_Knight Frank Commentary (GLS Tender closing of Media Circle Parcel B)

Tender Closing for GLS Site

Media Circle Parcel B

There were no bids for the Media Circle Parcel B site, signalling that developers are not only selective when participating in government tenders but might have turned conservative in light of the current global uncertainty triggered by the US led tariffs. Already most developers are mindful of development costs that constitute land and construction costs, as well as taxes, and might have stayed away from today’s tender in order to keep their powder dry for other sites in established residential areas rather than those in business zones. Developers in general might also decide to pause and take stock to assess the demand for private homes, while grappling with the impact of the ongoing trade war on the domestic economy.