Singapore, 22 Jul 2021 SINGAPORE – Records were smashed when bids were lodged yesterday for two residential sites under the Government Land Sales (GLS) programme.
Tenders for both 99-year leasehold plots – a Tampines executive condominium (EC) parcel and one in Lentor Central – closed last night with nine bids lodged for each, as developers rushed to replenish land banks as unsold private housing inventory nears a four-year low of 16,929 units.
Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said prices for new ECs are inching closer to $1,200 psf this year.