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News Release

Singapore

JLL News Flash | Tender closing for residential site at Stirling Road


​​Ong Teck Hui, National Director, Research & Consultancy

王德辉, 新加坡董事


"Bullish bidding is now the norm for GLS residential sites, driven by expected market recovery and limited number of sites on the market. The top tenderer appears more determined to secure the site​, resulting in a higher than expected top bid of $1,050 psf/pr which is 8.3% above the second highest. The site’s attractive location, being at the city fringe and also near Queenstown MRT station is a major contributing factor as well.


The eighth to the second highest bids ranging from $885 psf/pr to $970 psf/pr were closer to expectations and within a 10% margin, reflecting some consensus in outlook as well as caution, given the huge scale of the subject development and the unsold supply in the vicinity.


Due to the improving market, some parties are likely to have a more optimistic assessment of sales take-up and price recovery and when these are factored in the computations, the outcome could be a more bullish land price. This could have contributed to the robust top bid in today’s tender."