Category Archives: Developers

Dakota Crescent site in high demand

Posted on 10 Sep 2009 | Comments Off on Dakota Crescent site in high demand

IN A further sign of relentless demand for residential properties, a land parcel at Dakota Crescent has drawn 13 bids and a higher-than-expected top bid of $329 million.

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The highest bid for the 99-year leasehold site next to the planned Dakota MRT station came from UOL, which offered $508 per sq ft of gross floor area. This was way above the trigger price of $130 million, or $201 psf of gross floor area for the reserve list site.

And it exceeds analysts’ expectations of between $350 and $370 psf of gross floor area for the site that fronts the Geylang River.

It approaches levels set around the peak of the market boom in June 2007 when Ho Bee Investment paid $524 psf per plot ratio for its Dakota Residences site. It launched its condo last year at an average price of about $970 psf.

Other developers keen to acquire the Dakota Crescent plot included Guoco-Land, Ho Bee which tied with NTUC Choice Homes, Sim Lian Land, Keppel Land, Allgreen Properties and Teambuild Properties. The lowest bid came from Lippo Estates. It was $160 million, or $247 psf of gross floor area.

Reserve list sites are put up for tender only if developers indicate an interest by committing to a minimum acceptable bid. Continue reading →

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Posted in Developers, Property Market / Real Estate

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Lum Chang sells KL site for RM77.2m

Posted on 10 Sep 2009 | Comments Off on Lum Chang sells KL site for RM77.2m

PROPERTY development and construction group Lum Chang Holdings has sold a site in Malaysia for RM77.2 million (S$31.5 million) and expects a net gain of about $7.6 million.

The company said yesterday that a subsidiary signed the sales and purchase agreement with Malaysia-incorporated Scenic Point Development to dispose of the plot of land in Kuala Lumpur. The site is located in the city centre area and measures 40,612 sq feet. The selling price works out to around RM1,900 per sq foot. Lum Chang had bought the land to develop a high-rise block of serviced apartments on it. The offer for the land allows the company to ‘realise its investment and further fund its other developments in Malaysia’, it said.

The deal is expected to be completed in December and Lum Chang expects to make a net gain of around $7.6 million, to be reflected in the
current financial year ending June 30, 2010.

Lum Chang shares rose half a cent higher yesterday at 31.5 cents. This is more than two-and-a-half times the counter’s price in March, when it sunk to a low of 12 cents. Continue reading →

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Posted in Construction, Developers, Overseas Property

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