Category Archives: Developers

Pasir Ris residential site awarded to MCL Land

Posted on 12 May 2011 | Comments Off on Pasir Ris residential site awarded to MCL Land

The Urban Redevelopment Authority on Thursday awarded a residential site at the junction of Jalan Loyang Besar and Pasir Ris Drive 4 to MCL Land, which submitted the top bid of S$246.1 million at the close of tender on Tuesday.

There were only three bids submitted, with observers saying this was because developers were concerned over potential competition from projects at nearby sites, including those at Pasir Ris Drive 1 and an executive condominium site in Elias Road. They added that the impending review to raise the income ceiling for public housing eligibility may also have a dampening effect on mass market private homes.

The site has an area of 27,054.8 sq m with maximum permissible gross floor area of 56,816 sq m. MCL’s bid translates to S$402 per sq ft per plot ratio.

CBRE Research executive director Li Hiaw Ho said that “units in this new project will be able to fetch above S$800 psf on the average”. This was based on caveats lodged between February and last month for units in NV Residences in Pasir Ris Drive 1 which were sold at between S$800 psf and S$890 psf.

Meanwhile, units at another nearby project, Oasis @ Elias, were sold at between S$680 psf and S$830 psf, according to CBRE.

Source : Today – 12 May 2011

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12 bids received for site at Hillview Avenue

Posted on 29 Apr 2011 | Comments Off on 12 bids received for site at Hillview Avenue

The Urban Redevelopment Authority (URA) said the tender for a commercial and residential site at Hillview Avenue closed on Thursday with a total of 12 bids.

The highest bid of S$289.77 million came from Tuas Technology Park, while the joint bid by Sing Holdings Limited and Fragrance Group Limited came in second at S$282.21 million.

Sim Lian Land and Sim Lian Development jointly handed in the third highest bid of S$268 million, while the lowest bid was S$175.80 million from Leng Hoe Development.

Colliers International’s Director of Research & Advisory, Chia Siew Chuin, attributes the healthy number of bids to the site’s proximity to the upcoming Hillview MRT Station and an established private residential area.

She added that it will also enjoy “future potential spill-over benefits” from upcoming land developments along the railway track.

“The highest bid price at S$673 per square foot per plot ratio (ppr) received for the tender of the subject site is generally reflective of the market expectations, where the land price gaps between the top three bids are about 3 to 8 per cent apart,” Ms Chia said.

She estimates breakeven for a new project at the site at S$1,100 per square foot.

The 99-year lease site measuring 14,294.3 square metres has a maximum permissible gross floor area of 40,025 square metres.

It was launched for public tender on February 28. URA said the decision on the tender award will be made at a later date after evaluating the bids.

Source : CNA – 28 Apr 2011

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