View Full Version : URA receives 3 bids for Woodlands residential site
URA receives 3 bids for Woodlands residential site (http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1133796/1/.html)
Posted: 07 June 2011 2211 hrs
SINGAPORE : The Urban Redevelopment Authority (URA) has received three bids for a 99-year residential land site at Woodlands Avenue 2 and Rosewood Drive.
The highest bid of S$151.5 million came from a consortium of Fragrance Group and Aspial Corporation. It works out to about S$3,950 per square metre.
The next highest bidder was a consortium of Far East Civil Engineering and Sekisui House, which submitted a bid of S$149.8 million or about S$3,910 per square metre.
EL Development was the lowest bidder with a tender of S$120 million or S$3,130 per square metre.
The site has an area of 27,380 square metres and a maximum gross floor area of around 38,330 square metres.
It was launched for public tender on April 26.
Commenting on the site, CB Richard Ellis (CBRE) said the land is opposite the Sports School and Innova Junior College, and about 15 minutes' walk to Woodlands MRT station and Causeway Point shopping mall.
Mr Li Hiaw Ho, CBRE executive director, said: "It is adjacent to Rosewood Suites condominium which just received TOP in April 2011. Other private residential estates in the neighbourhood include Casablanca and Rosewood condominiums and the landed homes of Woodgrove estate."
He noted that there is a fairly big cluster of expatriates living in the area.
He added: "A new five-storey condominium of around 390 units can be developed on the site. The top bid of $151.5 million or $367 psf/plot ratio is within market expectations. A new project will breakeven at $700 – $730 psf.
"Subsales of units in Rosewood Suites were transacted between $730 psf and $810 psf in the March-May 2011 period, while units in Casablanca were sold between $700 psf and $820 psf over the same period."
- CNA/al
devilplate
08-06-11, 00:03
Omg, first mm project in woodlands....lol
linchong84
08-06-11, 00:08
Omg, first mm project in woodlands....lol
Below 400psf again.. haha.. you too optimistic abt lousy OCR locations liao.. The market still has hope.. Looking at this, the flora drive one might not make it past 400psf also haha..
rattydrama
08-06-11, 00:16
if not wrong this plot beside the slip road of highway. definitely some units will be looking at the expressway everyday. wow location wise cmi somemore 5storey only. woodheaven and 8cy still better than this. Worst among the rest. Price will be depressed but maybe TOP faster than FEO. haha
FEO better run fast.
devilplate
08-06-11, 00:19
if not wrong this plot beside the slip road of highway. definitely some units will be looking at the expressway everyday. wow location wise cmi. woodheaven and 8cy still better than this. Worst among the rest. Price will be depressed but maybe TOP faster than FEO. haha
FEO better run fast.
I wonder y casa resale px same as rosewood suites?
Woodhaven n this new project will b diff....
This one double cfm MM.....lucky if we see 7xxsqft 2bedder....but most likely 400sqft 1bedder, 6xxsqft 2bedder n 9xxsqft 3bedder n sell for 900-1100psf....haha
devilplate
08-06-11, 00:20
Below 400psf again.. haha.. you too optimistic abt lousy OCR locations liao.. The market still has hope.. Looking at this, the flora drive one might not make it past 400psf also haha..
Tat goes to show tat developer overbid 460psf for sembw plot
bargain hunter
08-06-11, 01:05
interestingly, they beat far east by a whisker. :)
kingkong1984
08-06-11, 03:35
Tat goes to show tat developer overbid 460psf for sembw plot
U can expect to get more of the smaller units there. I can say we are now at peak and we dun need a guru to know that. Question is when will the climb be reversed.
rattydrama
08-06-11, 08:52
Tat goes to show tat developer overbid 460psf for sembw plot
wrong. sembawang plot is better than this anytime. at least it is near to SSC and not too far from Sembawang MRT - still walkable. And it is surrounded by private residential.
This plot need to passby 3 condos, cross the road, cross few blocks of HDBs, cross the road again, cross civic center, cross the road, pass thru causeway point before reaching Woodlands MRT. In my opinion, the location of this plot is lousy.
It is logical to say that the price is about 3xx psf.
rattydrama
08-06-11, 08:58
I wonder y casa resale px same as rosewood suites?
Woodhaven n this new project will b diff....
This one double cfm MM.....lucky if we see 7xxsqft 2bedder....but most likely 400sqft 1bedder, 6xxsqft 2bedder n 9xxsqft 3bedder n sell for 900-1100psf....haha
U are referring to Mi casa or la casa (EC)?
Fragrance building speed always top the rest - D5 parc imperial within 1 year rite? I think there are still pressure since both plot are only 2oo-300m apart. In fact some say Woodheaven is further away from MRT.
