Braddell View's tender closed with no takers despite its prime location. It's seeking private negotiations.THE collective-sale cycle appears to be running out of steam, with no residential projects having achieved a successful outcome so far this year; the mega Braddell View estate has become the latest to reach its tender close with zero bids.
Two GLS sites were awarded in early April, one at Middle Road for nearly S$492 million to Wing Tai Holdings and the other in Sims Drive for S$383.5 million to Hong Leong Holdings and City Developments Ltd. "The only residential/residential mixed-use sites sold in Q1 2019 were listed under the GLS Programme - Kampong Java Road and an integrated mixed-use site in Pasir Ris Central," the report said.
Other billion-dollar hopefuls such as Mandarin Gardens and Dairy Farm failed to hit the mandatory 80 per cent threshold for owners' consent. The collective sales agreement for Horizon Towers, shooting for S$1.1 billion, lapsed on May 21 with no bids. The recently announced CBD Incentive Scheme and the Strategic Development Initiative could also expedite the rejuvenation of older commercial properties, she said."This could enhance the value of properties and help owners of ageing properties to unlock values at a favourable price."
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