Property consultants wonder if caution is creeping into this sector.
(SINGAPORE) In a possible reflection that caution among developers may be extending to the office sector, a tender for a transitional office site in Tampines yesterday drew just one bid - from City Developments Ltd’s (CDL) unit Glades Properties.
And its bid of $10 million, which worked out to $80.65 psf per plot ratio (ppr), was lower than the $100 psf ppr region that most property consultants had expected the 15-year leasehold site to fetch.