Category Archives: En-bloc / Collective Sales

Bids pour in for Bukit Panjang condo site

Posted on 20 Aug 2009 | Comments Off on Bids pour in for Bukit Panjang condo site

THE fast-improving property market has prompted 13 developers to submit bids to buy a 99-year leasehold suburban land parcel in Bukit Panjang.

The top bid for the Chestnut Avenue condominium plot came in higher than expected at $143.68 million or $280 per sq ft (psf) of gross floor area. This was 132 per cent above the minimum acceptable bid of $120 psf of gross floor area.

The bid came from a joint venture between City Developments’ Sunny Vista Developments and Hong Leong Group’s Hong Realty. The 22,700 sq m of land can accommodate about 450 flats.

Some of the other top bids are: Sim Lian Land with a bid of $113 million and First Changi Development, a GuocoLand subsidiary, with a bid of $93.38 million. Continue reading →

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Posted in Developers, En-bloc / Collective Sales

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Interest in residential land picks up

Posted on 16 Aug 2009 | Comments Off on Interest in residential land picks up

The year’s only collective sale tender so far has closed with more than one interested bidder, indicating demand for residential land may be returning.

Dragon Mansion, at 18 Spottiswoode Park Road, was last month the first collective sale site to be launched for sale this year.

The freehold site, which is more than 30 years old, is designated for residential use with a plot ratio of 2.8 and could potentially yield an estimated 120 units of 1,000 sq ft apartments in a new development.

CKS Property Consultants, which is marketing the site, said it saw interest from developers because ‘basically there are no freehold collective sale sites on the market right now’.

However, the firm declined to comment if the asking price of more than $120 million had been offered. Continue reading →

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