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13 bids for residential site at Tanah Merah Kechil Road

Posted on 1 Aug 2012 | Comments Off

The Urban Redevelopment Authority (URA) closed the tender for the residential site at Tanah Merah Kechil Road today.

The site at Tanah Merah Kechil Road was launched for sale by public tender on 20 June 2012. The site was offered for sale on a 99-year lease.

The 13,998.5m2 site is located within an established private residential estate and is close to Tanah Merah MRT Interchange station. It is also easily accessible by expressways such as East Coast Parkway and Pan Island Expressway.

A total of 13 tenders were received. The highest bidder is by Fragrance Group Limited and World Class Land Pte Ltd at S$285.215 million. This also translates to S$676 per square foot per plot ratio (psf ppr).

The breakeven price of between S$1,000 to S$1,100 per sq ft is expected.

The top bid is 1.8 per cent higher than the second bidder, Areca Investments Pte Ltd.

A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.

Source URA 2012 Jul 31

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Posted in Government, Property Market / Real Estate

Tagged East Coast Parkway, Land Sales, Pan Island Expressway, TANAH MERAH, Tanah Merah Kechil Road, URA, Urban Redevelopment Authority

Developers launching projects at lower prices: data

Posted on 31 Jul 2012 | Comments Off

Prices of uncompleted homes declined sharply in Q2, which could indicate that developers are lowering prices for new launches.

Recent data from the Urban Redevelopment Authority (URA) showed a 0.9 percent dip in prices of uncompleted non-landed homes, a first since mid-2009.

On the other hand, prices for completed private homes rose 2.3 percent.

According to experts, the decline could be attributed to some of the properties launched in Q2 being located in less popular areas; hence fetched lower prices.

Moreover, stiff competition and more conservative pricing may be another factor for the decline, considering that several new launches were in Pasir Ris and Punggol, where numerous projects have been launched.

Png Poh Soon, Head of Research at Knight Frank Singapore, feels that developers have become less aggressive in terms of pricing.

Instead, they initially launch projects at lower prices and move up gradually when response is good.

“Uncompleted home prices might continue to ease marginally, but it is unlikely to fall significantly unless there are some negative developments in the macroeconomy that bring about concern about a recession,” Png noted.

Meanwhile, Tay Huey Ying, Research and Advisory Consultant at Colliers International, said that the 0.6 percent drop in city centre home prices was steeper compared to the 0.2 percent dip in Q1.

“This could be tell-tale signs of deepening fault lines in the high-end market, where some developers might be beginning to succumb to the pressure of persistent weak demand by reducing price in order to move sales.”

Source PropertyGuru – 2012 Jul 30