Consider lowering ABSD for foreigners buying homes in selected areas such as Marina South

THE Urban Redevelopment Authority (URA) recently rejected the sole bid of nearly S$770.5 million or S$984 per square foot per plot ratio (psf ppr) for the 99-year leasehold Marina Gardens Crescent site in Marina South because the bid price was too low.

Uncertainty over housing demand in the Marina South area could have driven developers to be cautious in their evaluation of the Marina Gardens Crescent site. 

The lack of local schools in the surrounding area is a possible factor hampering demand from locals for future homes in Marina South. Also, developers may fear that demand for homes in general from foreigners who are not Singapore permanent residents (SPRs) and investors could be lacklustre.