THE MILTONIA RESIDENCES - Miltonia Close @ Yishun, By Hoi Hup Sunway Miltonia Pte Ltd

Land parcel at Miltonia Close attracts seven bids
By Ephraim Seow | Posted: 24 August 2010 2103 hrs

SINGAPORE : A land parcel at Miltonia Close attracted seven bids when the tender closed on Tuesday.

The highest bid of S$165 million came from Hoi Hup Realty and Sunway Developments, which are jointly pitching for the project.

This translates to S$406 per square foot per plot ratio (psf ppr).

The bid is some 31 per cent higher than the second highest one at S$126 million which was submitted by Master Contract Services.

The remaining bids ranged between S$97.9 million and S$125.3 million.

They came from developers like Allgreen Properties as well as Superport, a unit of MCL Land.

The site was launched by Housing & Development Board (HDB) on July 2.

It spans 27,000 square metres (sqm) and has a maximum gross floor area of 37,800 sqm.

With a 99-year lease term, the land parcel is slated for strata landed housing, condominium housing or flats development.

HDB said the project completion period is 72 months from the date the tender is accepted.

Leonard Tay, director, CBRE Research, said the developer who wins the site will likely develop a five-storey low-rise condominium.

He said: "The top bid of S$165 million or S$406 psf ppr could reflect a breakeven cost of around S$700 to S$750 psf should a low-rise condominium be developed. Condominium units in this new project could possibly sell above S$800 psf."

He added; "For comparison against transactions of other developments in the vicinity from April to August, units in The Estuary, which was launched in April 10, transacted at S$650 to S$850 psf, while those in the 16-year-old Orchid Park Condominium were sold at S$550 to S$700 psf." - CNA/ms

developer remains bullish:cheers6:

...and to think that the shaughnessy launch price was around 800k+ only. :(

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Originally Posted by azeoprop

...and to think that the shaughnessy launch price was around 800k+ only. :(

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which means ard 250psf? 7-8yrs ago construction cost only like 50-100psf ar?

I think it was launched around 2005, can't remember. We went to the show unit, eventually never buy because 800k+ that time was quite expensive for us and the buildings were very close to each other....oh well. :beats-me-man:

cash really becoming like toilet paper...:scared-5:

Quote:

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Originally Posted by sleek

Land parcel at Miltonia Close attracts seven bids
By Ephraim Seow | Posted: 24 August 2010 2103 hrs

SINGAPORE : A land parcel at Miltonia Close attracted seven bids when the tender closed on Tuesday.

The highest bid of S$165 million came from Hoi Hup Realty and Sunway Developments, which are jointly pitching for the project.

This translates to S$406 per square foot per plot ratio (psf ppr).

The bid is some 31 per cent higher than the second highest one at S$126 million which was submitted by Master Contract Services.

The remaining bids ranged between S$97.9 million and S$125.3 million.

They came from developers like Allgreen Properties as well as Superport, a unit of MCL Land.

The site was launched by Housing & Development Board (HDB) on July 2.

It spans 27,000 square metres (sqm) and has a maximum gross floor area of 37,800 sqm.

With a 99-year lease term, the land parcel is slated for strata landed housing, condominium housing or flats development.

HDB said the project completion period is 72 months from the date the tender is accepted.

Leonard Tay, director, CBRE Research, said the developer who wins the site will likely develop a five-storey low-rise condominium.

He said: "The top bid of S$165 million or S$406 psf ppr could reflect a breakeven cost of around S$700 to S$750 psf should a low-rise condominium be developed. Condominium units in this new project could possibly sell above S$800 psf."

He added; "For comparison against transactions of other developments in the vicinity from April to August, units in The Estuary, which was launched in April 10, transacted at S$650 to S$850 psf, while those in the 16-year-old Orchid Park Condominium were sold at S$550 to S$700 psf." - CNA/ms

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not near MRT still sell at this price...good sign for those near MRT...

Present asking price now almost double the 800k :eek:

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Originally Posted by azeoprop

I think it was launched around 2005, can't remember. We went to the show unit, eventually never buy because 800k+ that time was quite expensive for us and the buildings were very close to each other....oh well. :beats-me-man:

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Originally Posted by peterng8

not near MRT still sell at this price...good sign for those near MRT...

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quite true. the trend now is near MRT is king

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Originally Posted by 2824

Present asking price now almost double the 800k :eek:

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That's propertyguru pricing isn't it? They may ask for optimistic prices but truth is units move slow. The only ones worth considering are the better placed corner terraces.

