Tag Archives: URA

Yio Chu Kang land parcel attracts top bid of S$119m

Posted on 17 Sep 2009 | Comments Off on Yio Chu Kang land parcel attracts top bid of S$119m

Far East Organisation has submitted the highest bid of S$119 million for a commercial and residential site at the junction of Yio Chu Kang Road and Seletar Road.

This is nearly 3 times the minimum bid price of S$40.5 million.

Far East’s bid translates to about $364 per square foot.

Centurion RE submitted the second highest bid at S$88.19 million, followed by Frasers Centrepoint’s offer of S$80.13 million.

The 99-year leasehold land parcel has a site area of 2.1 hectares and is designated for a mixed commercial and residential development.

The plot was made available for sale through the government’s Reserve List System.

The Urban Redevelopment Authority has closed the tender for the site after receiving 12 bids in total.

URA says it will announce the result of the tender after the bids have been evaluated.

Source : Channel NewsAsia – 17 Sep 2009

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URA’s Serangoon Ave site likely to draw strong bids

Posted on 10 Sep 2009 | Comments Off on URA’s Serangoon Ave site likely to draw strong bids

Higher expectations follow robust bids at Dakota Crescent tender this week

URBAN Redevelopment Authority yesterday launched the tender for a 99-year condo plot at Serangoon Ave 3. Market watchers expect top bids to be towards the upper band of the range of prices they predicted two weeks ago when URA first revealed it had received a successful application for the site, which was in the reserve list.

Launched: The Serangoon Ave site is next to Lorong Chuan MRT Station and near the Australian International School

The revision follows the strong showing at Tuesday’s state tender for a condo plot at Dakota Crescent, which drew 13 bids. URA said yesterday it has awarded the land parcel to UOL Development (Novena) Pte Ltd, which placed the highest bid of about $329 million or $508 per square foot per plot ratio (psf ppr).

URA also announced an Oct 7 closing date for the tender of the latest plot at Serangoon Ave 3, next to Lorong Chuan MRT Station and near Australian International School.

A fortnight ago, property consultants polled by BT generally predicted top bids for the plum site to be in the $350-450 psf ppr range, with resulting breakeven costs of about $700-850 psf and target selling prices of $800-1,100 psf on average.

Yesterday, DTZ executive director (consulting) Ong Choon Fah predicted the highest offer for the land parcel will probably be towards the $450 psf ppr mark.

Colliers International executive director (investment sales) Ho Eng Joo too is betting that the winning bid will be around the $400 psf ppr level, or the higher end of the $350-$400 psf ppr price band he predicted earlier. Continue reading →

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