SingHaiyi Group submits winning bid for Dunman Road GLS site
SingHaiyi Group has emerged as the winner for the Dunman Road GLS site with an impressive bid of $1.284 billion, making it the highest offered price for any government land sale. This translates to a record-breaking land rate of $1,350 psf ppr. SingHaiyi’s aggressive bid displays their confidence in the property market and their willingness to invest in the development of the site. While other developers have shown a trend of cautious bidding in recent URA tenders, SingHaiyi’s bold move highlights their determination to succeed in the highly competitive property market. Considering the prime location and potential of Dunman Road GLS site, SingHaiyi’s winning bid is a testament to their strategic focus on growth and development.
Record-breaking land rate of $1,350 psf ppr for government land sale
SingHaiyi Group’s winning bid for the Dunman Road government land sale (GLS) site has set a new record with a land rate of $1,350 per sq ft per plot ratio (psf ppr). This record-breaking bid shows SingHaiyi’s confidence in the property market and its commitment to develop the site. Despite the impressive bid, other developers have been cautious in their bids for recent Urban Redevelopment Authority (URA) tenders. Nonetheless, with SingHaiyi’s bold move, it remains to be seen if more developers will follow suit and make aggressive bids for future GLS sites.
SingHaiyi Group shows confidence in property market with aggressive bid
SingHaiyi Group’s aggressive bid for the Dunman Road GLS site showcases their confidence in the property market. Despite being the only competitor for this tender, SingHaiyi Group did not hold back on their bid, indicating a strong belief in the potential of the site. The record-breaking land rate of $1,350 psf ppr also reflects their optimism towards the future development of the area. SingHaiyi Group’s bold move may inspire other developers to take more assertive actions in future URA tenders. However, it’s worth noting that SingHaiyi Group’s high bid may also be attributed to the scarcity of land available for development in Singapore, leading to an increase in competition and demand for prime locations.
Trend of cautious bids seen among other developers in recent URA tenders
The trend of cautious bids by developers for residential sites in recent Urban Redevelopment Authority (URA) tenders has become increasingly evident. SingHaiyi Group’s aggressive bid for the Dunman Road GLS site stands out as an exception, with a record-breaking land rate of $1,350 psf ppr. Other developers, however, have been hesitant to bid on larger residential sites, as seen in the lackluster response to the Pine Grove (Parcel A) tender, which received only five bids. The cautious approach to bidding may indicate the uncertain outlook of the property market, with developers choosing to exercise prudence in these uncertain times. Nonetheless, SingHaiyi’s bold move suggests a confidence in the market that could pay off in the long run.