Tag Archives: URA

Cheung Kong is top bidder for Upper Thomson Rd condo plot

Posted on 7 Nov 2009 | Comments Off on Cheung Kong is top bidder for Upper Thomson Rd condo plot

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

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Mustafa told to stop selling from warehouse

Posted on 6 Nov 2009 | Comments Off on Mustafa told to stop selling from warehouse

Retailer served summons for unauthorised use of 6-storey Kallang premises

WELL-KNOWN local retailer Mustafa, which had converted part of its Kallang warehouse into a department store and supermarket, has been ordered to stop selling out of what should be a storage facility.

The Urban Redevelopment Authority (URA) said yesterday that it has served a writ of summons on the company, Mohamed Mustafa & Samsuddin, for the unauthorised use of the six-storey building in Kallang Pudding Road.

Until three weeks ago, the warehouse was closed to the public, except for occasional warehouse sales.

Then, the shutters went up to reveal a department store on the ground floor and a supermarket on the second.

Competitors complained that Mustafa was getting away with operating a retail store while paying lower warehouse rents, reported The Business Times yesterday.

The Straits Times understands that the company received the court order a day earlier.

Yesterday, its managing director, Mr Mustaq Ahmad, who was on a business trip in Malaysia, said he would look into the matter. Continue reading →

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Posted in Office / Retail / Industrial

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