Tag Archives: Residential Site

Upper Thomson site draws 18 bids

The tender for a residential site at Lorong Puntong near Upper Thomson Road closed yesterday after attracting a stunning 18 bids, according to the Urban Redevelopment Authority (URA).

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Launched for sale in August, the 10,502.8 sqm site has a maximum permissible gross floor area (GFA) of 22,056 sqm.

The highest bid was submitted by China-based Nanshan Group, with an offer of $173.6 million. That translates to around $7,870 psm on the GFA.

This was followed by a $161.9 million bid from SL Capital Ventures. The lowest bid was from Tee Vista at $108 million.

Property analysts had expected strong demand for the 99-year leasehold site due to its small size which commands a smaller quantum of below $200 million.

“Generally, the bidders were probably also encouraged by the good attributes of the site. The site is located in a mature estate, supported by a comprehensive network of amenities and renowned schools,” said Desmond Sim, Research Head for CBRE Singapore.

He added: “The future Thomson Line will certainly be a selling point because the site is situated in-between two future MRT stations.”

With previous projects in the area selling well, this would have further boosted developers’ confidence in the plot, noted Sim.

“The bidders have also benefited from studying the market for a longer period post-TDSR and now have a better sense of price levels.”

Photo by URA

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Tender for Tampines site pushed back

The closing date for a residential site tender at Tampines Avenue 10 (Parcel B) has been pushed back to 16 July from 2 July, according to the Urban Development Authority (URA). This is in light of the new housing loan measures announced by the Monetary Authority of Singapore (MAS) last Friday.

URA hopes the extension will give prospective bidders more time to assess the latest rules before submitting their bids.

The curbs on MAS-regulated financial institutions are expected to help “enhance credit underwriting practices for property loans granted to individuals and encourage financial prudence among borrowers”.

Offered on a 99-year lease, the site has a land area of 184,094 sq ft and a maximum gross floor area (GFA) of 515,473 sq ft, and is expected to yield 530 housing units.

Source : PropertyGuru – 1 Jul 2013