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Why do some developers and the Govt not see eye to eye on land pricing?
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Prior to 2024, it was uncommon for the authorities not to award tenders for Government Land Sales (GLS) sites.
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SINGAPORE - Bids for three state land tenders have been thrown out by the Urban Redevelopment Authority (URA) so far in 2024, raising questions over why there is a mismatch in land price expectations between some developers and the authorities.
Coming in a span of less than a year, the Government’s decisions not to award three tenders because it deemed the sole bids for each of them too low have sparked speculation in the industry. Prior to 2024, it was uncommon for the authorities not to award tenders for Government Land Sales (GLS) sites. The last no-award was in 2020, when they rejected a $15 million bid for a 30-year leasehold site in Sembawang’s Gibraltar Crescent, intended for a dementia care village
