Fernvale tenders reflect drop in market confidence

[SINGAPORE] The latest state land tender for a pair of adjacent private housing sites in Fernvale Road in Sengkang showed a thinning in tender participation rates as well as land prices - compared with two sites in the area sold last year before the total debt servicing ratio kicked in.

This reflects less confidence among developers given current weaker market conditions, said industry players.

At yesterday's tender for the 99-year plots, Parcel A along Fernvale Road drew just four bids, and the next-door Parcel B, three bids - down sharply from the eight and nine bids respectively for the two sites tendered in April and June last year respectively.