City Developments (CDL) joint venture puts in a bid of $1.1 billion for a plot in Zion Road, reflecting a land rate below market expectations. Analysts suggest CDL's cautious stance despite the opportunity to expand its rental property portfolio.
Analysts say the bid for Zion Road parcel A shows CDL ’s cautious stance , despite the opportunity to expand its portfolio of rental properties .
The consensus of analysts is that the participation rate and bids for both sites came in below expectations. They noted that developers’ risk aversion continues to grow for prime and bigger sites that require large capital outlay, given the economic headwinds, tepid new home sales, interest rate uncertainty and cooling measures.
Mr Nicholas Mak, chief research officer at property portal Mogul.sg, believes that the Government will deem the bids for the Zion Road and Upper Thomson Road sites too low, and will not award the tenders. While it remains to be seen if the Zion Road site will be awarded, ERA Singapore chief executive Marcus Chu believes that the future development could help “refresh serviced apartment supply in the area, as many serviced apartments there are much older”.
CDL Bid Zion Road Rental Properties Cautious Stance Market Expectations Government Land Sales GLS Site Land Rate
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