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Government Land Sale (GLS) and En Bloc Fever

Posted by qiufen on June 8, 2017
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In the third biggest collective sale in Singapore, Hong Kong Land’s fully-owned unit MCL Land clinched the Eunosville HUDC site through a collective sale, at a price of S$765.78 million. Built in the late 1980s, the project has about 71 years left on the lease. This marks the fourth collective sale so far this year after the sales of One Tree Hill Gardens, Rio Casa and Goh&Goh Building.

The highest bid for a private landed housing site in Lorong 1 Realty Park in Hougang came from the consortium of Fantasia Investment (Spore), Sun Renwang and Yang Xinping. The $75.8 million bid is 22% higher than the second highest offer of $62.02 million. The plot of land spans nearly 13,400sq m and about 50 landed homes of up to three storeys could be built on the site.

Based on Bloomberg, Cushman & Wakefield and URA’s research reported by articles published yesterday, aggressive land bids by developers are driving up property prices. Research showed that developers paid on average 29% more for residential plots over comparable sites sold in the last 5 years.

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