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19-01-2022, 08:07 AM
Grace Leong
Senior Business Correspondent
PUBLISHED 9 HOURS AGO
SINGAPORE - The results of the first two state tenders that closed on Tuesday after new cooling measures were introduced indicated that developers are still land hungry but more cautious.
Eight bidders had vied for a 99-year leasehold residential site at Jalan Tembusu near the East Coast, and their keen interest helped set a new high in land rates for a residential government land sales (GLS) site in the city fringe area, PropNex said.
But developers were mostly cautious on another leasehold residential site at Lentor Hills Road (Parcel A) near Yio Chu Kang, which drew just four bids.
A unit of City Developments (CDL) came out tops with a bid of $768 million or $1,302 per sq ft per plot ratio (psf ppr) for the Jalan Tembusu site.
This topped the previous record land rate in the city fringe area at $1,129 psf ppr for a site at Northumberland Road, which was awarded in May 2021, PropNex Realty head of research and content Wong Siew Ying said.
Maps and much more at: https://www.straitstimes.com/business/pr...hills-site
Senior Business Correspondent
PUBLISHED 9 HOURS AGO
SINGAPORE - The results of the first two state tenders that closed on Tuesday after new cooling measures were introduced indicated that developers are still land hungry but more cautious.
Eight bidders had vied for a 99-year leasehold residential site at Jalan Tembusu near the East Coast, and their keen interest helped set a new high in land rates for a residential government land sales (GLS) site in the city fringe area, PropNex said.
But developers were mostly cautious on another leasehold residential site at Lentor Hills Road (Parcel A) near Yio Chu Kang, which drew just four bids.
A unit of City Developments (CDL) came out tops with a bid of $768 million or $1,302 per sq ft per plot ratio (psf ppr) for the Jalan Tembusu site.
This topped the previous record land rate in the city fringe area at $1,129 psf ppr for a site at Northumberland Road, which was awarded in May 2021, PropNex Realty head of research and content Wong Siew Ying said.
Maps and much more at: https://www.straitstimes.com/business/pr...hills-site
