in case you haven't noticed, there are very few sites which are sold cheaply these days. psf for brand new 99 year leaseholds are also are also easily exceeding the old freeholds nearby simply because the units have been shrunk and people have been snapping these up because of a variety of reasons previously discussed in other threads for e.g. low quantum, time lag till completion to raise cash etc etc.
for the land sales e.g, recent sites would be 2 woodleigh sites at 1100psf (expect 1600 to 1900psf selling price). serangoon garden site at 965psf (expect >1600psf selling price). even the serangoon ville site nearby was sold for about 835psf (minimum selling price 1400psf). queenstown 1038psf (expect >1700psf), eunosville 908psf (good price as prices moved up after this), also minimum 1500psf. i had mentioned previously that u can see from the sales data monthly, 10xxpsf and 11xxpsf mass market new launches are being snapped up rapidly. le quest recently was able to sell at 1280psf easily. given the lack of mass market sites sold recently and at low prices, it looks like TC will be sold at 12xxpsf.
i would think NP is definitely more than a mass market land site and 900psf is not a ridiculous price. at present, capitaland has no landbank and the ceo mentioned: CapitaLand to be 'a bit more aggressive' in land bidding
CapitaLand president and chief executive Lim Ming Yan said that the property firm wants to be "a bit more aggressive in its approach" to the residential market in its home base.
"We are prepared to be more aggressive, but we remain disciplined," he said.
"If you are hoping for a bargain purchase in the Singaporean residential market, then you will never get anything. You have to put in your best attempt given your view of the outlook of the market, and not take the view that you can keep a lot of reserves, put in a price and hopefully you will get it at bargain price. It will never happen."
http://www.straitstimes.com/business...dding-says-ceo
given their experience with interlace nearby, i think they know how to position their units uniquely. with the previous ceo gone, building small units is now possible for them. otherwise, it would be impossible for them to compete if they still want to build big units as the psfs are not favourable.