The government rejected the lone bid submitted by a consortium led by Malaysian billionaire Quek Leng Chan s Guocoland for a prime residential site in Marina Bay.
A consortium led by GuocoLand submitted the only bid for a prime plot of land in the Marina South precinct, adding to signs demand for housing in Singapore is softening amid rising interest rates and government’s property curbs.
From left: Chris Pilgrim, Colliers managing director of global capital markets, Asia Pacific; Luke Dawson, Colliers head of global and EMEA capital markets; and Tang Wei Leng, Colliers head of capital markets and investment services, Singapore (Photo: Albert Chua/EdgeProp Singapore)In the Asia Pacific (Apac) region, real estate sector returns continue to be hampered by interest rate pressures on the cost of capital, says Colliers in its Nov 6 report on Apac 3Q2023 capitalisation (cap) rates. Ove