The Urban Redevelopment Authority on Thursday rejected the only bid submitted through a consortium led by Malaysian billionaire Quek Leng Chan’s Guocoland for a prime residential development in the Marina South district, across from the iconic built-in Marina Bay Sands casino complex.
The S$770 million ($573 million) bid made Guocoland and its partners Intrepid Investments of Hong Leong Holdings—controlled by Quek’s Singapore billionaire cousin Kwek Leng Beng—and a joint venture between Hong Leong and Japan’s Mitsui Fudosan, was “assessed to be too low,” URA said in a statement on Thursday. This is the first time in more than a decade that the government has rejected an offer in a state land auction.
The disappointing reaction from asset developers comes as government restrictions on housing, rising stamp duty on foreign buyers and slowing economic conditions begin to weigh on Singapore’s once-resilient asset market. Developers sold just 6,671 residential complexes last year, the lowest figure in 15 years, according to government data released last month.
The 17,319-square-meter site, which can be converted into a mixed-use asset comprising 775 residential complexes and 6,000 square meters of advertising space, is among the few plots of land the government is promoting to private developers in the Marina Sud neighborhood. , just across the border. Marina Bay Business District. The government is making plans to hold an auction for the Marina Gardens Cescent plot.
GuocoLand’s offer, equivalent to S$984 per square foot of plot, is also conservative compared to the S$1,402 fee paid through a consortium led by Kingsford Huray Development, led by Chinese businessman Cui Zhengfeng, a naturalized citizen of Singapore, in July for a nearby project site.
As editor-in-chief of Forbes, I report on the economics of sports and edit the canopy in Forbes. com’s SportsMoney segment. Previously, I served as Deputy Editor, overseeing the website’s network of approximately 3000 participants and working with them, and Associate Economic Editor, overseeing the economic canopy of Forbes. com and working intensively with the channel’s contributing editors to reveal stories, find angles, and offer physically powerful analysis. Prior to Forbes, I worked in sports and business news as a New York Times staffer.
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As a senior editor at Forbes, I report on the business of sports and edit coverage in Forbes.com’s SportsMoney section. I previously served as an assistant managing editor, overseeing the website’s network of nearly 3,000 contributors and the editors working with them, and as the deputy business editor, overseeing the business coverage at Forbes.com and working closely with the channel’s contributing writers in digging up stories, developing angles and delivering strong analysis. In my pre-Forbes days, I worked in sports and business news as an editor at the New York Times.
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I’m a Tokyo-based journalist, a former columnist for Barron’s and Bloomberg, and “Japanization: What the World Can Learn from Japan’s Lost Decades. “My journalism awards come with the 2010 Society of American Business Editors and Writers Commentary Award.
I am a Tokyo-based journalist, former columnist for Barron’s and Bloomberg and author of “Japanization: What the World Can Learn from Japan’s Lost Decades.” My journalism awards include the 2010 Society of American Business Editors and Writers prize for commentary.
Based in Singapore, I am a senior reporter for Forbes Asia, covering billionaires, entrepreneurs, wealth and deals across Asia. Prior to joining Forbes, I worked for several media organizations in the past two decades, including Bloomberg and Thomson Reuters. In recent years, I have also ventured into PR with stints as Associate Director at Singtel and as Chief Storyteller at boutique media consultancy FDM Media. For news tips, you can reach me at [email protected].
Based in Singapore, I am a senior reporter for Forbes Asia and cover billionaires, entrepreneurs, wealth, and businesses throughout Asia. Prior to joining Forbes, I worked for several media organizations over the past two decades, including Bloomberg and Thomson Reuters. In recent years, I have also dabbled in the public as an associate director at Singtel and as a lead storyteller at media consultancy FDM Media. For news tips, you can contact me at jburgos@forbesasia. com.
I’m a Chinese-American journalist in Hong Kong covering customer generation in Asia. Before focusing on this exciting topic, I was an editor and general scholar with bylines in The New York Times, Wall Street Journal, Sports Illustrated, New York Magazine, among others. nnFeel free to email me at bencsin@gmail. com
I create a YouTube channel with the purpose of offering multimedia policy of the devices I come across. If you’re interested, subscribe.
