A Mount Vernon site attracted lower bids yesterday, signalling weakened sentiment in the residential sector after the government introduced new measures last month to cool the market, analysts said.
The top bid of $388.11 million for the Mount Vernon site was placed by a consortium comprising Hong Leong Group, City Developments and TID Residential.
“Developers were visibly more cautious in the Mount Vernon condo site tender that closed yesterday,” Nomura analyst Sai Min Chow said in a note to clients today.
“City Development’s joint venture submitted a top bid of $495 per square foot per plot ratio, 20% lower than what it paid for a nearby site in March last year,” he added.
Singapore in December announced new measures to cool the housing market, including the imposition of an additional stamp duty equal to 10% of the property value for foreigners.
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