GuocoLand and Hong Leong were the only bidders for a land parcel near Springleaf MRT station, along Upper Thomson Road, for a bid price of $779.6 million (approx. $904.60 psf). This was way below projections of around $1,000 to $1,100 psf. I do wonder if the sales numbers of condos like Lentoria (19 per cent sold at launch) might have played a part here, in addition to growing developer worries. This was altogether unsurprising, given that GuocoLand already has such a major stranglehold in the area. Meanwhile, CDL and Mitsui Fudosan were also the sole bidders for a land parcel along Zion Road for $1.1 billion (this is a very big site, which can yield around 1,000 residential units). That works out to roughly $1,202 psf, also below the projected $1,300 to $1,700 psf. Coupled with the low number of bids, we can see a general trend of developers shrinking back – particularly from high-profile areas like River Valley and Marina Bay. The most obvious factor would be recent cooling measures...