Bids for two 99-year leasehold private housing sites on Tuesday (Sep 12) reflected distinctly more risk-averse sentiment among developers, following several waves of cooling measures and sharply higher financing costs. 

Some six bids competed for a parcel along Champions Way in Woodlands, with offers coming in below expectations. At Lentor Close, just two offers were submitted, one more than for the latest site tendered in the area, but far fewer than the nine received in 2021, when the state first released sites in Lentor Hills for development. 

In comparison, a tender for an executive condominium site in Tengah, which closed on Jun 27, drew nine bids and a record land rate of S$703 per square foot per plot ratio (psf ppr), noted Wong Siew Ying, head of research and content at PropNex Realty.