Are developers over-optimistic with bullish housing land bids?
Mind the risks to new condo demand from potential job market weakness, higher home loan rates and property cooling measures
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An open-bid auction process can make for good drama. Imagine a group of developers gathering in one place at a specified date and time, and openly bidding against one another for a prime land parcel.
However, bidding for government land sale (GLS) sites in Singapore is done differently. Typically, several months after a GLS site has been launched for sale, interested parties submit their sealed bids by noon on the closing date of tender.
While developers submitting sealed bids for land parcels may involve little fanfare, there can be much drama when the details of the tender bids received are released.
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