Tag Archives: Government Land Sales

Tampines Ave 10 site awarded for S$252.78m

Posted on 23 May 2012 | Comments Off on Tampines Ave 10 site awarded for S$252.78m

The tender for a residential site at Tampines Avenue 10 (Parcel A) has been awarded to a consortium comprising F.E. Lakeside Ltd, FCL Topaz Ltd and Sekisui House Ltd.

It submitted the highest bid of S$252.78 million, which works out to around S$417.86 psf ppr.

Chia Siew Chuin, Director of Research & Advisory at Colliers International, said the S$252.78 million price tag for the site reflects a break-even cost of between S$750 psf and S$800 psf.

Launched for sale on 28 March 2012, the 99-year leasehold site has a total area of 20,071.1 sq m with a permissible gross floor area (GFA) of 56,200 sq m and is zoned for residential development.

“Nevertheless, it is in close proximity to Temasek Polytechnic and the recreational areas of Bedok Reservoir Park. There should be buyer interest from locals as well as foreigners who work in Changi Business Park and Tampines Regional Centre,” noted Chia.

Source : PropertyGuru – 2012 May 22

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Farrer Drive site receives highest application bid

Posted on 22 May 2012 | Comments Off on Farrer Drive site receives highest application bid

The Farrer Drive residential development site on the reserve list of the GLS programme received an application bid of $823 psf per plot ratio, triggering the release of the site for public tender. This is the highest application bid in terms of price psf ppr in the history of the programme, notes Nicholas Mak, executive director of research and consultancy at SLP International. Despite its irregular land shape, the site is attractive because of its location in prime district 10, close to Holland Road and within walking distance of the Farrer Road MRT station.

The site can be developed into a 120- to 150- unit residential project. The developer that triggered the tender of the reserve list site submitted a high application bid “perhaps in the hope that it would discourage other developers from participating in the tender”, notes Mak. “The developer that will eventually win this tender is likely to pay a high land price and thus would be building mostly small apartment units to maximise the sale price on a psf basis.” He estimates the range of bids for this tender at $89 million to $94 million, or $825 to $870 psf ppr.

Source: TheEdge – 2012 May 22

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