Developers expected to bid cautiously for Lentor and River Valley sites amidst upcoming supply of new private homes and unsold inventoryDespite a noticeable improvement in market sentiments and eased
interest rates, real estate experts believe developers will approach the bidding for two new sites under the Government Land Sales confirmed list for the second half of 2024 with caution, as reported by Singapore Business Review.they generally expect developers to be cautious with their bids for the sites in Lentor and River Valley, considering the upcoming supply of new private homes and the unsold inventory from current projects in those areas.
They noted there could be increased interest in areas like Bayshore and Lorong Chuan, especially since new parcels are expected to be released after years of limited supply. Meanwhile, Huttons expects one to three bidders for the site, estimating a top bid of S$900 to S$1,000 psf ppr.PropNex thought the same, noting developers will be “watchful” of the upcoming supply of new private homes from nearby GLS sites, including Zion Road , Zion Road , and River Valley Green , all of which were sold this year.
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