Developers | Lush Dream Home

Category Archives: Developers

Sim Lian puts in top bid of S$302m for leasehold site at Tampines

Posted on 16 Mar 2010 | Comments Off

Developer Sim Lian Land placed the top bid of S$302 million for the residential site at Tampines Avenue 1 & Avenue 10.

The tender for the 3.2 hectare site with a lease of 99 years attracted a total of eight bids.

The second highest bid of nearly S$288.99 million came from a joint venture of Far East Organisation and Frasers Centrepoint.

That’s followed by MCL Land’s bid of about S$278.3 million.

According to the Urban Redevelopment Authority, the remaining bids range between S$168 million and S$252 million.

Real Estate consultancy CB Richard Ellis said the tender for the condominium site further demonstrates developers’ interest in the mass market segment.

It added that the top bid of S$302 million translates to S$421 per square foot per plot ratio.

Based on that, CBRE said the new project will break-even at around S$700 psf.

It expects the homes to be priced around S$700 to S$850 psf or higher, comparable to projects in the Bedok Reservoir area.

The tender will be awarded after the bids have been evaluated.

Source : Channel NewsAsia – 16 Mar 2010

Comments Off on Sim Lian puts in top bid of S$302m for leasehold site at Tampines

Posted in Developers

Tagged Land Sales, Sim Lian Land, Tampines

Chip Eng Seng buys A$20m site in Melbourne

Posted on 16 Mar 2010 | Comments Off

CHIP Eng Seng Corporation has extended its footprint overseas with the purchase of a A$20.2 million (S$25.8 million) site in Melbourne.

The deal is considerable when it is seen against the property and construction firm’s net profit of $75.3 million for FY2009.

The land parcel is located at Mackenzie Street, in the eastern part of Melbourne’s central business district, and spans around 20,000 sq ft. Chip Eng Seng plans to build a 32-storey tower on the site, with 350 residential apartments and other amenities such as shops.

This site marks the company’s third development project in Australia. It had earlier completed a commercial building and a residential project in Adelaide.

‘With the stabilising world economy, we believe that this is an opportune time for us to expand our development property portfolio,’ said Chip Eng Seng executive chairman Lim Tiam Seng.

‘Melbourne represents a great opportunity as the city is currently experiencing a shortage in supply even as the population continues to increase.’

Chip Eng Seng does not expect the project in Melbourne to have any material impact on its net tangible assets and earnings per share for the current financial year ending Dec 31. It will be funding the site purchase using internal funds and bank borrowings.

As at end-2009, the company had cash and cash equivalents worth $76.1 million and a net debt to equity ratio of 0.15.

Mr Lim expects Chip Eng Seng’s cash position to strengthen further when its joint development projects, The Parc Condominium in the West Coast area and City Vista Residences near Cairnhill, receive their temporary occupation permits this year.

‘This puts us in an excellent position to pursue opportunities in Singapore and the region, as well as allow us to tender competitively for construction pro-jects,’ he said.

Chip Eng Seng’s most recent property launch was that of Oasis@Elias in Pasir Ris. The company has been bidding for land at state tenders in the last few months in a bid to top up its residential land bank.

The counter closed unchanged yesterday at 39 cents.

Source : Business Times – 16 Mar 2010