Tag Archives: Chestnut Avenue

Leng Beng lays down marker with Chestnut bid

Posted on 26 Aug 2009 | Comments Off on Leng Beng lays down marker with Chestnut bid

Toppish price may send inadvertent signal to restart confirmed list sales

EVEN as the dust settles on Hong Leong Group’s top bid at last week’s tender for a 99-year condo site at Chestnut Avenue, a discussion in some circles now centres on whether Hong Leong overpaid for the site.

As expected, Housing & Development Board said yesterday evening it has awarded the site to Sunny Vista Developments (a subsidiary of City Developments) and Hong Realty.

The two companies are part of the Hong Leong Group and teamed up to place the top bid of $143.68 million, which works out to a much-higher-than-expected land cost of $280 psf per plot ratio (psf ppr).

Some rival developers believe Hong Leong’s breakeven cost may be around the $600 psf mark and its projected average selling price near the $700 Continue reading →

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Mass-market site draws strong developer interest

Posted on 20 Aug 2009 | Comments Off on Mass-market site draws strong developer interest

Hong Leong puts in top bid of $280 psf ppr for the plot in Pasir Panjang

An impressive 13 bids were received for a residential site at Chestnut Avenue in Bukit Panjang at the close of the tender yesterday, reflecting the renewed interest and the growing positive outlook among developers for mass market residential projects.

And the top bid of $143.7 million – or $280 per square foot per plot ratio (psf ppr) – put in by two companies in the Hong Leong Group stable was also much higher than expected by analysts, who had predicted a top bid of $200 psf ppr just a month ago.

Analysts said that developers are looking to restock their landbanks after selling a large number of homes – mostly in the mass market – over the past few months.

‘The level of interest shown by the bidders of this site at Chestnut Avenue indicate a growing appetite for mass market projects, especially so Continue reading →

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Posted in Developers, HDB, Property Market / Real Estate

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