Developers are no longer hungry for housing sites

MANY Singaporeans aspire to own condominiums and private home prices have been resilient. Numerous developers have capabilities in building homes and are short of residential development land bank.

Yet, the state tender of River Valley Green (Parcel A), which has a land area of 100,032 square feet (sq ft) and can generate about 380 private homes, drew only two bidders. A Wing Tai Holdings unit placed the top bid of nearly S$464 million or about S$1,325 per square foot per plot ratio for the plot next to Great World MRT station.

However, the state tender of the Upper Thomson Road (Parcel A) site, which closed at the same time, drew no bids. This marked the first time in over 20 years that a state land tender closed with zero bids.