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Analysis of land tenders in Singapore

Author

Listed:
  • Lawrence Chin
  • Kok Soon Yu

Abstract

This paper adopts the event study methodology in examining the market reaction of the stock price of the winning tenderer from the announcement of the tender win. The companies studied are those listed in the Singapore Stock Exchange (SGX) during the period between 2003 and 2010. The findings from the study show that land tender win announcements resulted in positive abnormal return for the winning companiesí stock prices. The underlying factors which are responsible for the positive abnormal return are the level of experience of the winning tenderer, level of uncertainty of the development, number of participating bidders and the type of land zoning for the site. On the other hand, negative relationship is observed between the bid margin and the abnormal return. The higher the margin the lower the return will be.

Suggested Citation

  • Lawrence Chin & Kok Soon Yu, 2012. "Analysis of land tenders in Singapore," ERES eres2012_007, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2012_007
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2012-007
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    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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