Category Archives: Developers

Far East acheive record home sales in first 5 months

Posted on 7 Jun 2012 | Comments Off on Far East acheive record home sales in first 5 months

Property developer Far East Organization sold 2,200 new homes in Singapore during the first five months of the year.

This includes suburban projects such as The Hillier in the northwest and Watertown in the northeast.

According to a media report, projects by Far East helped lead the rebound in home sales this year, with Watertown in Punggol accounting for over 50 percent of the 1,872 units sold in January. URA (Urban Redevelopment Authority) data also showed that April home sales climbed to a near three-year high of 2,487 units, boosted by developments like Hillsta (pictured), also by Far East.

Nicholas Mak, Executive Director at SLP International Property Consultants, said that property developers will continue to develop projects in the outskirts to cater to demand from local buyers.

“Due to their purchasing power, local residents will find suburban properties more affordable.”

He said that the government will likely introduce more cooling measures following the surge in home sales, adding that it is difficult to predict what could trigger another round of curbs.

Source : PropertyGuru – 6 Jun 2012

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Tender for Pasir Ris Drive 3 residential site attracts 5 bids

Posted on 6 Jun 2012 | Comments Off on Tender for Pasir Ris Drive 3 residential site attracts 5 bids

The tender for a residential site at Pasir Ris Drive 3 has closed with five bidders, said the Urban Redevelopment Authority (URA) on Tuesday.

Capital Development submitted the top bid of S$211.0 million.

Singland Development handed in the next highest bid of S$209.9 million, while OUE Reef Development made the third highest bid of S$198.1 million.

The lowest bid of S$156.4 million came from Frasers Centrepoint.

The 22,317.4 square metres site was launched on April 16 and has a lease of 99 years. It has a maximum permissible gross floor area (GFA) of 46,867 square metres.

Joseph Tan, CBRE Executive Director for Residential, said the number of bids submitted and their quantum revealed that developers were cautious about the site due to its lack of a nearby MRT station.

In addition, developers are also expecting potential competition from other sites in Pasir Ris and Tampines.

He said the top bid translates to S$418 per square foot (psf)/ plot ratio and breakeven cost is around S$800 psf. This price hovers in the same range as other recently launched projects like Ripple Bay at Pasir Ris Drive 4 which sold about 500 units at S$880 psf.

Meanwhile, prices of units in The Palette condominium at Pasir Ris Grove averaged S$900 psf.

The URA said it will announce tender award at a later after evaluating the bids.

-Source : CNA – 2012 Jun 6

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