25 Feb '16, 12am

Strong bids at third GLS residential site tender this year

Developers continued to bid strongly at the third Government Land Sales (GLS) residential site tender for the year, suggesting they are keen to replenish their land banks. The tender for a plot at the junction of New Upper Changi Road and Bedok South Avenue 3 - the first reserve list site to be triggered for sale this year - closed yesterday with eight bids. Given the development process, which includes getting planning permission, the sites that developers bid for do not hit the market for some time, noted Mr Desmond Sim, CBRE head of research for Singapore and South-east Asia. Developers must secure their main raw material - land - to work on for the next three to five years. "Yes, the market is looking challenging, but you have to look beyond that. Otherwise when the market turns, you have nothing to sell," he said. Chip Eng Seng subsidiary CEL Residential Development t...

Full article: http://www.srx.com.sg/singapore-property-news/15672/stron...

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