Singapore
A 3.8 hectare white site at Pasir Ris Central drew fairly subdued interest from developers with a lower-than-expected three bids at the close of the tender on Friday.
Among the bidders was Far East Organization, while Singapore Press Holdings and Kajima Development submitted a joint bid. The third bid was from Phoenix Residential and Phoenix Commercial; both companies are owned by Allgreen Properties and Kerry Properties, which are in turn linked to Robert Kuok.
Market watchers noted that this is the first government land sales (GLS) tender for a white site to be concluded after the July cooling measures, which could have prompted developers to take a more cautious stance. In October,...