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The plot of land has been put up for sale under the government’s Land Sale Program (GLS) confirmed list for the first half of this year.
Plots of land on the confirmed GLS program list are offered for sale regardless of market interest, while those on the reserve list are only tendered for if a developer undertakes to bid at a price acceptable to the land sales authorities.
Mr. Ong Teck Hui, senior director of research and consulting at JLL, said there will likely be demand from buyers given that the last executive condominium sold in the area was the Signature At Yishun site in May 2014.
However, bidders should be careful due to the COVID-19 outbreak.
“The HDB gave a long six-month delay before the tender closed. If COVID-19 is well contained by then, the response to the tender could be more favorable, although we can expect bidders to be cautious, ”said Ong.
He expects between two and five bidders, with the highest bid being between S $ 470 psf ppr and S $ 520 psf ppr.
“However, if COVID-19 is still not contained by the close of tenders as the economy deteriorates sharply, we can expect a minimum number of bidders and the tenders will likely be lower than expectations, ”Mr. Ong said.
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Construction projects are expected to be delayed due to a labor shortage during the COVID-19 outbreak.
Thousands of foreign workers in Singapore – a number of whom work in the construction industry – have contracted COVID-19, making up the majority of the country’s cases in recent days.
As of April 7, all construction work has been halted as part of the government’s breaker measures to minimize the spread of the virus.
On April 21, all migrant workers staying in dormitories were ordered to stop working and stay in their place of residence until May 4.
The HDB has previously said it will work with contractors to speed up construction of new apartments after the breaker is lifted.