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Miscellaneous (HDB, EC, commercial and industrial property; general business/economic news) Discussion and news about HDB, EC, commercial and industrial property; business and the economy.

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Old 3rd June 2011
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Default Mixed-use, hotel, EC sites added to reserve list

http://www.businesstimes.com.sg/sub/...58340,00.html?

Published June 1, 2011

Mixed-use, hotel, EC sites added to reserve list

Paya Lebar Central mixed-use plot seen drawing bids of $860-$940 psf ppr

By UMA SHANKARI


THREE new 99-year leasehold state land parcels were released for sale yesterday: a 2.07 hectare mixed-use site at Paya Lebar Central; a 0.38 ha hotel site at Little India; and an executive condominium (EC) housing parcel at Upper Serangoon View.

All three sites are being offered under the reserve list. This means that each site will be put up for public tender only if the government receives an application from a developer who commits to make a bid at or above a minimum price set by the authorities.

Analysts were most excited about the land parcel at Paya Lebar Central, which can generate about 935,600 square feet of gross floor area (GFA). It is the second such site at Paya Lebar Central put up for sale by the government.

The site provides an opportunity for those who missed out on the first plot, said Credo Real Estate executive director Ong Teck Hui.

The first site drew 10 bids at the close of the state tender in April.

'This Paya Lebar site comes hot on the heels of the tender closing of the Boon Lay white site (on May 25) and the first Paya Lebar commercial site (on April 21),' said Mr Ong. 'The two sites attracted keen interest and drew bids above expectations, reflecting strong demand for suburban commercial space.'

Added Nicholas Mak, head of research at SLP International: 'There are not many new and good quality commercial buildings in this area, so the developer of this commercial space on this site will have a first mover advantage in this area.'

The site could sell for $860- $940 per square foot per plot ratio (psf ppr), he said.

The top bid for the first Paya Lebar Central site was $872 psf ppr.

At least 40 per cent and 15 per cent of the maximum permissible GFA of the project on the site will have to be set aside for office and hotel use respectively, said the Urban Redevelopment Authority (URA).

The remaining GFA can be for additional office, hotel, retail, entertainment or food & beverage uses.

A section of Geylang River flows through the site and provides an opportunity for the successful developer to integrate the water body into the future property and 'bring life to the riverbanks', URA added.

The hotel site, at the junction of Race Course Road and Perumal Road, has a maximum GFA of about 145,000 sq ft.

Analysts expect decent interest from developers for the plot, and said it could attract bids ranging from $72 million to $87 million, or $500-$600 psf ppr.

The site is likely to be triggered for sale soon due to its location, said Cushman & Wakefield's senior manager of Asia-Pacific research, Ong Kah Seng.

'Participants are likely to be average sized hoteliers or companies looking to develop the site into a mid-tier hotel project for those budget travellers who are still willing to pay for essential hotel accommodation,' he said.

Added Mr Mak: 'There is a good chance that it (the site) could be triggered for tender in the next one year or so.'

The third site - an EC plot at Upper Serangoon View - has a maximum GFA of 466,900 sq ft. It can accommodate around 420 flats.

But analysts said the possibility of this EC site being triggered is quite low in the short term as there is an ample supply of EC projects in the North-east region. But it could sell for anywhere between $250 and $390 psf ppr if triggered, they said.
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Default Three land sites available for sale

http://www.straitstimes.com/Money/St...ry_674802.html

Jun 1, 2011

Three land sites available for sale

All on reserve list; one each for commercial, residential and hotel use

By Esther Teo, Property Reporter


THREE government land parcels have just been made available for sale - one each for residential, hotel and commercial developments.

All three 99-year leasehold sites are on the reserve list of the Government Land Sales programme in the first half of this year. Land on the reserve list is put up for tender only if developers make an acceptable initial offer.

Experts say the commercial site in Paya Lebar Central - the second to be offered in the area this year - is most likely to be triggered for sale due to the promising suburban office market outlook.

The 2.07ha land parcel is located at the junction of Sims Avenue and Tanjong Katong Road and can yield about 87,000 sq m of gross floor area (GFA).

The site is earmarked to be utilised as a good-quality mixed-use development comprising office, hotel and retail uses.

At least 40 per cent and 15 per cent of the maximum permissible GFA must be set aside for office use and hotel use respectively, said the Urban Redevelopment Authority (URA).

The remaining space can be for additional office, hotel, retail, entertainment or food and beverage uses to help build up the critical mass of activities that will anchor Paya Lebar as a prominent commercial hub. Residential use is not allowed.

The first Paya Lebar site was launched in January and sold for $586 million - or $872 per sq ft per plot ratio. It received 10 bids from heavyweights such as CapitaLand and Far East Organization.

Yesterday, URA also released a hotel site at the junction of Race Course Road and Perumal Road on the reserve list. The 0.38ha land parcel located near the historic district of Little India can yield a maximum permissible GFA of 13,500 sq m.

An executive condominium (EC) site in Upper Serangoon View is also being made available for sale today by the HDB. An estimated 420 units can be built on the site.

HDB said in a statement yesterday that apart from this site, both the HDB and URA will be releasing three new residential sites and one commercial site under the confirmed list this month.

The three residential sites are located at the junction of Punggol Field/Punggol Field Walk, Serangoon Garden Way, and between Upper Serangoon Road and Pheng Geck Avenue. The commercial site will be at Robinson Road/Cecil Street.

The four residential sites in total can yield 1,380 homes, HDB said.

Experts expect all three sites on the reserve list to be met with varying interest.

Cushman & Wakefield's senior manager of Asia-Pacific research, Mr Ong Kah Seng, said the Paya Lebar commercial site will likely draw the strongest developer interest because of its strategic location and the optimistic bid for the previous site.

On interest in the EC land plot, he said that with the success of recent EC launches indicating strong demand from home buyers with affordability concerns, the site can expect moderate buying interest.

Mr Ong Teck Hui, Credo Real Estate's head of research and consultancy, however, called the site 'mediocre'. It is next to a private residential site that drew only four bidders last November, he said.

SLP International research head Nicholas Mak said if the hotel site was up for sale, it could attract bids of $72 million to $87 million. Credo's Mr Ong added: 'It's a good location for a city fringe hotel, which would cater towards the more budget-conscious tourists.'

esthert@sph.com.sg
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