Woodlands site: Far East puts in top bid amid six-way battle

[mr funny]

http://www.straitstimes.com/Money/St...ry_599459.html

Nov 5, 2010

Woodlands site: Far East puts in top bid amid six-way battle

By Esther Teo


PROPERTY giant Far East Organization has lodged the top offer in a six-way bidding battle for a Woodlands site.

The firm tendered $105.1 million for the 99-year leasehold plot at the junction of Woodlands Avenue 1 and Rosewood Drive. That works out at $333 per sq ft (psf) per plot ratio.

Next up was EL Development on $100.9 million. BS Capital, Sim Lian Land, TID Residential and Ecco Development, with the lowest bid of $73 million, were also in the hunt.

Mr Li Hiaw Ho, executive director of CB Richard Ellis Research, said the six bids showed that developers are fairly confident about the site. Demand is likely to come from potential HDB upgraders and investors who want to tap the expatriate market as the plot is about a 10-minute walk from the Singapore American School.

The 21,000 sq m site has a maximum gross floor area of 29,339 sq m and can be used for strata landed housing or condominium units. About 265 homes could be built, depending on the type of development, said the Housing Board yesterday.

Mr Chng Kiong Huat, Far East's executive director of development and planning, said the firm expects to build a five-storey condominium. '(It) will incorporate some townhouses designed to complement the low-rise set-up. Buyers will have a choice of one- to four-bedroom units and townhouses, with private terraces, roof gardens and dedicated carpark spaces,' he added.

Far East's bid translates to a break-even cost of $650 to $700 psf with the project likely to be launched above $800 psf, Mr Li said. The firm has built a few projects in the area, including private condo Casablanca and the New England-style houses in Woodgrove Estate.

In the sub-sale market, units at the nearby Rosewood Suites, which is still being built, sold at $650 to $700 psf in the third quarter. Units in Woodgrove Condominium transacted at $560 to $675 psf in the secondary market while Casablanca apartments went for $620 to $750 psf.

[kingkong1984]

new benchmark for mass market condos.. in ulu woodlands. Woodlands used to be the cheapest but with this... not to sure already.

Where is the cheapest condo's now? Pasir ris is also out... maybe in JB.

[mantrix]

new benchmark for mass market condos.. in ulu woodlands. Woodlands used to be the cheapest but with this... not to sure already.

Where is the cheapest condo's now? Pasir ris is also out... maybe in JB.

So the developer with the Midas touch is in woodlands now...the incredulous asking psf will soon ensure all prices in the far north can only go in one direction as its name depicts...

I won't be surprised if launch prices hit 1k psf to be honest (if they factor in some MMs)...

[KC76]

So the developer with the Midas touch is in woodlands now...the incredulous asking psf will soon ensure all prices in the far north can only go in one direction as its name depicts...

I won't be surprised if launch prices hit 1k psf to be honest (if they factor in some MMs)...

[proud owner]

So the developer with the Midas touch is in woodlands now...the incredulous asking psf will soon ensure all prices in the far north can only go in one direction as its name depicts...

I won't be surprised if launch prices hit 1k psf to be honest (if they factor in some MMs)...

we all know FEO will sell HIGH HIGH

so instead of buying from them .. sould buy the old ones in the vicinity now ..and wait for FEO to launch at "record' price for woodlands right ??

[rattydrama]

we all know FEO will sell HIGH HIGH

so instead of buying from them .. sould buy the old ones in the vicinity now ..and wait for FEO to launch at "record' price for woodlands right ??

generally yes cos psf prices in lulu place is still affordable to the mass and the size is just right.