In ulu location, I think the main consideration are price & size not so much of location and layout cos usually investor are more (experience) into all these things. :2cents:
linchong84
08-06-11, 09:28
U are referring to Mi casa or la casa (EC)?
Fragrance building speed always top the rest - D5 parc imperial within 1 year rite? I think there are still pressure since both plot are only 2oo-300m apart. In fact some say Woodheaven is further away from MRT.
In ulu location, I think the main consideration are price & size not so much of location and layout cos usually investor are more (experience) into all these things. :2cents:
He should be talking abt casablanca.. I think the problem with the 460psf bid is that they will most prob have to sell at 950-1.05k psf.. So does it mean that if there is sbw mrt new launch, it is worth 1.1-1.2kpsf? I think prices seem to be peaking..
rattydrama
08-06-11, 09:42
He should be talking abt casablanca.. I think the problem with the 460psf bid is that they will most prob have to sell at 950-1.05k psf.. So does it mean that if there is sbw mrt new launch, it is worth 1.1-1.2kpsf? I think prices seem to be peaking..
casablanca - I heard the workmanship sucks thats all nvr been to this condo before. anyway this area too many to choose. upside difficult unless it is unqiue...and market damn good like last year, then it will ramp up the price.
that sembawang plot...yep peaking.. when will it stop I dont know but will it drop? maybe most 10% cos we have all the cm1-4 to cushion off.
This plot (460psf) is near amenities but I am not so interested as main con china and developer china. God knows what will happen? Outside pretty inside holy. Haha
devilplate
08-06-11, 10:54
wrong. sembawang plot is better than this anytime. at least it is near to SSC and not too far from Sembawang MRT - still walkable. And it is surrounded by private residential.
This plot need to passby 3 condos, cross the road, cross few blocks of HDBs, cross the road again, cross civic center, cross the road, pass thru causeway point before reaching Woodlands MRT. In my opinion, the location of this plot is lousy.
It is logical to say that the price is about 3xx psf.
wat so great abt tat sembw plot?
its nearer to mrt but still cannot walk without sweating wat.....ttake buses will be wiser.....
when u hf a condo 800-1km away vs a 1.5km awat from MRT....both to me aso equally lousy
within 500m to MRT den can use near MRT as an advantage
fooblackie
08-06-11, 11:35
wrong. sembawang plot is better than this anytime. at least it is near to SSC and not too far from Sembawang MRT - still walkable. And it is surrounded by private residential.
This plot need to passby 3 condos, cross the road, cross few blocks of HDBs, cross the road again, cross civic center, cross the road, pass thru causeway point before reaching Woodlands MRT. In my opinion, the location of this plot is lousy.
It is logical to say that the price is about 3xx psf.
yeah, agreed this location is lousiest relatively to the other developments in this area. it is nearest to the slip road to the SLE so can smell smoke and noise anytime of the day & nite.
wonder it can sell well based on its breakeven price of about 7XXpsf. The neighouring developments are all in the same ballpark pricing too. I think it be clearing at least $800 psf to make sense ..
but given it will be > $800psf, who will bite?
devilplate
08-06-11, 11:38
yeah, agreed this location is lousiest relatively to the other developments in this area. it is nearest to the slip road to the SLE so can smell smoke and noise anytime of the day & nite.
wonder it can sell well based on its breakeven price of about 7XXpsf. The neighouring developments are all in the same ballpark pricing too. I think it be clearing at least $800 psf to make sense ..
but given it will be > $800psf, who will bite?
it will be selling for 900-1100psf
1bedder:400sqftX1100psf=440k
2bedder:650sqftX950psf=620k
3bedder: 900sqftX900psf=810k
can sell rite? aspial/fragrance wor....MM KING!
wat so great abt tat sembw plot?
its nearer to mrt but still cannot walk without sweating wat.....ttake buses will be wiser.....
when u hf a condo 800-1km away vs a 1.5km awat from MRT....both to me aso equally lousy
within 500m to MRT den can use near MRT as an advantage
Can take semawang shopping centre shuttle bus mah ... hehe
rattydrama
08-06-11, 13:21
wat so great abt tat sembw plot?
its nearer to mrt but still cannot walk without sweating wat.....ttake buses will be wiser.....
when u hf a condo 800-1km away vs a 1.5km awat from MRT....both to me aso equally lousy
within 500m to MRT den can use near MRT as an advantage
It’s the comparison of these 2 plots where someone bought up for discussion – ya for some cmi, for other gems? subjective. For me, Sembawang better in comparison. We’re not talking about other plot.
rattydrama
08-06-11, 13:22
yeah, agreed this location is lousiest relatively to the other developments in this area. it is nearest to the slip road to the SLE so can smell smoke and noise anytime of the day & nite.
wonder it can sell well based on its breakeven price of about 7XXpsf. The neighouring developments are all in the same ballpark pricing too. I think it be clearing at least $800 psf to make sense ..
but given it will be > $800psf, who will bite?
very difficult, anytime I will get woodgrove condo!
linchong84
08-06-11, 13:54
it will be selling for 900-1100psf
1bedder:400sqftX1100psf=440k
2bedder:650sqftX950psf=620k
3bedder: 900sqftX900psf=810k
can sell rite? aspial/fragrance wor....MM KING!
