On trigger-shy developers and tax probes

Private home prices continued rising in the first quarter. Yet, developers are trigger-shy about buying housing sites.

This year’s maiden state land tender for a 99-year leasehold private housing site at Lentor Gardens in the Yio Chu Kang area drew just one bid. GuocoLand and Hong Leong Holdings’ Intrepid Investments submitted a joint bid of S$486.8 million, or nearly S$985 per square foot per plot ratio (psf ppr).

DBS Group Research sees GuocoLand emerging as the “King of Lentor”. The listed group is also involved in developing Lentor Modern and Lentor Hills Residences.