14/04/2024
๐๐ผ๐ฟ๐ผ๐ป๐ด ๐ญ ๐ง๐ผ๐ฎ ๐ฃ๐ฎ๐๐ผ๐ต ๐ฝ๐ฟ๐ถ๐๐ฎ๐๐ฒ ๐ต๐ผ๐๐๐ถ๐ป๐ด ๐๐ถ๐๐ฒ ๐ฑ๐ฟ๐ฎ๐๐ $๐ต๐ฒ๐ด๐บ ๐ฏ๐ถ๐ฑ
The tenders for three state-owned plots that closed on Tuesday saw fewer developers bidding in the face of higher interest rates and heightened economic and geopolitical tensions, but two private housing sites drew top bids that were above market expectations.
The sites at Lorong 1 Toa Payoh and Pine Grove Parcel B attracted just three bids each, while a site at Clementi Avenue 1 was the most popular, with six bidders, because it is the smallest of the three plots, and therefore has the lowest land cost outlay, Mr Leonard Tay, head of research at Knight Frank Singapore, said.
Nonetheless, despite the โlower participation rate compared with some Government Land Sales (GLS) tenders of 2022, developers were willing to place bullish bids to secure top positionโ, he noted.
Another site at Clementi Ave 1 receives a top bid of $633.4 million. Read more at straitstimes.com.