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Thread: MCL Land tipped as top bidder for Eunosville sale

  1. #1
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    Default MCL Land tipped as top bidder for Eunosville sale

    THE tender for the collective sale of Eunosville which closed on Wednesday is understood to have drawn strong bids, with the highest crossing S$900 per square foot per plot ratio (psf ppr).

    Those who bid are said to have included MCL Land, Qingjian Realty, Sim Lian, Keppel Land, City Developments, Chip Eng Seng and OUE. MCL Land, a unit of Hongkong Land, was tipped by several sources as the frontrunner with a price of S$920 psf ppr.

    OrangTee, the marketing agent for Eunosville's collective sale, declined to comment when contacted on Wednesday night.

    A seasoned property consultant estimated that a price of S$920 psf ppr, inclusive of the estimated lease upgrading premium that the site's developer will have to pay to top up the site's lease to 99 years as well as differential premium for intensification of the site to a gross plot ratio (ratio of maximum gross floor area to land area) of 2.8, would translate to a bid price of about S$770 million for the Eunosville site.

    This would be an average price of about S$2.3 million per unit for the owners of Eunosville.

    The development consists of six maisonette blocks of 255 maisonettes and four walk-up apartment blocks with 75 apartments. It was built in the late 1980s.

    The 376,713 sq ft site has a remaining lease term of about 70 years.

    When the tender was launched in April, OrangeTee had stated the asking price was S$643 million to S$653 million - or S$780-790 psf ppr, based on an expected S$181 million payable to the state for the lease upgrading premium and differential premium.

    Industry observers suggested yesterday evening that after making a strong top bid for the site, the successful bidder can expect to pay a higher lease upgrading premium than originally expected to the state.

    The developer will also have to race quickly to try and obtain provisional permission for a redevelopment scheme and lock in the differential premium quantum payable to the state before Sept 1 when development charge rates are revised.

    Eunosville's en bloc sale may be awarded as early as Thursday.

    Last week, the en bloc sale of Rio Casa, a former HUDC estate in Hougang, was sealed at S$575 million or about S$706 psf ppr.

    The buyer is a consortium comprising Oxley Holdings, KSH Holdings, Lian Beng Group and the private investment firm of Super Group's Teo family.

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    The Dam is losing it power to hold the water soon.

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    Confirmed: $909 psf ppr by MCL Land. Break-even alone is $1500 psf.

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    Each owner stands to receive a gross sale price of S$2.25 million to S$2.41 million upon the successful completion of the sale, OrangeTee added.

    More millionaires added

    How to sell at $1,700 - $1,900 psf, I cannot see any fundamental in the economy

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    Those enbloc has yet to collect >80% will not be able to collect further till reserve price is up around 20%

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    Quote Originally Posted by sunman77 View Post
    Confirmed: $909 psf ppr by MCL Land. Break-even alone is $1500 psf.
    Ahaha ... this is insane BUT I am not complaining!

    If this thing keeps going, we will hear of a CCR/FH enbloc before long.

    I can see it structured as a joint development with a Developer.

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    I just cannot imagine 1500-1600psf average pricing for that 99LH site even though it's next to an MRT. That's like 1M plus for a smallish 2 bedder of 700+ sft.
    However I hope the project is a success ! Huat ah

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    if u check the caveats for park place, the average was actually 1800psf.

    1600psf is achievable for eunosville simply because these days. 1 bedder is 400 sq ft and 2 bedder is 600+sq ft = < $1m.

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    Quote Originally Posted by Laguna View Post
    I cannot see any fundamental in the economy
    I also got the same question when I buy Southbank.

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    MCL Land awarded Eunosville site at S$765.78m or S$909 psf ppr

    HONGKONG Land unit, MCL Land, has clinched the Eunosville site through a collective sale, at a price of S$765.78 million.

    This works out a unit land price of S$909 per square foot per plot ratio (psf ppr) inclusive of an estimated S$194 million payable to the state to enhance the intensity of the site to a gross plot ratio of 2.8 and to top up the site's lease to 99 years.

