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Cheung Kong is top bidder for Upper Thomson Rd condo plot

Posted on 7 Nov 2009 | Comments Off

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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Posted in Developers

Tagged Cheung Kong, Cheung Kong (Holdings), Land Sales, Li Ka-shing, Total Wonder Holdings, Treasure Well Investments, Upper Thomson, Upper Thomson Road, URA, Urban Redevelopment Authority

Firm’s bid for Upper Thomson plot puts others in the shade

Posted on 6 Nov 2009 | Comments Off

Afternoon sun may pose a challenge in designing project, observers say

A COMPANY unknown in local developer circles has placed the top bid for a plum 99-year leasehold condo plot at Upper Thomson Road. Treasure Well Investments bid about $251.3 million. This works out to $533.34 per square foot of potential gross floor area – which was above expectations and the highest unit land price seen at a state land tender this year.

The top bid also surpassed by 21.5 per cent the next highest offer of $438.83 per square foot per plot ratio (psf ppr) placed at yesterday’s tender by a unit of Singapore’s Far East Organization.

There is much speculation about Treasure Wells Investments, with some linking it to top China and Hong Kong developers, including possibly Hong Kong tycoon Li Ka-shing’s Cheung Kong group, which is familiar with the Singapore property market.

The tender attracted just six bids in total – about half the 12 to 15 bids received for each of the other four reserve list sites that were tendered out by the government in the past few months. ‘Possibly, developers are waiting to see how much land government is releasing for its first half 2010 programme before deciding to bid for sites,’ said Knight Frank chairman Tan Tiong Cheng. Continue reading →