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Daily Archives: 17 Sep 2009

Far East is top bidder for Yio Chu Kang/Seletar site

Posted on 17 Sep 2009 | Comments Off

Far East Organisation has placed the top bid of $119.08 million or about $376 per square foot per plot ratio for a residential and commercial site at the corner of Yio Chu Kang and Seletar roads.

The tender attracted a total of 12 bidders, including Centurion RE, Frasers Centrepoint, Soilbuild Group, Sim Lian, GuocoLand and Teambuild.

NEWS RELEASE BY URBAN REDEVELOPMENT AUTHORITY
TENDER CLOSING FOR COMMERCIAL & RESIDENTIAL SITE AT YIO CHU KANG ROAD / SELETAR ROAD
1    The Urban Redevelopment Authority (URA) closed the tender for the commercial and residential site at Yio Chu Kang Road / Seletar Road today.
2   The site at Yio Chu Kang Road / Seletar Road was launched for public tender on 20 August 2009. It was originally on the Reserve List of the Government Land Sales Programme. URA had, on 7 August 2009, accepted a successful application for the site to be put up for sale. The site was offered for sale on a 99-year lease.
3   Please see Annex A for the particulars of the site and the details of the bids received.
4   This is not an announcement of tender award. A decision on the award of the tender will be made after the bids submitted have been evaluated. This will be publicised at a later date.

Source : Business Times – 17 Sep 2009

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Posted in Developers, Property Market / Real Estate

Tagged Far East Organisation, Land Sales, Seletar, URA, Urban Redevelopment Authority, Yio Chu Kang

Banks also hit by property clampdown

Posted on 17 Sep 2009 | Comments Off

So far the market seems to have taken in its stride the removal of the interest absorption scheme (IAS) for properties. The knee-jerk decline of 43 points by the STI on Monday was followed by a sharp rebound on Wednesday as broader economic recovery factors continue to dominate. But there is an impending overbuilding of residential property in Singapore. According to Leong Wai Ho,director and senior regional economist at Barclays Capital, some 62,000 units are in the pipeline between now and 2013. In the first eight months of this year, almost 12,000 units were taken up compared to just over 4,000 units for the whole of last year.

However sales were already slowing month on month even before the government’s latest measures. What is the impact of this inventory on corporate Singapore?

The initial impact could well be felt by the banks. Mortgages represented the only area of loan growth for the banks this year, up 6% year to date, versus a contraction of 0.1% for total loans. According to Trevor Kalcic, regional banking analyst at RBS Securities, it will reduce the sector’s future growth by around 0.5%, through a negative impact on both volumes and margins. Continue reading →