[mantrix]

we all know FEO will sell HIGH HIGH

so instead of buying from them .. sould buy the old ones in the vicinity now ..and wait for FEO to launch at "record' price for woodlands right ??

this is a good suggestion...problem is, i have seen those condos when they were selling 4xx to 500 psf so if i buy now also heart pain...cos they have appreciated so much. And they are old (some not properly maintained) so there are people out there who do not mind paying 200-300psf more for a spanking new design (FEO's)

[rattydrama]

this is a good suggestion...problem is, i have seen those condos when they were selling 4xx to 500 psf so if i buy now also heart pain...cos they have appreciated so much. And they are old (some not properly maintained) so there are people out there who do not mind paying 200-300psf more for a spanking new design (FEO's)

if far east is selling at 1000psf, there is still a 350psf gap wor

[devon_wh]

Mantrix, you are absolutely right!
99% will buy new development instead as the price difference is not that much.

[proud owner]

Mantrix, you are absolutely right!
99% will buy new development instead as the price difference is not that much.

well

we are guessing that FEO will sell at 1000 psf

what if ... FEO really do what they do best ? fking high like 1200 psf ??

we really dont know and wont know .. .if Seletar ..Greenwich ..out of no where also 1000 psf .. whats stopping FEO from selling at 1200 psf for Woodlands where there are definitely more amenities ?

[rattydrama]

Mantrix, you are absolutely right!
99% will buy new development instead as the price difference is not that much.

One need to have cash and loan eligibility to buy.

even if one have enough cash, it make sense to buy cheaper home within the same vicinity and keep the extra cash for other investment or downpayment for other units.

[rattydrama]

unlikely hor... wow so high, really breaking record. dont know how many will bite?? more like proving the north people are irrational group.

well

we are guessing that FEO will sell at 1000 psf

what if ... FEO really do what they do best ? fking high like 1200 psf ??

we really dont know and wont know .. .if Seletar ..Greenwich ..out of no where also 1000 psf .. whats stopping FEO from selling at 1200 psf for Woodlands where there are definitely more amenities ?

[mcmlxxvi]

Far East now reach every corner of Singapore liao except, well, the Far East (Changi/Simei etc).

[mantrix]

Mantrix, you are absolutely right!
99% will buy new development instead as the price difference is not that much.

Again that is assuming FEO launches at 1000psf and they pull the surrounding to 700+psf

If FEO launches at 1.2K psf (highly unlikely unless they really have nothing better to do) then good news for existing owners in far north

[DC33_2008]

That's why owners of Bishan 8 by FEO still cannot break even after 10 years.

Again that is assuming FEO launches at 1000psf and they pull the surrounding to 700+psf

If FEO launches at 1.2K psf (highly unlikely unless they really have nothing better to do) then good news for existing owners in far north

[mcmlxxvi]

That's why owners of Bishan 8 by FEO still cannot break even after 10 years.

Still got unsold units there like Tanglin View and Hillvista etc?

[kane]

well

we are guessing that FEO will sell at 1000 psf

what if ... FEO really do what they do best ? fking high like 1200 psf ??

we really dont know and wont know .. .if Seletar ..Greenwich ..out of no where also 1000 psf .. whats stopping FEO from selling at 1200 psf for Woodlands where there are definitely more amenities ?

and back their game of relativity, if they can get buyers at 1200 psf, then their centro will start to look cheap? Someone knock some sense into if they price it at 1200psf.

[rattydrama]

If its 1200psf, these owners that bite will have to hold their property long long....

[sleek]

Tampines Court wins tender for Woodgrove Avenue residential site
Posted: 10 November 2010 1756 hrs

SINGAPORE : The Housing and Development Board (HDB) has awarded the land parcel at Woodgrove Avenue to Tampines Court, a unit of Far East Organization, for S$105.12 million.

The developer has submitted the highest of the six bids received at the close of the tender on November 4.

The land parcel, which is meant for strata landed or condominium development, has a site area of over 20,900 square metres and a maximum allowable gross floor area of about 29,300 square metres.

Located within Woodlands Town, the site is near Woodlands MRT as well as Woodgrove shopping centre and Causeway Point shopping mall.

