The tender process for the site at 22 Ubi Road 4 in Singapore has concluded without an award, as announced on 10 February 2025.
Despite receiving four bids, the highest offer failed to meet the reserve price, leading to the decision not to award the tender. The tender was initially launched on 21 November 2024 and closed on 22 January 2025.
The decision not to award the tender underscores the importance of meeting reserve prices in property transactions, ensuring that the value of the land is adequately reflected in the bids. This outcome highlights the competitive nature of the real estate market in Singapore, where strategic pricing plays a crucial role in the tendering process.
The site at 22 Ubi Road 4, located in a prominent industrial area, was anticipated to attract significant interest due to its strategic location. However, the inability of the bids to meet the reserve price indicates a potential reassessment of market valuations or bidder expectations.
This development may prompt future bidders to reassess their strategies and valuations when participating in tenders for similar sites. The authorities’ decision to withhold the award ensures that the site will remain available for future opportunities, potentially attracting more competitive bids that align with market expectations.
