SINGAPORE: Two 99-year leasehold government land sites in Marina Gardens Crescent and Media Circle in one-north drew fewer-than-expected bids and land rates that were below those of recent state land tenders, reflecting greater caution among developers stung by several rounds of cooling measures and higher financing costs.

The Marina Gardens Crescent site drew just one bid of S$770.5mil or S$984 per sq ft per plot ratio (psf ppr), from GuocoLand and two entities of Hong Leong Group Singapore (Intrepid Investments and TID Residential).