I thought usually northern properties are bigger? I think their 3 bedder minimum will 1k sqft lah.. 900 is pathetic.. 650 for 2 bedder also pathetic.. Esp if there is balcony..
bargain hunter
08-06-11, 13:59
if it wasn't fragrance/aspial, it would have been min. 1k sq ft. now, not so sure liao. :(
I thought usually northern properties are bigger? I think their 3 bedder minimum will 1k sqft lah.. 900 is pathetic.. 650 for 2 bedder also pathetic.. Esp if there is balcony..
Maybe they will just copy and paste Kovan Grandeur to this plot haa haa. :scared-3: 1 bedroom 360k confirm sell out.
devilplate
08-06-11, 15:53
Maybe they will just copy and paste Kovan Grandeur to this plot haa haa. :scared-3: 1 bedroom 360k confirm sell out.
Hopefully ura really set an informal min 450sqft guideline lor....we shall see
devilplate
08-06-11, 15:56
I thought usually northern properties are bigger? I think their 3 bedder minimum will 1k sqft lah.. 900 is pathetic.. 650 for 2 bedder also pathetic.. Esp if there is balcony..
Look at kovan grandeur....many ppl laugh at fragrance when they bot the land....some say next to mosque, flank by hdb n quite far to mrt etc....
Their sizes r 366,388 studios, 560 2bedder....i tink 7xxsqft for 3bedder....
Wat i quoted oredi higher den wat they actually build previously....hahahaha
bargain hunter
08-06-11, 16:14
the verbal rule since Q3 2010 for approvals obtained after that already 35 sq m + 10% balcony = 414 sq ft rite? + air con ledge, won't be smaller than 421 sq ft liao mah. but maybe won't set 450 sq ft lor.
Hopefully ura really set an informal min 450sqft guideline lor....we shall see
http://www.businesstimes.com.sg/sub/news/story/0,4574,442299-1307563140,00.html?
Published June 8, 2011
Woodlands site fails to excite developers
Only 3 parties make offers with top bid within expectations
By EMILYN YAP
THE tender for a site at Woodlands Avenue 2-Rosewood Drive closed yesterday with one of the most subdued bidding results in the government land sales programme for residential sites in the first half of the year.
Just three parties were gunning for the plot. A tie-up between Fragrance Group and Aspial Corporation submitted the top bid of $151.5 million or $367 per square foot per plot ratio (psf ppr) for the site.
Aspial said that the partners plan to set up a special purpose company to develop the site. Aspial will hold a 40 per cent stake in the company and Fragrance will own the remaining 60 per cent.
The top bid, which was within market expectations, was just around 1.2 per cent higher than the second-placed bid of $149.8 million or $363 psf ppr put up by Far East Organization and Sekisui House.
EL Development submitted the lowest bid of $120 million or $291 psf ppr.
The 99-year leasehold site has a maximum permissible gross floor area of around 412,600 sq ft and can potentially yield 390 units. A development on this site is restricted to a maximum height of five storeys.
The plot is some distance from Woodlands MRT Station but is near several schools such as Singapore Sports School and Innova Junior College.
Colliers International research and advisory director Chia Siew Chuin believes that the site's 'average locational attributes', plus competition from existing and upcoming residential projects in the area, contributed to the lukewarm response.
Far East Organization's new project called Wood Haven will be coming up at Woodlands Avenue 1-Woodgrove Avenue, she said. The group won the tender for the site in November last year.
Also nearby is Rosewood Suites. According to caveats lodged with the authorities, units there went for $599-818 psf last month.
Credo Real Estate executive director Ong Teck Hui notes that response to the site is subdued.
Nevertheless, the top bid of $367 psf ppr is still higher than the top bid of $333 psf for the Woodgrove Avenue site, 'which suggests firm suburban residential land prices', he said.
