Category Archives: Property Market / Real Estate

More residential sites

Of the 24 residential sites and two mixed-use sites where private homes can be built, 10 are new ones and five are sites for executive condominiums (EC). — ST PHOTO: ALPHONSUS CHERN.

THE Government on Friday announced that its land sales programme for the first half of 2010 will have 42 sites, including a slew of residential plots.

Eight of the sites are on the confirmed list, which means that these will be put up for tender regardless of developers’ interest, and these are all for residential developments.

The rest of the sites are on the reserve list, where sites will be pushed out for sale only after a developer indicates his interest by committing to a minimum bid.

Of the 24 residential sites and two mixed-use sites where private homes can be built, 10 are new ones and five are sites for executive condominiums (EC).

All the residential sites are located outside the city centre, where more affordable private housing are expected to be built.

The confirmed list sites include sites in Tampines Avenue 1, Sembawang Road and a new EC site in Buangkok Drive.

Source : Straits Times – 6 Nov 2009

Developer makes surprise $251m offer

Sum far exceeds $82m trigger bid in tender that drew only six bidders

A CONDOMINIUM plot in Upper Thomson Road has attracted a much higher-than-expected bid from a mystery developer, even though the number of bids was well below recent levels.

Treasure Well Investments, whose parent company is Total Wonder Holdings – both unknown names here – put in a bid of $251.34 million, the Urban Redevelopment Authority (URA) said.

That far exceeds the $82 million trigger bid or $174 per sq ft set by URA for the 2.1ha 99-year leasehold site. It works out to $533 psf of gross floor area, a price that consultants said was aggressive.

The site can be developed into a condo of up to 20 storeys with about 400 units.

This highest bid was also 21 per cent above the second-highest bid of $206.8 million or $439 psf of gross floor area from Far East’s Tuas Hi-Tech Park.

The other bidders were Sim Lian Land, Frasers Centrepoint, Chip Eng Seng’s CEL Development and GuocoLand’s First Changi Development.

The plot, near Lower Peirce Reservoir Park and Bishan Park, was triggered for sale after an unnamed developer committed to bid at least $82 million for the site.

Property consultants suspect the top bidder could be a foreign player. Continue reading