Some 150 developers bid aggressively for 14 land parcels at Sembawang

There are no signs of cooling in the private property market as some 150 developers bid aggressively for the 14 land parcels at Sembawang Greenvale.

This is the last phase of the sale at the Sembawang estate.

The first two phases – Phase 1 and Phase 2 of Sembawang Greenvale – were sold in October 2007 and April 2008.

This is the first time since April 2008 that the Urban Redevelopment Authority is conducting an auction for private home land sales.

The 14 land parcels at Sembawang Greenvale estate that were up for auction can accommodate about 115 landed properties.

Each land parcel received about 50 bids. The winning bids ranged between S$2.25 million and S$26.15 million.

Nicholas Mak, executive director, Research & Consultancy, SLP International Property Consultancy, said: “Some of the small developers are very confident of the landed housing market in the months ahead … (as seen by) the aggressive bidding that they have demonstrated and also the high land prices that they are willing to pay.

“So I think going forward, this segment of the market will be quite resilient even to the recent government cooling measures.”

Source : Channel NewsAsia – 28 Oct 2010

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