Market Chatter: Bidding for State Land Plot in River Valley Remains Muted

MT Newswires06-21

Bidding for a state land plot in the River Valley district remained muted after it received only two bids which fell short of market expectations, according to a report by the Business Times on Thursday.

Winchamp Investment, a subsidiary of Wing Tai Holdings, submitted a bid of around $464 million for the Green Parcel A with a potential yield of 380 private homes. The second bid was around $444.9 million from Hong Realty, a subsidiary of Hong Leong Group.

No bids were received for the Upper Thomson Road Parcel A which was launched in Dec. 2023. This is the first time in 20 years that a land parcel from a Government Land Sales site has not received any bid, according to CBRE.

Uncertainty over leasing demand for serviced apartments has been attributed as one of the reasons behind muted bidding activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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