GLS tender for three URA sites closed

Tan Quee Land Street only garnered two bids.

The government land sales (GLS) tender for three Urban Redevelopment Authority (URA) sites closed, with Tan Quee Lan Street attracting just two bidders whilst one-north Gateway and Bernam Street got nine and four bidders, respectively, according to a press release.

Real estate firms commented that Tan Quee Lan Street's weak bidding was brought by its relatively larger size and price quantum.

"Only developers with the experience of developing projects in the city centre will participate, which is why we do not see many bids," Huttons commented.

Tricia Song, Colliers’ head of research for Singapore, also stated that some developers may have been put off by the hype around the site, and may have also been worried about competition from Middle Road site and Midtown Bay project.

Meanwhile, Bernam Street's relatively small number of bids was attributed to the increased competition arising from the CBD Incentive Scheme, which encouraged the conversion of ageing commercial space to residential and mixed-use space.

On the other hand, the smaller size of one-north Gateway is said to have been the reason why it saw higher number of bidders, as it has a potential yield of 165 units.

The highest bidder for one-north Gateway was TID Residential at $155.74m. Bernam Street’s highest tendered sale price came from HY Realty at $440.9m, whilst Tan Quee Lan Street’s was at $800.19m by GLL D, Intrepid Investments and Hong Realty.