Category Archives: Developers

Buangkok Drive site tender gets S$301m top bid

Posted on 13 Jun 2012 | Comments Off on Buangkok Drive site tender gets S$301m top bid

A residential site at the junction of Buangkok Drive and Sengkang Central has attracted a highest bid of S$301 million from White Haven Properties, in a public tender that closed on 12 June 2012.

This works out to around S$508 psf ppr and reflects a breakeven cost of between S$900 psf and S$950 psf.

“The top bid at S$301 million submitted by a subsidiary of City Developments Limited for the subject site, is 3.7 percent lower than the Sengkang Square/Compassvale Drive condominium site, which was sold for S$528 per sq ft per plot ratio to EL Development,” said Chia Siew Chuin, Director of Research & Advisory at Colliers International.

“This could be that the latter site is locationally more attractive, as it is within walking distance to Compass Point and the Sengkang MRT Station.”

The site, which was launched for sale on 16 April 2012, has gained a total of five bids, with the second highest bid coming from a joint bid between Opal Star Ltd and Binjai Holdings Ltd at S$290.28 million. This was followed by Flamegold Ltd at S$284.8 million, while Qingjian Realty (South Pacific) Group and Vantage Properties offered the two lowest bids at S$257 million and S$226 million, respectively.

Chia said the top three bids for the residential site came in at narrow gaps, “with the top bid being 3.7 percent and 5.7 percent above the second and third highest bids, respectively.”

She added that “a selling price of above S$1,000 psf is envisaged for a new development on the site.”

Strategically located within 10 minutes walk to Buangkok MRT Station and well connected to major transportation hubs such as Kallang- Payar Lebar Expressway and Tampines Expressway, the 99-year leasehold site has a total area of 18,340.7 sq m and has a maximum permissible gross floor area of 55,023 sq m.

Li Hiaw Ho, Executive Director at CBRE Research, said a foodcourt and some convenience shops are also located close by.

“The neighbourhood comprises newly completed HDB flats and The Quartz private condominium,” said Li, adding that “the site can be developed into a 600-unit condominium.”

The Urban Redevelopment Authority (URA) said a decision on the award of the tender will be made at a later date, after the bids have been evaluated.

Source : PropertyGuru – 2012 Jun 13

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Developers see healthy sales figures over the weekend

Posted on 13 Jun 2012 | Comments Off on Developers see healthy sales figures over the weekend

Upscale and mass-market projects have recorded healthy take up rates over the weekend.

After selling 68 of its 75 black-and-white apartments on offer, high-end 1919 development on Mount Sophia is now over 90 percent sold. The freehold development, which sees completion by 2015, is developed by Aurum Land and unveiled last Saturday.

Average prices are from S$2,000 psf to S$2,200 psf while patio units located on the ground floor are priced from S$1,600 psf. The units are sized from 560 sq ft to 1,302 sq ft, which works out to no less than S$1.12 million for a 560 sq ft unit.

For the mass market projects, Sea Esta by Hoi Hup Realty sold almost 200 units at Saturday’s preview. Offering 376 units, the development is expected to be officially launched by next week.

With at least 517 sq ft in size, one-bedroom units are offered from S$488,000 while three-bedders, which are at least 904 sq ft, go from S$760,000.

According to Alan Cheong, Research Head at Savills Singapore, the healthy sales figures follow a typical trend for the area. He reckoned that mass market condos commonly sell 40 percent of all units in only two weeks.

The recently-launched Tropika East in suburban Eunos, sold 45 of its 105 units on offer. Tong Eng Group launched the freehold project last Saturday.

Meanwhile, Qingjian Realty’s River Isles in Punggol, sold about half of its released units. The 99-year-leasehold project features 610 units, with only 410 released so far.

Donald Han, Special Adviser at HSR Property Group, said that robust weekend sales signify that the momentum shown in the first four months of the year will continue in the next few months.

Despite global worries, he said that Singapore remains a safe haven for investors. “The volume of transactions in the high-end market is still nothing to shout about, but at least there are signs of life.”

Source : CNA – 2012 Jun 13

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