Stiff competition for residential site at Lorong Puntong saw 18 bids

[princess_morbucks]

SINGAPORE - A state tender for a private residential site in Lorong Puntong, off Sin Ming Avenue, has drawn the highest number of bids for a residential site in over a year.

The close of tender on Oct 8 saw China-based Nanshan Group emerging as the top bidder out of 18 offers.

Nanshan's bid of $173.5 million works out to $731 per square foot per plot ratio (psf ppr).

The last time a private residential site saw such strong competition was in June last year at Faber Walk, where Waterfront@Faber is planned.

- See more at: http://www.straitstimes.com/news/business/property/story/stiff-competition-residential-site-lorong-puntong-saw-18-bids-20141008#sthash.gS9OcFOl.dpuf

[henryhk]

- See more at: http://www.straitstimes.com/news/business/property/story/stiff-competition-residential-site-lorong-puntong-saw-18-bids-20141008#sthash.gS9OcFOl.dpuf

Wat so great about tis site? not close to mrt, don't understand why so many bid, is it they not enough land for business?

[Arcachon]

http://forums.condosingapore.com/showthread.php/22612-Land-Price

Money got no value over time, just like Leasehold 99 years.

Singapore First Condo.

The condominium, which cost between S$141,000 and $162,000 an apartment in 1970

http://eresources.nlb.gov.sg/history/events/b6e48846-62e6-498a-b47c-f4b8b7ab465d

Completed in 1974, Beverly Mai is commonly known as Singapore’s first condominium.[1] Built at the cost of S$4 million, the 28-storey tower at Tomlinson Road had a site area of 7,230 sq m and was designed by Timothy Seow & Partners (now known as ids studio).[2] It is one of the earliest high-rise luxury apartments in Singapore and was developed along Seow’s pioneering concept of “bungalows in the-air”. The condominium is the first private residential project to incorporate maisonettes in apartment blocks and apartment units without party walls. It is also among the first to introduce the practice of shared facilities such as the swimming pool and other recreational amenities – features commonly found in condominiums today.[3]

[Arcachon]

BEVERLY Mai, a 32-year-old residential development in Tomlinson Road, is up for collective en bloc sale by public tender. And the price tag: $238 million.

Jeremy Lake, executive director, investment properties at CB Richard Ellis, which is also the marketing consultants, pointed out that the site is across the street from the upcoming St Regis Residences.

He said that St Regis is expected to fetch close to $2,600 per square foot.

'The upcoming launch of St Regis is creating a buzz in the area. That, coupled with a clear, unobstructed view of One Tree Hill, makes Beverly Mai an attractive site.'

At $238 million (52 x 162,000=8,424,000 in 1970 Built at the cost of S$4 million, the 28-storey tower at Tomlinson Road), the price of the site based on its plot ratio of 2.8 is $1,184 psf per plot ratio, inclusive of an estimated development charge of $16.8 million.

In August 2005, a unit was sold for $2.5 million. The condominium, which cost between S$141,000 and $162,000 an apartment in 1970 Before this, the highest price was $1.79 million in March 2004. If the asking price is achieved, owners of the 52-unit development stand to make up to a 60 per cent premium or $4.4 million per unit.

The 76,888 sq ft site can be developed up to 36-storeys and have up to 107 units if each is 2,000 sq ft. The breakeven price for the future development is expected to be $1,550 psf.

Also for sale, but in a vastly different price bracket, is Sunshine Regency. This new freehold development on Rambai Road in the East Coast, developed by Fragrance Homes, will be launched this weekend at an average $554 psf.

The marketing consultant is Real ONE International and it says a range of unit sizes from one to four bedrooms (452 sq ft to 603 sq ft) are being offered with the smallest unit starting at $361,000.

http://www.stproperty.sg/articles-property/singapore-property-news/beverly-mai-at-tomlinson-rd-up-for-en-bloc-sale-at-238m/a/49632

[Arcachon]

http://www.h88.com.sg/directory/condo/beverly_mai/images/beverly_mai_00002.JPG

http://www.h88.com.sg/directory/condo/beverly_mai/images/beverly_mai_00001.JPG

http://www.h88.com.sg/directory/condo/beverly_mai/images/beverly_mai_00004.JPG