A recent Urban Redevelopment Authority land tender for a commercial site along Robinson Road and Cecil Street closed with only three bidders.
According to a report by DBS Group Research, the "response was lukewarm" on the back of the global uncertainties and potential knock-on impact on the office rental market.
The winning bid for the commercial site was S$311.8 million, or S$882 per square feet per plot ratio (psf ppr). Still, DBS said the winning bid was "fair despite being below at the lower end of earlier market expectations of S$995 psf ppr.
Meanwhile, bids by developers for residential government land sales have also moderated.