Tag Archives: Far East Organisation

Popular condo site draws 15 bids

Posted on 8 Oct 2009 | Comments Off on Popular condo site draws 15 bids

Top bid for Serangoon land parcel higher than expected at $221m

DEVELOPERS have again shown how hungry they are for land.

RELATED LINKS   Top 5 bidders

Hong Leong Holdings has topped the tender for a popular condominium land parcel at Serangoon Avenue 3, which attracted a whopping 15 bids at its close yesterday.

The top bid, made through Intrepid Investments, came in higher than expected at $221.2 million, or $529 per sq ft (psf) of gross floor area. It is about 13 per cent ahead of the second highest bid of $195.9 million, or $468.3 psf of gross floor area, from Far East Organization’s Tuas Hi-Tech Park.

The high offer price is 164 per cent above the trigger bid of $83.7 million, or about $200 psf of gross floor area. This is the minimum bid submitted by a developer to trigger a site for sale from the Government’s reserve list.

Analysts had mostly expected the 1.38ha plot next to Lorong Chuan MRT station to draw bids of between $350 psf and $450 psf. Continue reading →

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Far East offers $119m for Seletar site

Posted on 18 Sep 2009 | Comments Off on Far East offers $119m for Seletar site

THE first land tender exercise since the Government announced measures to calm the property market closed yesterday with a bullish top bid well out of sync with the other leading offers.

Far East Organization lodged a bid of $119.08 million for the mainly residential site at the corner of Yio Chu Kang Road and Seletar Road.

RELATED LINKS     TOP 5 BIDS

This was 35 per cent higher than the second bid and nearly 2-1/2 times higher than the lowest offer of $48.8 million.

The site is on the reserve list, which means that it was put up for tender only after a developer triggered its sale by committing to a minimum acceptable bid.

There were 12 bidders in all – more than expected – including high-profile developers such as Frasers Centrepoint, Sim Lian Land and Ho Bee Investment.

The Far East bid, which works out at $376.29 per sq ft (psf) of gross floor area, was ’surprisingly bullish’ as the site is in a sleepy area that is not near an MRT station, said property consultant Nicholas Mak, a Ngee Ann Polytechnic lecturer.

The 99-year leasehold site also has a height restriction of five storeys. Continue reading →

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