes listed City Developments. The group has spent $726.5 million on four acquisitions including the $383 million purchase of Lucky Tower.

Another big buyer has been fellow property giant Far East Organization, which has bought four properties totalling $715 million, including the $385 million purchase of Waterfront View with Frasers Centrepoint.

Bukit Sembawang Estates broke an eight-year hiatus in land buying when it snapped up Woodleigh Grove in July last year, and followed up with four other collective-sale purchases.