Punggol site draws top bid of $363m

http://www.businesstimes.com.sg/sub/...10333,00.html?

Published October 27, 2010

Punggol residential site with historic house put up for sale

URA also launches another 99-year leasehold plot at Seletar Road

By KALPANA RASHIWALA


A HOUSE in Punggol built in 1902 by the father of the late legal eagle Howard Cashin has been put up for sale as part of a 99-year leasehold private residential site launched for tender by the Urban Redevelopment Authority yesterday.

http://www.businesstimes.com.sg/mnt/...RPUNGGOL27.jpg
Matilda House: The single-storey house, which was built in 1902 by Alexander Cashin, will have to be conserved and restored for use as a clubhouse or private residential use within the new proposed development on the site

The single-storey house will have to be conserved and restored for use as a clubhouse or private residential use within the new proposed development on the site. Matilda House was acquired by the government under the Land Acquisition Act in the mid-1980s and gazetted as a conservation building on Feb 21, 2000.

The house was built in 1902 by Alexander Cashin, the father of Howard Cashin and son of Joseph Cashin, who arrived in Singapore in the 1840s. Starting out as a lawyer's clerk, Joseph Cashin made his fortune investing in legal opium farms in the 1880s and later, in real estate. Cashin Street, next to Bras Basah Complex, was named after him.

The Cashin family was one of the oldest Irish families to have settled in Singapore and owned several other houses as well as about 400 shophouses here.

Matilda House is named after Mr Joseph Cashin's wife. Mr Alexander Cashin built it as a present for his wife, according to an article in October 2002 in The New Paper. The Punggol seaside bungalow served as a weekend retreat for the family. Sited on the Punggol seafront, it was surrounded by orchards on all sides. The Cashin family also owned about 350 hectares of land in the area on which there were also rubber and coconut plantations.

The house today is in pretty rundown condition sparking some talk about it being spooked.

URA said that Matilda House is an example of an early-style tropical bungalow. Its distinctive features include entrances on both sides of the main building, raised floors, timber lattice and louvred windows and transoms to allow cross-ventilation. It is the only remaining historic bungalow in Punggol Town.

The single-storey Matilda House has an existing gross floor area of about 4,488 sq ft. In addition to this, the successful bidder of the 2.7 hectare site (which includes Matilda House) can develop a total 888,904 sq ft gross floor area of new buildings. This can generate a condominium with about 810 units.

Credo Real Estate executive director Ong Teck Hui describes the plot as a 'plum suburban site with many things in its favour - proximity to Punggol MRT Station, the bus interchange and the proposed town centre, with Matilda House thrown in for uniqueness'.

Based on current sentiment, the site could draw six to 10 bidders with top bids of around $400 to $450 psf per plot ratio (psf ppr), or $355-400 million in absolute quantum.

SLP International Property Consultants executive director Nicholas Mak predicts bids of about $380-420 psf ppr, with five to nine bids expected.

The tender for this site closes on Dec 7.

URA yesterday also launched for tender another 99-year leasehold plot at Seletar Road, slated for development into condominium/flats (up to five storeys) or landed housing/strata landed housing (up to two storeys). If developed into a condo, the 1.7 hectare plot can generate about 270 units.

The site is next to a plot awarded to Far East Organization at a state tender that closed in September last year at $376 psf ppr. Far East is developing Greenwich V (comprising 35 shop units) and The Greenwich, a 319-unit condo, on the site. It released the condo in early August and to date has sold 233 units.

Credo's Mr Ong notes that caveats for The Greenwich have been lodged at about $1,300-1,400 psf for smallish units and $1,000-1,100 psf for more normal-sized apartments.

Mr Ong observed that while the latest site also enjoys a good location in the Seletar Hills area, which is in good demand and which will benefit further from the aerospace hub, 'it is in a way 'landlocked', sandwiched by landed estates, the Greenwich development and a SingTel telephone exchange'.

He predicts four to eight bidders going by current sentiments, with top bids in the $550-600 psf ppr range (or about $145-158 million).

