Developers starting to get 'cautiously optimistic' over bids

But first major residential tender drew 12 bids.

According to UOB Kay Hian, the first major residential tender close for a site in Jurong West (29th Jan) continued to draw keen interest from developers with 12 closely-competed bids (the top six bids lay in a 10% range). 

The bids, although slightly moderated, reflect developers’ cautiously optimistic long-term view.

"Looking ahead we expect a two-priced bidding strategy by developers, with sites closer to MRT stations and better amenities garnering strong demand compared with the rest. Key residential tenders in which to watch out for developers’ bidding strategy include the Kim Tian Road and Mount Sophia sites," UOB Kay Hian said.