Developers play pass (on) the parcel, homebuyers feel priced out
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THIN interest, low bids. You may have heard this story before. In the latest batch of state land sales, three sites on offer drew sparse bids and offers on the low end of expectations.
The tepid interest (two bids) in the Zion Road parcel could be put down to concerns about oversupply in the immediate area, where another two sites have been sold and one more plot will be put up for sale in October. The other two sites tendered in the Sembawang and Upper Bukit Timah areas – both locations with potential demand from upgraders – saw bids close to prices of land for executive condo projects. Kalpana Rashiwala and Samuel Oh have the details.
Developers are pricing more risk into their land bids or are staying away completely. Does it bring to mind the old party game of Passing the Parcel? No one likes to be left holding the parcel when the music stops, and you have to pay the forfeit.
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