Mr Mak says the site may attract four to seven bids with top bids coming in at $320-360 psf ppr. 'Some of the bidders could be medium-size developers as the absolute land cost is not excessive,' he added.

The tender for this site closes on Dec 14.

http://www.businesstimes.com.sg/sub/...10263,00.html?

October 26, 2010, 12.00 pm (Singapore time)

URA releases 2 residential sites

By BERNICE BONG


SINGAPORE - Another two private housing sites - which could yield a total of 1,080 private homes - have been released for sale by the Urban Redevelopment Authority (URA) on Tuesday.

The two land parcels at Punggol Central/Punggol Walk and Seletar Road are launched for sale under the Government's Confirmed List.

The 2.7 ha site at Punggol Central/Punggol Walk can potentially yield about 810 housing units. The land parcel has a maximum permissible gross floor area (GFA) of 888,904 sq ft, with an additional GFA of about 4,489 sq ft allowed for the existing conservation building, Matilda House, located within the site.

The tender for the site will close at noon on Dec 7.

The 1.7 ha land parcel at Seletar Road has a maximum permissible GFA of 263,059 sq ft and can potentially yield about 270 housing units.

The tender for the site will close at noon on Dec 14.

The government has made available sites that can yield about 13,905 private housing units in its land sales programme for the second half of the year, the highest potential supply quantum inthe history of such a programme.

http://www.straitstimes.com/Money/St...ry_595677.html

Oct 27, 2010

Punggol, Seletar sites up for sale

By Esther Teo


TWO residential sites in the north-east region were launched by the Government yesterday, potentially yielding another 1,080 homes.

The first is a 2.7ha plot at the junction of Punggol Central and Punggol Walk, while the second comprises a 1.7ha site in Seletar Road, the Urban Redevelopment Authority (URA) announced.

The Seletar site - located next to Far East's The Greenwich project and within the Seletar Hills residential estate - has a maximum permissible gross floor area (GFA) of about 263,059 sq ft and is estimated to yield 270 housing units.

The Punggol land parcel, near Punggol MRT Station and with a maximum permissible GFA of 888,904 sq ft, can potentially host about 810 units.

And it includes the historically and architecturally significant Matilda House, which is to be conserved and restored as part of the residential development.

Built in 1902, the house has an additional GFA of about 4,500 sq ft and is an example of an early-style tropical bungalow. Its distinctive features include entrances on both sides of the main building, raised floors, timber lattice and louvred windows, URA said.

The only remaining historic bungalow in Punggol Town, it can be restored as a clubhouse or for private residential use within the development.

Most experts anticipate robust interest for both plots, with small- to mid-sized developers being particularly keen on the smaller Seletar site, given its 'not-excessive' land cost.

OrangeTee head of research and consultancy Tan Kok Keong expects up to six bids for both sites each. And, while Punggol is likely to attract upgraders from the Sengkang and Punggol, Seletar may well draw in investors banking on the upcoming Seletar Aerospace Park.

'Bearing in mind that the Government will be releasing new land sites for the first half of next year soon, developers will consider that before placing their bids,' he added.

Mr Nicholas Mak, executive director of SLP International Property Consultants, predicts up to nine bids for the Punggol site of between $380 and $420 per sq ft per plot ratio (psf ppr), while Seletar might fetch between $320 and $360 psf ppr from up to seven interested parties.

Cushman and Wakefield's senior manager of Asia-Pacific research, Mr Ong Kah Seng, however, expects 'modest interest' of about three bids for the Punggol site.

'There may be increased competition from another site in Punggol Walk/Punggol Central which will be launched in November and is estimated to provide about 685 units,' he said.

Both Punggol and Seletar sites - whose tenders close on Dec 7 and Dec 14 respectively - form part of the government land sales programme's confirmed list for the second half of the year.

http://i276.photobucket.com/albums/k...RA_punggol.jpg

unique selling proposition (USP). Haunted house maybe. Just kidding.

How about a clubhouse with Horror theme? :D

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Originally Posted by kingkong1984

unique selling proposition (USP). Haunted house maybe. Just kidding.

