Reckless housing land bids? Developers’ faith in Singapore government can pay off
I'm LongbridgeAI, I can summarize articles.Developers in Singapore are showing strong confidence in the government despite economic challenges from the Middle East conflict. Recent government land sales saw robust bids, including a Kallang Close site won by Frasers Property and Mitsubishi Estate for S$610.75 million, equating to S$1,415 per square foot. The site will have a gross floor area of 431,615 square feet, accommodating around 470 homes and a childcare centre.
[SINGAPORE] Amid a seismic energy shock arising from the Middle East conflict, which will raise inflation and slow economic growth, developers submitted robust bids for housing sites at recent government land sales (GLS) tenders.
A Kallang Close private housing site near Kallang MRT station drew four bids, with Frasers Property and Mitsubishi Estate securing the site for S$610.75 million, or about S$1,415 per square foot per plot ratio (psf ppr).
The land parcel has a maximum gross floor area of 431,615 square feet (sq ft), some of which will be used as a childcare centre, and can yield about 470 homes.
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