Signs of A Cooling Market?

The white site at Marina View attracted only 2 bids, and the highest bid by Macquarie Global Property Advisers (MGPA) was only at $952.9m. This was a far cry from the 1st site's price of $2.02b, also by MGPA.

Some other areas, such as a residential parcel at Enggor St also received only 2 bids, and an office site at Tampines with only 1 bid. Investors/developers seem to have tone down with stock market volatility, credit crunch uncertainty and recent govt intervention, such as removing the deferred payment scheme.

(1) Residential/Commercial, Enggor St
Land 3,036.2 sqm, GFA: 25,504 sqm, at $233.8 mil ($852 psf ppr) [Nov 07]
(2) Commercial/Hotel/Residential, Marina View
GFA 113,580 sqm, at $952.9 mil ($780 psf ppr) [Dec 07]

* AsiaOne-MarinaView *