No buyers so govt cancels Kallang sale

[downgrader]

Another sign that property market collapsing, investment owners peeing in their pants



http://www.businesstimes.com.sg/sub/news/story/0,4574,310688,00.html?

Sale of Kallang River hotel plot delayed
URA says release of the site will be deferred to June 2009


By UMA SHANKARI

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THE Urban Redevelopment Authority (URA) has deferred the release of a hotel site along Kallang River from this month to June 2009. The site was originally due to be made available for December 2008, as part of the government's plans to transform the Kallang Riverside into a waterfront lifestyle precinct by the edge of the city.


'URA is currently working with other agencies to finalise the detailed planning and development conditions of the Kallang River site to relate to the broader plans for Kallang Riverside and, as more time is needed, the release of this site at Kallang River on the reserve list will be deferred to June 2009,' the agency said yesterday.

The deferment 'makes sense' as the site is unlikely to be triggered in the current market conditions even if it is made available, market watchers said.

 

[downgrader]

Investment owners will soon have to lelong

The major winner is Mary Sai

She's the champion in this market

 

[myo539]

Another sign that property market collapsing, investment owners peeing in their pants

So you are very happy? What's wrong? It's normal business practice - doesn't make much sense to sell your properties when the price is low. Would you sell your HDB flat or car when the price is low?

 

[ArtBoon]

Nothing wrong about what URA did. For people desperate to sell to raise cash, they won't like this type of "signal"...

So you are very happy? What's wrong? It's normal business practice - doesn't make much sense to sell your properties when the price is low. Would you sell your HDB flat or car when the price is low?

 

[mrbell1009]

myo539,

Cannot find a buyer is totally a different thing.

 

[makapaaa]

It sure looks like the jiat liao bee million$ Papaya scholar directors are out of touch with reality and just pushing their luck!