Singapore Property | NEUTRAL
OCBC Investment Research, Sept 30
Despite a muted residential outlook, domestic developers - now sitting on fairly lean unsold inventories versus the historical average - are keen to replenish their land banks. In particular, there is firm demand for mass-market sites on which projects with carefully calibrated prices can still sell briskly. To illustrate, we saw keen competition for the latest land parcel at Fernvale Road offered under the Government Land Sales (GLS) tender, which attracted 14 bidders and a top bid of S$287.1 million (S$517 per square foot plot ratio). The price of the winning tender by the joint venture formed by Sing Development and Wee Hur was somewhat...
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