Category Archives: Property Market / Real Estate

Serangoon residential site draws 15 bids

Posted on 8 Oct 2009 | Comments Off on Serangoon residential site draws 15 bids

Top bid of $221.2m comes from Intrepid Investments, a unit of Hong Leong

FIERCE competition for residential land shows no signs of abating as 15 developers submitted bids for a 99-year-leasehold site in Serangoon Avenue 3.

This is the highest number of bids put in for government residential land so far this year. The last three tenders had drawn 12 to 13 bids each.

The Urban Redevelopment Authority (URA) closed the tender for the Serangoon site yesterday, and the top bid of $221.2 million or $529 per square foot (psf) of gross floor area (GFA) came from Intrepid Investments Pte Ltd, a unit of Hong Leong Holdings.

Tuas Hi-Tech Park Pte Ltd, a Far East Organization unit, came in second with a bid of $195.9 million or $468 psf of GFA. The highest offer was some 13 per cent more than this.

The top bids for the site markedly surpassed property consultants’ predictions – they had expected the numbers to fall closer to $400-$450 psf of GFA. Continue reading →

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10 units released, 6 sold : Seven Palms Sentosa Cove

Posted on 8 Oct 2009 | Comments Off on 10 units released, 6 sold : Seven Palms Sentosa Cove

Asking average price is about $3,300 psf or about $8.5m per unit

SC Global Developments yesterday said it is releasing about 10 of the total 41 units at its Seven Palms Sentosa Cove condo at an average price of about $3,300 psf. In absolute quantum, prices start at about $8.5 million per unit.

Imagine: Tanjong Beach on one side, a golf course adjacent to it and the South China Sea on the other side

The upscale developer recently held private previews for the first phase and has sold six of the 10 units at an average lumpsum price of about $11 million per residence. Prices of the six units sold range from about $3,100 psf to $3,400 psf.

Standard apartments in Seven Palms range from about 2,700 sq ft to 6,800 sq ft and have three to five bedrooms. Penthouses range from about 4,000 to 8,000 sq ft. The residences are housed in three four-storey high blocks formed around a square coconut grove. ‘A huge open-ended portal connects the coconut grove to the beach for physical and visual access. Under this portal is a luxuriously-appointed beach club, complete with storage for water sports equipment, a glass-walled gymnasium, and plenty of deck areas for lounging, yoga, catered events, or just doing nothing,’ SC Global said in its news release.

It will be developing the project on a 99-year leasehold plot flanked by Tanjong Beach on one side, a golf course adjacent to this and the South China Sea on the other side. Continue reading →

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Posted in Developers, Luxury Property, Property Market / Real Estate, Property Price, Sentosa Property

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