06 Aug '17, 3am

Chinese developers leave a trail of unease in Singapore

Chinese developers leave a trail of unease in Singapore

For more than a decade, a plot of land roughly the size of three football fields sat empty at the heart of Singapore’s oldest public housing estates. As property developers snatched up parcel after parcel in the Queenstown estate, named after Queen Elizabeth II, the plot of empty land that sat beside Stirling Road remained untouched. Until April this year. On April 10, the Singapore government said it had received an application by a property developer to launch the site for tender, with the developer promising to pay no less than S$685.25 million (HK$4 billion). A month after the tender was launched, 13 bids were lodged for the 99-year lease on the plot of land. The lowest bid was S$713.8 million, S$30 million above the reserve price. The highest and winning bid was a record S$1.002 billion, lodged by a consortium of two Chinese developers , Logan Property and the Nanshan...

Full article: http://www.scmp.com/week-asia/business/article/2105294/ta...

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