A residential site in Yishun Ave 9 named Symphony Suites receive only 5 bids for the residential plot of land. At tender closing, 5 bids from different developers were received and this indicates that there is less demand for private residential land in Singapore.
Symphony Suites Yishun
According to analyst, the highest tender came from EL development which have submitted a bid of $278.8m for the plot of land. The bids from different developers were also very close and the margin for Symphony Suites at Yishun bids was less than 10%. This indicate that developers might be cautious about the softening property market and hence are more reserve on their land bidding.
Many developers have been affected by the increase in unsold units in their inventory and hence are cautious into bidding for new land. Moreover, many developers are already branching out their real estate developing into other countries including Australia and Bangkok where the government continues to welcome property development.
Symphony Suites EL Development
Property research analyst has also noted that the bid price for the plot of land is at its historical high for non-mix developments. The previous GLS plot was for Skies at Miltonia that have gathered a top bid of $363.60 psf ppr. Analyst also note that Symphony Suites could be popular among buyers who wish to live near the Northpoint BizHub. Buyers of Symphony Suites also will face unblock view of the Yishun forested area as well as tranquil and serene living environment away from the buzzling city area.
Buyers of Symphony Suites will also be a stone throw away from the future business hub at Seletar Aerospace and will also have an unblock view of the sea.