Developers are still coming in with record bids! How not to see private condo prices persist in its upward climb? Where's the price correction spoken by so many??? :confused:
I think the only correction is the reduced rate of climb. There are still too many cash rich people out there. When I was at forrst kill this morning the agent told me one of his customer bought using full cash. :scared-1: Another bought a 4 bedroom unit without seeing finish the showflat. And a bus load of prc people came with cheques to buy. :scared-3:
http://www.straitstimes.com/Money/Story/STIStory_677394.html
Jun 8, 2011
Lukewarm interest in condo site
99-year Woodlands plot attracts just three bids as HDB releases more land
By Esther Teo, Property Reporter
A RESIDENTIAL site for private homes in Woodlands has fetched a top bid of $152 million in a subdued three-cornered contest among developers.
This came as the Housing Board kept up its drive to boost flat offerings this year by releasing a new site for design, build and sell scheme (DBSS) flats yesterday.
Experts say a move to lift the number of build-to-order HDB flats launched this year to 25,000 would have weighed on developers' minds as it could siphon demand away from the private market.
The lukewarm interest from developers, however, was due more to the site's 'average' attributes, they added.
A joint venture between Fragrance Group and Aspial Corp put in the top bid for the site at the junction of Woodlands Avenue 2 and Rosewood Drive. The bid worked out to $367 per sq ft (psf) per plot ratio (ppr).
They said in a statement that, if awarded the site, Fragrance will hold a 60 per cent stake in a special purpose vehicle while Aspial will hold the remaining 40 per cent to jointly develop the project.
Second-placed Far East Organization and Sekisui House were just 1 per cent behind with a bid of $150 million - or $363 psf ppr. EL Development was third with a $120 million bid, or $291 psf ppr.
The 99-year leasehold land parcel has a maximum gross floor area of 38,333 sq m and can accommodate a five-storey condo with about 390 units.
Ms Chia Siew Chuin, director of research and advisory at Colliers International, said competition from existing and upcoming projects in the vicinity could have contributed to the tepid response. These include the newly completed Rosewood Suites as well as Far East Organization's new project Woodhaven at the junction of Woodlands Avenue 1 and Rosewood Drive.
Mr Ong Teck Hui, Credo Real Estate's head of research and consultancy, noted that the site's top bid is still 10 per cent higher than that for Far East's site - which was tendered with a winning bid of $333 psf ppr in November last year - suggesting firm suburban residential land prices.
CB Richard Ellis (CBRE) Research executive director Li Hiaw Ho expects the new project to break even at $700 to $730 psf while Colliers' Ms Chia expects the units to sell at about $780 to $800 psf.
'Sub-sales of units in Rosewood Suites were transacted at between $730 psf and $810 psf in the March to May period this year,' Mr Li said.
The HDB yesterday launched the sale of a site at the junction of Fernvale Link and Sengkang West Avenue. The 22,706 sq m site can yield about 790 flats.
HDB said it will launch another DBSS site at Bendemeer Road with about 700 units later this month.
PropNex corporate communications manager Adam Tan expects the latest site to be sold for $650 to $750 psf ppr.
The site is likely to be popular with developers and buyers as Sengkang is a rapidly maturing estate with shopping centres and established schools nearby, he added. 'In particular, DBSS flats will present the sandwich group with increased housing options, which will also help ease the demand for public housing as the sandwich group does not have to compete with households earning less than $8,000 for resale flats.'
Separately, another development, Olina Lodge at Holland Hill, launched its collective sale with an indicative price of $225 million yesterday. This works out to $1,575 psf ppr for the freehold site of 7,831 sq m, inclusive of a 10 per cent balcony allocation. Marketing agent DTZ said the 67-unit, four-storey walk-up property can be redeveloped into a 12-storey project with a gross floor area of 134,862 sq ft, according to the 2008 Master Plan.
Owners are expected to get about $2.95 million to $4.9 million each in proceeds - some 65 per cent more than their units' existing value, DTZ added.
[email protected]
linchong84
12-06-11, 21:29
I think the only correction is the reduced rate of climb. There are still too many cash rich people out there. When I was at forrst kill this morning the agent told me one of his customer bought using full cash. :scared-1: Another bought a 4 bedroom unit without seeing finish the showflat. And a bus load of prc people came with cheques to buy. :scared-3:
Full cash?!?!?! Now interest rate so low he buy using full cash?!?!?!:eek:
Told u people Singapore being re-rated. Singaporeans thinks it's peak, but the foreigners don't think so coz Singapore image in the world's eyes has changed with F1 and 2x IR. Low interest environment will still persist for sometime. Slow rate of climb most likely and any correction is likely mitigated by the 4 yr SSD. Stabilization of prices is likely achieved.
FE missed it by a whisker, they were dominating that area with a number of projects.
Why PRC. Go and buy at Forrest kill.... No mans land.... Why don't buy RCR or CCR?
Powered by vBulletin® Version 4.2.2 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.