I’m a Chinese-American journalist in Hong Kong and I cover technology for clients in Asia. Before focusing on this exciting pace, I was an editor and general expert with bylines at The New York Times, The Wall Street Journal, Sports Illustrated, New York. Magazine, among others. nnFeel free to email me at bencsin@gmail. com
I create a YouTube channel with the purpose of offering multimedia policy for the devices I encounter. If you are interested, subscribe.
I work in Beijing and cover China’s tech sector. I contribute to Forbes and in the past I worked as a freelancer for SCMP and Nikkei. Before Beijing, I spent six months as an intern in the Hong Kong office of TIME magazine. I am a graduate of Medill School of Journalism, Northwestern University. Email: ywywyuewang@gmail. com Twitter: @yueyueyuewang
Follow me on Twitter@yueyueyuewang
I work in Beijing and cover China’s tech sector. I contribute to Forbes and in the past I worked as a freelancer for SCMP and Nikkei. Before Beijing, I spent six months as an intern in the Hong Kong office of TIME magazine. I am a graduate of Medill School of Journalism, Northwestern University. Email: ywywyuewang@gmail. com Twitter: @yueyueyuewang
Follow me on Twitter@yueyueyuewang
Based in Singapore, I am a senior reporter for Forbes Asia and cover billionaires, entrepreneurs, wealth, and transactions throughout Asia. Prior to joining Forbes, I worked for several media organizations over the past two decades, Bloomberg and Thomson Reuters. In recent years, I also dabbled in PR as an associate director at Singtel and as a lead storyteller at media consultancy FDM Media. For recommendations on existing events, you can contact me at jburgos@forbesasia. com.
Based in Singapore, I am a senior reporter for Forbes Asia and cover billionaires, entrepreneurs, wealth, and transactions throughout Asia. Prior to joining Forbes, I worked for several media organizations over the past two decades, Bloomberg and Thomson Reuters. In recent years, I also dabbled in PR as an associate director at Singtel and as a lead storyteller at media consultancy FDM Media. For recommendations on existing events, you can contact me at jburgos@forbesasia. com.
I studied geology in the 1960s and worked for a junior mining company before turning to journalism during the nickel boom of 1969. Since then, I’ve covered the repeated ups and downs of the commodities sector through a parade of newspapers, magazines, and websites. I am also a regular contributor to radio and television news services in Australia.
Tim Treadgold has been writing about the mining and oil industries for more than a few years.
I studied geology in the 1960s and worked for a small mining company before getting a start in journalism during the 1969 nickel boom. Since then I’ve covered repeated booms and busts in the commodities sector for a passing parade of newspapers, magazines and website. I am also a regular contributor to radio and television news services in Australia.
Tim Treadgold has been writing about the mining and oil industries for more than a few years.
Visiting Scholar, Hoover Institution. Whether in banking, business negotiations or e-commerce, my professional life involves helping corporations expand into new markets, with a specific focus on China. As CEO of Export Now, I run the largest foreign e-commerce company. -corporate trade in China. Previously, I was Under Secretary for International Trade at the US Department of Commerce. Before that, I was US Ambassador to Singapore. Before that, I worked in Hong Kong and Singapore with Citibank and Bank of America. as well as on the staff of the White House and the National Security Council. Book on e-commerce in China: https://amzn. to/2VtfzqQ Book on the history of World War II: http://amzn. to/ 2qtk0wK
Frank Lavin is the CEO of Export Now, China’s leading e-commerce store operator for foreign brands. In the past, he has worked on China-related issues in the government, finance, and communications spaces.
Visiting Scholar, Hoover Institution. Whether in banking, business negotiations or e-commerce, my professional life involves helping corporations expand into new markets, with a specific focus on China. As CEO of Export Now, I run the largest foreign e-commerce company. -corporate trade in China. Previously, I was Under Secretary for International Trade at the US Department of Commerce. Before that, I was US Ambassador to Singapore. Before that, I worked in Hong Kong and Singapore with Citibank and Bank of America. as well as on the staff of the White House and the National Security Council. Book on e-commerce in China: https://amzn. to/2VtfzqQ Book on the history of World War II: http://amzn. to/ 2qtk0wK
Frank Lavin is the CEO of Export Now, the leading operator of China e-commerce stores for international brands. He previously worked on China issues in government, finance, and communications.