Firm Home Sales Lure Bidders Out for Government Land Sales
Healthy home sales in the past five months whittled down property developers' inventory, which has in turn boosted their appetite for land . This came through in the stronger-than-expected top bids for two 99-year leasehold sites at state land tender closings on Thursday. The absolute price quantum, deemed relatively palatable for developers, helped boost their attraction in what was the first residential Government Land Sales (GLS) tender closing since the Phase 2 re-opening of Singapore's economy following partial lockdown imposed to contain Covid-19. Of the two plots, the more hotly contested one is next to Tanah Merah MRT station at Tanah Merah Kechil Link . The site, zoned for residential, with commercial units on the first storey, drew 15 bids. The top bid by MCC Land (Singapore), part of a diversified Chinese state-owned enterprise, was S$248.99 million or about S$930 per square foot per plot ratio (psf ppr). This was 4.6 per cent higher than the second-highest bid by