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Sim Lian tops Punggol tender
By Jonathan Peeris | Posted: 08 December 2010 1539 hrs

SINGAPORE: Developers Sim Lian Land and Sim Lian Development have topped a tender for a 99-year-lease residential site at Punggol Central and Punggol Walk.

The Urban Redevelopment Authority (URA) closed on Tuesday, the tender for the site, after receiving a total of seven bids.Sim Lian's bid translates to about S$406 per square foot.

The next highest bid of S$361.7 million dollars came from Qingdao Construction.

Executive director at CBRE Research Li Hiaw Ho said the seven bids submitted showed that developers were keen to acquire the site.

Located within walking distance to Punggol MRT station and with a historic building on-site that could be restored for use as a clubhouse, Mr Li said the site would enhance the lifestyle of the future residents with a piece of history of old Punggol.

He added that the 275,000 square metre site could fetch around S$800 per square foot when ready for launch.

URA said it would decide on the winning bidder at a later date.

-CNA/wk

Miss selling, at least 1k psf and above when ready.

Yup, cost of land already $406psf, add construction cost of $300psf already $706psf breakeven. Only make $100psf margin meh? They even projected breakeven at $750psf, and that means margin of only $50psf if really sell at $800psf! :doh:

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Originally Posted by kingkong1984

Miss selling, at least 1k psf and above when ready.

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Just go the MM way lor, they already hinted that they might do so.....:eek:

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Originally Posted by sleek

Yup, cost of land already $406psf, add construction cost of $300psf already $706psf breakeven. Only make $100psf margin meh? They even projected breakeven at $750psf, and that means margin of only $50psf if really sell at $800psf! :doh:

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With Esparina EC average $740psf, means price should be about $900psf then. :eek:

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Originally Posted by 2824

Just go the MM way lor, they already hinted that they might do so.....:eek:

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http://www.businesstimes.com.sg/sub/...16591,00.html?

Published December 8, 2010

Sim Lian ahead in tight race for Punggol site

Top bid of $363m, or $406 psf ppr, is just 0.4% higher than nearest rival's

By KALPANA RASHIWALA


IN one of the tightest races for a site at a state tender, a joint venture between Sim Lian Land and Sim Lian Development edged out Qingdao Construction by just 0.4 per cent to emerge as the highest bidder for a 99-year leasehold private housing plot near Punggol MRT Station.

The site, which can be developed into a condo with about 810 units, includes Matilda House, the only remaining historic bungalow in Punggol New Town.

Sim Lian plans to restore Matilda House, which is gazetted as a conservation building, for use as a clubhouse in the proposed condo.

Sim Lian bid $363 million or $406.32 per square foot per plot ratio (psf ppr), inclusive of Matilda House's gross floor area. Qingdao Construction (Singapore) offered $361.7 million or $404.86 psf ppr.

The tender attracted seven bids. The lowest bid, from Allgreen Properties, was $288.76 psf ppr.

Credo Real Estate executive director Ong Teck Hui observed that the $406 psf ppr top bid for yesterday's tender is significantly above winning bids of $320-345 psf ppr for 99-year private housing sites offered at recent state tenders.

'This is due to the Punggol site's superior attributes, including proximity to an MRT station, and not necessarily indicative of higher bidding trends,' Mr Ong added.

In fact in late October when the Punggol site was launched, Mr Ong had predicted top bids of around $400-450 psf ppr for it. Hence, yesterday's top bid was at the lower end of that range.

'If it had not been for the August 30 property cooling measures coupled with the substantial Government Land Sales Programme for H1 2011 announced recently, the top bid at today's tender would have been even higher,' he said.

Agreeing, Sim Lian Group executive director Diana Kuik said: 'Developers are becoming cautiously optimistic even for sites that are well located near MRT stations.'

The biggest risk factor for a developer for the Punggol plot is the project's substantial size. 'However, this is mitigated by the site's proximity to an MRT station. Punggol is becoming a key feature of the north-east region boasting waterfront living,' Ms Kuik said.

