Property developers taking cautious approach to bids for land sites in the CBD: Analysts – Medical Marijuana Program Connection

The Marina Gardens Lane site attracted four bids. 

“So some developers may adopt a more wait-and-see attitude,” said Mr Mak. “They may want to see what other developers are doing first, whether their projects are successfully well taken up before entering the market.”

IMPACT OF LATEST ROUND OF COOLING MEASURES

Before the recent round of measures to cool Singapore’s red-hot property market, foreign buyers took up about 12 per cent of units in the downtown area.

But experts are expecting the number to be halved, with the ABSD now doubling to 60 per cent of the purchase price.

“We think there will be some demand. But there are also challenges because of the ABSD for foreign buyers, higher ABSD rate for property investors, so that could also quell investor’s demand,” said PropNex’s head of research and content Wong Siew Ying. 

“Separately, I think the limited schools in that area may discourage some families from wanting to move there. But having said that, it’s still a very new area, so we’re not quite sure what are the other developments that are coming up.”