Here's proof that GLS sites are in demand among Singapore property investors

Sold like hot cakes in the last 2 years.

According to Knight Frank, despite seven rounds of cooling measures, property developers’ sentiment on the growth prospects of the residential sector remained relatively positive in 1H 2013 as they show continued interest in the Government Land Sale (GLS) sites. The number of bidders per site and the awarded bid price of sites in similar localities have been increasing in the last two years.

Knight Frank noted that the proportion of GLS residential sites with more than 6 bidders has been increasing since 1H 2011. Between 1H 2011 to 1H 2012, the proportion of available sites with 6 bidders or more ranges between 61 per cent and 75 per cent.

However for the past year, the proportion of GLS residential sites with 6 bidders or more increased to 88 per cent and 90 per cent in 2H 2012 and 1H 2013 respectively.

2H 2012 saw a record number of 23 bidders, since 2010, for a GLS residential site at Jalan Jurong Kechil, which was awarded to Aspial Corporation at $73.8 million.

In 1H 2013, where 10 GLS residential sites were sold, the private non-landed site at Faber Walk was the most hotly contested with 18 bidders and it was awarded to Aspial Corporation at $156.7 million.