Tag Archives: Land Sales

Cheung Kong is top bidder for Upper Thomson Rd condo plot

Posted on 7 Nov 2009 | Comments Off on Cheung Kong is top bidder for Upper Thomson Rd condo plot

THE top bidder for the 99-year condo site on Upper Thomson Road on Thursday has been revealed as a unit of Hong Kong tycoon Li Ka-shing’s Cheung Kong Holdings.

This was confirmed yesterday by Raymond Chui, general manager of the group’s Singapore-based unit Property Enterprises Development.

Cheung Kong unit Treasure Well Investments’ bid was for $251.3 million or about $533 per square foot per plot ratio (psf ppr) – the highest seen for a private housing site at a state land tender this year.

Mr Chui said the estimated breakeven cost of about $850 to $900 psf forecast by analysts quoted in the media was pretty accurate. ‘We’ll probably develop around 340 to 350 units,’ he added.

Treasure Well’s top bid was 21.5 per cent above the next highest offer, which was made by Singapore’s Far East Organization.

When asked if Cheung Kong regretted having paid such a wide margin, especially in hindsight as the government announced its H1 2010 land sales programme the next day with substantial supply in the confirmed list, Mr Chui replied: ‘We’ve done our sums. The site is in a very good location and we have confidence in the future of the Singapore property market.’ Continue reading →

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Ogilvy Centre to become a hotel

Posted on 7 Nov 2009 | Comments Off on Ogilvy Centre to become a hotel

AN 82-YEAR-OLD colonial office building next to the famous Lau Pa Sat hawker centre has been earmarked as a hotel site and will be sold next year.

The curved four-storey Ogilvy Centre at the junction of Robinson Road and Boon Tat Street has been added to the Urban Redevelopment Authority’s (URA) list of government land sites for sale.

The building was given conservation status in 2000, so the developer who buys the site must retain its facade and part of the interior.

Its neo-classical style, with large decorative ionic columns and recessed balconies with cast-iron balustrades, was the design of F.G. Lundon of Swan and Maclaren, the oldest architectural firm in Singapore.

As a hotel, it will be able to host 70 guest rooms, said the URA yesterday.

Property consultants said the hotel could prove to be popular among business travellers, like the luxury 17-room Klapsons, The Boutique Hotel that opened on Hoe Chiang Road this year. Continue reading →

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