SINGAPORE (Sept 6): The majority of large property developers in Singapore have sat out the latest round of government land sales (GLS) tenders, after the introduction of new property cooling measures in July to curb rising home prices.

Tenders of three sites under the GLS programme – Dairy Farm, Jalan Jurong Kechil, and Canberra Link Executive Condominium – closed on Wednesday.

“Biddings were noticeably subdued, except for the executive condo land site,” says DBS Group Research’s lead analyst Rachel Tan in a Thursday report. She notes that this was the first batch of GLS tenders to close after the government announced its cooling measures.

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