    The site has a balance lease term of about 70 years.

    Eunosville currently has 330 units - comprising 255 maisonettes and 75 apartments.

    Each owner stands to receive a gross sale price of about S$2.25 million to S$2.41 million upon the successful completion of the sale, which is subject to several sale conditions.

    More than 80 per cent of the owners have consented to the collective sale, said OrangeTee, the marketing agent for the collective sale of Eunosville.

    Located opposite Eunos MRT Station, the site is almost rectangular in shape with wide frontage onto Changi Road and Sims Avenue. It has a land area of about 376,713 sq ft and is zoned for residential use. A redevelopment could potentially yield about 1,399 units with an average size of 70 sq metres, OrangeTee said.

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    wah.. so bullish... I am still vested and left only a few more bullets.. Maybe keep the bullets first.. Enjoy some wine, golf, holiday..

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    Quote Originally Posted by sunman77 View Post
    Confirmed: $909 psf ppr by MCL Land. Break-even alone is $1500 psf.
    Hi there, could you share how did you arrive at the difference of S$591 psf?

    Am trying to understand the cost components and the calculations.

    Thanks!

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    Default Do you see while other don't see, don't want to see and refuse to see.

    Quote Originally Posted by blah5 View Post
    Hi there, could you share how did you arrive at the difference of S$591 psf?

    Am trying to understand the cost components and the calculations.

    Thanks!
    https://www.99.co/blog/singapore/99-...-launch-price/

    Take note this is an estimate that works well in the current low price volatility environment. If land prices have increased considerably during the period between the tender award and launch date, the developers can revise the price upwards and take in more profits. The converse is true when prices are going down and the developer’s profit margin will be squeezed in an environment of decreasing land prices. The developer will also do their competitive market analysis and price accordingly against their competitors in order to sell their units.

    Construction costs also vary from the $350 psf used in our estimation. Luxury condos can cost up to $450 psf to construct and ultra luxury condominiums can cost significantly higher.

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    Quote Originally Posted by sunman77 View Post
    Confirmed: $909 psf ppr by MCL Land. Break-even alone is $1500 psf.
    There are so many condo in Singapore and near mrt that could be as less than $1000 psf, not necessary must pay overpriced new launch units after enbloc..... u will be slave to bricks and motars, if buy at 1700 psf..hahahaha:

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    Nver be a slave to brick and mortar! It will waste your life away.....I have cash out one and spend time enjoying trading in stocks and shares.... don't need to care about monthly installment and conservancy charges, huray

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    Quote Originally Posted by henryhk View Post
    There are so many condo in Singapore and near mrt that could be as less than $1000 psf, not necessary must pay overpriced new launch units after enbloc..... u will be slave to bricks and motars, if buy at 1700 psf..hahahaha:
    You buy new launch on progressive payment, down 20% for first property owner.

    Which would you chose, new or resale if you are the first-time owner?

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    If not overpriced, and I new timer , then buy new, ..... if much cheaper, I rather buy resale unit. And if can't afford then don't buy at the moment....

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    Quote Originally Posted by stl67 View Post
    wah.. so bullish... I am still vested and left only a few more bullets.. Maybe keep the bullets first.. Enjoy some wine, golf, holiday..
    Hi G...long time no see..I am no longer bullish here...I have lots of bullets now...just like u...enjoy life first
    catch up please

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    Quote Originally Posted by Laguna View Post
    Hi G...long time no see..I am no longer bullish here...I have lots of bullets now...just like u...enjoy life first
    catch up please
    Hello, still vested but wind down a bit as luck may not always be with me. Pls share lobang if have OK?

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    Quote Originally Posted by stl67 View Post
    Hello, still vested but wind down a bit as luck may not always be with me. Pls share lobang if have OK?
    Hi....I am still vested as well. But did a very major re-balancing to my investment. Currently is about 40% property, 40% liquid investment and 20% cash.
    I am now looking into what to buy in Europe and US equity markets, but not time to buy yet.

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