According to a research report, despite a drop in private home sales, the developer’s appetite for land continues to grow. This is in accordance to the number of bids received for vancant land released by Government Land Sales Programme with Riverbank New Launch.
Riverbank New Launch
The government has recently released 2 plots of land in the Serangoon area with the same tender closing date. This is a move to discourage developers from bidding sky high prices of which the developer will pass the cost to buyers.
However, the 2 plots of lands are awarded to the same developer. Kingsford development, the developer behind Hillview Peak, has submitted top bids for the land. There were 2 parcels involved. Parcel A has a land area of 154,125sqft whereelse the other Parcel has a land size of 128,664sqft. Kingsford development who submitted the 2 bids managed to get the land at a narrow margin above its competitor. A fact to note that both pieces of land have the same competitors when submitting for the bids.
Riverbank New Launch Condo
A check with the background of Kingsford development indicates that the developer is actually from China. However, China has experienced a showdown in its real estate market at the moment due to sky high prices in the local real estate sector. A recent check also indicate that kingsfords developer is also the developer for Hillview Peak. It also bid for an EC site. The EC site bidding was quite a high note as it is the first in Singapore whereby all 3 ECs bid end on the same day.
The surge in developer’s appetite can be seen in the recent bids for land. However, riverbank new launch at Sengkang West Way might be very well received as the piece of land was bid quite a while land and the price was moderative compared to now. We should expect strong interest in Riverbank new launch.