As well, a commercial/ residential development on a plot next to Punggol MRT Station that was launched more recently will help make Punggol an even more exciting New Town, Ms Kuik added.

Sim Lian plans to pump in about $5 million to restore Matilda House. The group's proposed 16-storey condo on the 2.75 hectare site tendered yesterday will have about 800-odd units comprising two to four-bedroom apartments as well as penthouses. But the group will finetune its plans and is not ruling out having some one-bedders.

'We expect to launch the project by Q4 2011,' Ms Kuik said.

CBRE Research executive director Li Hiaw Ho estimates Sim Lian's breakeven cost at about $750 psf.

'A new project on the site may be able to fetch around $800 psf on average when it is ready for launch,' he said.

'One attraction about a new development on the latest plot in Punggol is Matilda House, which will enhance the lifestyle of the future residents with a piece of history of old Punggol,' Mr Li added.

Others who bid at yesterday's tender include Hong Leong Group's Intrepid Investments ($359 psf ppr), Keppel Land Realty ($357 psf ppr), a tie-up between Frasers Centrepoint, Far East Organization and Japan's Sekisui House ($332 psf ppr) and Ho Lee Group unit Khai Wah Development.

SLP International Property Consultants' executive director Nicholas Mak said the 0.4 per cent spread between the top two bids at yesterday's tender is the smallest for a 99-year private condo site offered at a state tender since 2000.

punggol raw land at 400psf... a new record.

http://www.straitstimes.com/Money/St...ry_611524.html

Dec 8, 2010

companies

Punggol site draws top bid of $363m

By Cheryl Lim


A NEW 16-storey condominium is set to come up near Punggol MRT station after a tender for a land site there closed yesterday with seven competitive bids.

Sim Lian Land and Sim Lian Development submitted the top offer for the land parcel at the corner of Punggol Central and Punggol Walk, according to the Urban Redevelopment Authority.

Their bid of $363 million for the 2.7ha site just topped the second-highest offer of $361.7 million. That bid was submitted by China-based Qingdao Construction (Singapore).

Next was Hong Leong Group's Intrepid Investments with a bid of $321 million, while Keppel Land Realty tabled an offer of $318.8 million.

The partnership between FCL Topaz, Far East Civil Engineering and Sekisui House put in a $297 million bid, and Ho Lee Group's Khai Wah Development sent in a $266.7 million bid. Allgreen Properties rounded up the list with a bid of $257.9 million.

Sim Lian's offer works out to $406.30 per sq ft (psf) per plot ratio. The developer said yesterday that it plans to build a 16-storey project comprising 800 units.

The development will offer a mix of units ranging from two- to four-bedroom apartments and penthouse units, Sim Lian said. It is expecting to launch the project by the fourth quarter of next year.

The plot of land has a maximum permissible gross floor area of 888,905 sq ft, and an additional 4,489 sq ft to include the existing conservation building, Matilda House, located within the site.

Matilda House, which is to be conserved and restored as part of the development, is the only remaining historic bungalow in Punggol Town. The building can be restored for use as a clubhouse or for private residential use within the development.

CB Richard Ellis Research executive director Li Hiaw Ho said the historic building, a piece of history from old Punggol, would enhance the lifestyle of the project's future residents.

Mr Li pointed out that the bids in the tender yesterday showed the keen interest that developers had in the site, which could be because of its proximity to an MRT station.

He observed that units at Oasis@Elias , a private condominium in Pasir Ris, were sold at $650 psf to $780 psf in the September to November period.

But nearby NV Residences fetched higher prices for the same period - between $830 psf and $910 psf - because of its proximity to Pasir Ris MRT station and White Sands shopping mall, said Mr Li.

He added that the top bid of $363 million for the Punggol site translates to a break-even cost of about $750 psf, and that the project may be able to fetch around $800 psf when it is ready for launch.

Quote:

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Originally Posted by kane

punggol raw land at 400psf... a new record.

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New land should be $300 and above unless.....