Tag Archives: MCL Land

Developers ready to launch, but may hold their fire

Posted on 3 Oct 2009 | Comments Off on Developers ready to launch, but may hold their fire

Many looking at market conditions, competition before deciding launch date

DEVELOPERS are busy getting projects launch ready. However, whether they release them by this year’s end or next year will depend on market conditions, ‘ground feedback’ from potential buyers and the segment of the market the projects are in.

Far East Organization began previewing its Alba condo at Cairnhill Rise this week. The property giant is believed to have released 18 units up to the seventh floor of the 18-storey freehold condo, which has a total 50 units. The 18 units range from 1,862 to 2,250 sq ft.

Under the project’s ‘white plan’, Far East can customise apartment layouts to suit buyers’ preferences. The developer told BT that prices start from $2,400 psf. Alba comprises a single Y-shaped tower; most floors will have three units per floor although there are two levels in the development with just one unit per floor.

Oxley Land also began previewing Suites@Guillemard at Lim Ah Woo Road yesterday. The five-storey freehold project comprises 72 units, of which 45 are smallish one-bedders of 258-527 sq ft. The smallest unit is said to have been snapped up at about $400,000. As of 6pm yesterday, more than 50 units in the project were said to have been sold. The average price is believed to be about $1,000 psf. No interest absorption scheme (IAS) was offered. Continue reading →

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Bids for Dakota Crescent plot soar above expectations

Posted on 10 Sep 2009 | Comments Off on Bids for Dakota Crescent plot soar above expectations

UOL Group bid tops 12 others as developers vie for choice piece of land

The result of yesterday’s tender for a plum condo plot at Dakota Crescent shows just why the government recently raised the ‘definite possibility’ that it will restart confirmed list land sales from next year.

A total of 13 bids were received, reflecting developers’ voracious appetite for mass-market and mid-tier private housing land.

The top bid from UOL Group was above market expectations of about $420-450 per square foot per plot ratio (psf ppr) just a few days ago. UOL’s price yesterday was slightly more than $329 million or about $508 psf ppr – just 3 per cent shy of the $524 psf ppr that Ho Bee and NUTC Choice Homes paid during the peak in June 2007 for the plot next door on which they are developing Dakota Residences, which has achieved an average selling price of about $970-980 psf.

However, after taking into account changes in planning regulations since then, whereby planter boxes and bay windows are not exempted from gross floor area calculations, UOL’s bid yesterday is probably higher than the equivalent 2007 bid for the next-door plot, some market watchers say.

BT understands that UOL is gunning for a high proportion of smaller units in its proposed scheme, and thus push for a higher average selling price of about $1,000-1,050 psf. ‘They should be able to achieve this kind of psf price – so long as they keep the absolute price quantum within an affordable range,’ an industry observer said.

BT understands UOL’s breakeven cost will be about $920 psf. Continue reading →

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