Singapore Long-Stay Pilot to Tackle High Rents Gets Lone Bid
Housing in Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
Singapore’s attempt to tackle high rents with a new type of serviced apartment for long-term stays got off to a slow start, after attracting little interest from developers.
The Urban Redevelopment Authority said in a statement Thursday that it had received a sole bid for one of the sites eligible for these projects by the time the tender period closed. The site garnered a S$1.1 billion ($817 million) bid backed by Singapore’s largest listed developer, City Developments Ltd., as well as Mitsui Fudosan (Asia) Pte.