Developers may be cautious on bidding for Marina Gardens and Media Circle sites

URA launched tender for White site at Marina Gardens Crescent and Media Circle.

The government announced tender for White site at Marina Gardens Crescent and Residential with Commercial at 1st Storey site in Media Circle.

But property experts see that developers are already cautious on recent GLS land tender and restrained with bid prices.

PropNex Realty said it expects developers to “continue to be circumspect in the tender for these two sites.”

For CBRE, it sees cautious approach from developers towards large sits due to slackening GDP outlook and elevated interest rates. 

“After the most recent cooling measures, developers now prefer locations that attract buyers who are least or not affected by these measures,” the property firm said.

OrangeTee meanwhile, estimated that there may be seven to 10 bidders for the Media Circle site as this land parcel is not big and may fit most developers' risk appetite. The bid price for this site may be between $1,150 and $1,250 psf ppr.

It added that Marina Gardens site may have two to four bidders since developers are being selective

“Developers may be more selective due to the recent increase in ABSD for foreigners. Developers may also form joint ventures to bid for this land parcel due to the large price quantum,” said OrangeTee.