DEVELOPERS are expected to lower their bids for Government Land Sales (GLS) sites due to uncertain market conditions, thinning margins and previous record-breaking bids, but Savills Singapore expects residential values to remain resilient.

In a market-outlook briefing on Tuesday (Oct 31), the real estate consultancy noted that the Additional Buyer’s Stamp Duty (ABSD) has had an impact on both the price and volume of non-landed transactions in the Core Central Region (CCR) in the third quarter. 

However, prices of private residential properties islandwide still rose 0.8 per cent during the quarter; Savills expects them to remain flattish in 2024.