The site was launched for public tender on September 22 and has a lease period of 99 years.

The project, which can have an estimated 265 dwelling units, has to be completed 60 months from the date of acceptance of the tender.

- CNA/al

[kingkong1984]

and back their game of relativity, if they can get buyers at 1200 psf, then their centro will start to look cheap? Someone knock some sense into if they price it at 1200psf.

Don't look at prices alone. You have to look at the number of years of building and holding.

Yr 1 = Increase 5% each year and by Yr 10 = increase 50%. (example only)
Yr 20 = Increase 100% and sometimes more! (example only).

That's how properties should appreciate. The rest (older properties) play catching up.

[kane]

Don't look at prices alone. You have to look at the number of years of building and holding.

Yr 1 = Increase 5% each year and by Yr 10 = increase 50%. (example only)
Yr 20 = Increase 100% and sometimes more! (example only).

That's how properties should appreciate. The rest (older properties) play catching up.

I don't think most people have seen their income growing 50% in the past ten years. but yet technically, if it is an inflation hedge and inflation is at 3-4%, then your linear reasoning would hold true.

[devilplate]

I don't think most people have seen their income growing 50% in the past ten years. but yet technically, if it is an inflation hedge and inflation is at 3-4%, then your linear reasoning would hold true.

income will never grow on par with inflation....rich-poor gap can only widen...pyramid mah

SG still got HDB BTO for those who complain income nvr increase much

[kane]

income will never grow on par with inflation....rich-poor gap can only widen...pyramid mah

SG still got HDB BTO for those who complain income nvr increase much

Punggol and Sengkang probably hasn't moved much. But I heard from a friend who got their Buangkok 4rm for under 200k. Now it's worth more than 400k. that one has rallied more than 100% in about 6 years.

[devilplate]

Punggol and Sengkang probably hasn't moved much. But I heard from a friend who got their Buangkok 4rm for under 200k. Now it's worth more than 400k. that one has rallied more than 100% in about 6 years.

BTO is simply a gift from the govt to get married....hehe

my fren is one of the few lucky ones who got a unit there for slightly less den 200k and yet he complains his fren bot a old 4rm flat in havelock(near tiong bahru) which got enbloc...lol

[kane]

BTO is simply a gift from the govt to get married....hehe

my fren is one of the few lucky ones who got a unit there for slightly less den 200k and yet he complains his fren bot a old 4rm flat in havelock(near tiong bahru) which got enbloc...lol

he was very lucky as it is, his friend just got luckier.

[hyenergix]

Just be careful of buying 99LH properties over 900 psf.

[KC76]

he was very lucky as it is, his friend just got luckier.

$200K appreciation is not much in quantum. Those who bot Pinnacle@Duxton 5rm in 2004 at $300-400k, would have reaped 100% returns (which is $300-400k) at this pt if they can sell... judging the prices of nearby HDBs. Somemore this one with added facilities. Another 4 yrs when MOP is over, it should fetch more bearing any unforeseen economic downturn.

[kane]

$200K appreciation is not much in quantum. Those who bot Pinnacle@Duxton 5rm in 2004 at $300-400k, would have reaped 100% returns (which is $300-400k) at this pt if they can sell... judging the prices of nearby HDBs. Somemore this one with added facilities. Another 4 yrs when MOP is over, it should fetch more bearing any unforeseen economic downturn.

those are luckiest, but they had to wait 5years, some waited 6+ years before they got their keys to Duxton.

[KC76]

those are luckiest, but they had to wait 5years, some waited 6+ years before they got their keys to Duxton.

Based on a monthly rental of say $3000 and purchase price of say $400K for 5rm, the rental yield is 8% pa.

They can easily rent out and get a condo in 4 yrs time. The $3K is enough to support the loan instalments of mass mkt condo.

[kane]

3 bedroom condo rent in mass market is at least 3.5k, excluding the corners of the island.