Daily Archives: 5 Sep 2009

Chiu family is top bidder for New Bridge Road Hotel Site

Posted on 5 Sep 2009 | Comments Off on Chiu family is top bidder for New Bridge Road Hotel Site

THE Chiu family of Hong Kong that used to run the former Tang Dynasty City attraction in Jurong is poised to make a comeback on the Singapore hospitality scene.

A unit linked to the family emerged as top bidder yesterday in a state tender for a 99-year leasehold hotel site at New Bridge Road, near Outram Park MRT Station, Pearl’s Centre and Singapore General Hospital (SGH).

The top bid of about $67.7 million works out to almost $401 per sq ft (psf) of potential gross floor area.

Dennis Chiu, a director of Leedon Investments, which placed the highest bid, told BT the group hopes to develop a boutique business hotel with about 300-400 rooms.

The development cost could be in the order of $400,000 to $500,000 a room, he said. Details were still being worked out.

A spokeswoman for the group said construction costs for the hotel could be around $70-80 million.

The proposed hotel will be linked to the current exit on the site linked to Outram Park MRT Station. Continue reading →

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Posted in Property Market / Real Estate

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Developers raise price of DBSS flats to ride on property boom

Posted on 5 Sep 2009 | Comments Off on Developers raise price of DBSS flats to ride on property boom

Private developers have raised the prices of HDB’s Design, Build and Sell scheme (DBSS) flats to capitalize on the property boom, this coming days after Minister for National Development Mah Bow Tan conceding that prices of resale HDB flats will continue to rise.

DBSS projects are designed, built and sold by private developers. They offer condominium-style fittings, layouts and facilities but are subject to public housing rules, such as the household income ceiling, ethnic quotas and a five-year minimum occupation period.

As they are not built by HDB, the prices are set entirely by the private developers who are in the business to make a profit in the first place.

The prices of flats at Natura Loft at Bishan and The Peak@Toa Payoh have risen by up to 3 per cent, or $20,000. Current prices, which average at $500 psf are only slightly lower than prices of completed mass market condominiums in the suburbs such as Orchid Park condominium and the Seletaris in Sembawang. Continue reading →

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Posted in HDB, New Launches, Property Price

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