Recently I came across 2 new articles that the developer's bid was rejected by URA as it was too low.
In this case, the tender for a mega site at Jurong Lake District was not awarded as the developer's tender price of $2.5 billion or $640 psf ppr was too low.
And in another case that happened in February 2024, the sole bid of nearly $770.5 million or $984 psf ppr for a plot in Marina Gardens Crescent has been rejected as too low.
So what does this imply?
Will future land prices decline?
Will the prices for future price of property decline, if we take into consideration the land cost and inflation?
The above graph shows the property prices per square foot (psf) for private non-landed homes.
For those property buyers who are looking to time the market, I guess you might be disappointed. From the graph, you'll realise that the latest "bottom" is higher than the previous "bottom" and the latest "peak" is always higher than the previous "peak".
So in the long term, the trend is always going upwards, even though there's lots of volatility along the way.
Here's our golden advice: Don't wait to enter the market. Enter the market and wait (for the prices to appreciate).
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