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Tender for Pasir Ris Drive 3 residential site attracts 5 bids

Posted on 6 Jun 2012 | Comments Off

The tender for a residential site at Pasir Ris Drive 3 has closed with five bidders, said the Urban Redevelopment Authority (URA) on Tuesday.

Capital Development submitted the top bid of S$211.0 million.

Singland Development handed in the next highest bid of S$209.9 million, while OUE Reef Development made the third highest bid of S$198.1 million.

The lowest bid of S$156.4 million came from Frasers Centrepoint.

The 22,317.4 square metres site was launched on April 16 and has a lease of 99 years. It has a maximum permissible gross floor area (GFA) of 46,867 square metres.

Joseph Tan, CBRE Executive Director for Residential, said the number of bids submitted and their quantum revealed that developers were cautious about the site due to its lack of a nearby MRT station.

In addition, developers are also expecting potential competition from other sites in Pasir Ris and Tampines.

He said the top bid translates to S$418 per square foot (psf)/ plot ratio and breakeven cost is around S$800 psf. This price hovers in the same range as other recently launched projects like Ripple Bay at Pasir Ris Drive 4 which sold about 500 units at S$880 psf.

Meanwhile, prices of units in The Palette condominium at Pasir Ris Grove averaged S$900 psf.

The URA said it will announce tender award at a later after evaluating the bids.

-Source : CNA – 2012 Jun 6

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Posted in Developers, Property Market / Real Estate

Tagged Capital Development, Frasers Centrepoint, OUE Reef Development, Singapore Property Market, Singapore Residential Property, Singland Development, URA, Urban Redevelopmemt Board

Housing supply to hold firm in second half of 2012

Posted on 6 Jun 2012 | Comments Off

Residential supply will likely hold firm in the second half of this year as developers continue to be active in the Government Land Sales (GLS) Programme.

According to Chia Siew Chuin, Director of Research & Advisory at Colliers International, an additional 28 to 30 new residential sites will likely be added to the confirmed and reserve lists, which could yield up to 14,000 homes.

“The government cannot afford to significantly decrease the supply of private residential land so long as housing prices remain high, and demand for both private housing units and development land remains robust.”

Meanwhile, Kim Eng analyst Wilson Liew predicts that around 6,000 to 6,500 homes could be rolled out under the confirmed and reserve lists respectively.

The figures, which are some 10 percent below the number of units offered in the H12012 GLS Programme, is intended to “partly offset the higher-than-expected actual number of units launched from previous rounds of GLS, as some developers have been pushing out smaller-than-normal units”.

However, Chua Chor Hoon, Head of Asia-Pacific Research at DTZ, feels that residential supply will be similar to previous levels, but added that some restrictions may be placed on the number of units per plot to regulate the proportion of shoe-box units.

In an earlier report, National Development Minister Khaw Boon Wan said that shoe-box units remain a concern, even though recent measures have worked to ease the public housing crunch.

Source : PropertyGuru – 2012 Jun 6