If you go in and view you will know - they cramped 3000 sq feet into 4 storeys - imagine the area per floor. 3metres away you look into your neighbour's private place, and him at yours. Units are super packed to each other like sardines.

The only place where you get any refuge is on roof terrace where some units have unblocked view...but you won't go in the afternoon thanks to the searing heat. I won't buy there as it is not close to amenities and the facilities are so-so - the EC Lilydale and Canopy are much better being nearer to amenities.

Not to upset any Shaunessy fans here but my honest 2 cents
:2cents:

buy buy buy

if you want to die

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Originally Posted by OLY99

quite true. the trend now is near MRT is king

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only now? bullshit. it has always been this way.

frankly speaking, i would save that stupid "near mrt" premium and buy something not so near mrt but posher location like upper thomson or upper bukit timah.

with that amount saved, i can buy a nice car.

true, car is not an asset and will not appreciate with time.

but if yishun condo near mrt appreciates a certain percentage, what makes you think the other properties in singapore also won't appreciate in a similar percentage? a rising tide raises all boats. unless your boat in geylang or some ****ed up location.

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Originally Posted by orange

only now? bullshit. it has always been this way.

frankly speaking, i would save that stupid "near mrt" premium and buy something not so near mrt but posher location like upper thomson or upper bukit timah.

with that amount saved, i can buy a nice car.

true, car is not an asset and will not appreciate with time.

but if yishun condo near mrt appreciates a certain percentage, what makes you think the other properties in singapore also won't appreciate in a similar percentage? a rising tide raises all boats. unless your boat in geylang or some ****ed up location.

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u sure upp thomson/upp bt is cheaper in quantum?:rolleyes:

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Originally Posted by orange

only now? bullshit. it has always been this way.

frankly speaking, i would save that stupid "near mrt" premium and buy something not so near mrt but posher location like upper thomson or upper bukit timah.

with that amount saved, i can buy a nice car.

true, car is not an asset and will not appreciate with time.

but if yishun condo near mrt appreciates a certain percentage, what makes you think the other properties in singapore also won't appreciate in a similar percentage? a rising tide raises all boats. unless your boat in geylang or some ****ed up location.

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properties in this area has a lower base to appreciate, since lagging behind other areas. so % will likely be relatively higher.

http://www.businesstimes.com.sg/sub/...00960,00.html?

Published August 25, 2010

New benchmark set for condo land in Yishun area

Hoi Hup-Sunway tie-up puts in top bid of $405.53 psf ppr or $165m

By KALPANA RASHIWALA


A NEW benchmark has been set for condominium land in the Yishun/Semba- wang area. A state tender that closed yesterday for a 99-year leasehold plot at Miltonia Close next to Orchid Country Club fetched a top bid of $405.53 per square foot per plot ratio (psf ppr) or $165 million from a tie-up between Hoi Hup Realty and Sunway Developments.

The joint bid was 31 per cent higher than the next highest offer, placed by Master Contract Services, whose activities are listed as builders, contractors, developers and steel structural component makers.

Yesterday's tender drew seven bids, suggesting developers' appetite for choice sites is still healthy. Earlier this month, an executive condo plot at Jurong West did not draw a single bid - which some analysts blamed on its unattractive location.

At yesterday's tender, the lowest offer, from Hong Leong Group unit Intrepid Investments, was $240.56 psf ppr.

Market watchers note that the $405.53 psf ppr offered by Hoi Hup-Sunway surpassed the $387 psf ppr winning bid for a condo plot at Sembawang Road/ Canberra Drive at a state tender in June.

A Hoi Hup spokeswoman, explaining the group's 31 per cent margin at yesterday's tender, said: 'This is a rare site on mainland Singapore - next to a golf course, overlooking the (Lower Seletar) reservoir. We can see its potential.'

Hoi Hup and Sunway hope to build a five-storey condo with about 380 units comprising one- to four-bedroom units with as many units as possible having golf course views, she added.

Most of the units will be two- and three-bedders, targeting families.

The project is likely to be launch ready in about nine months to a year.

The allowed uses for the site are strata landed housing or condo housing or a flats development.

The Hoi Hup spokeswoman said the group's breakeven cost would be slightly above $700 psf.

'Our associated company, Straits Construction, will be doing the construction,' she added.

CBRE Research director Leonard Tay estimates that units in a new condo project on the site 'could possibly sell for above $800 psf'.

Another analyst suggests Hoi Hup and Sunway could be eyeing an average price of about $900 psf.

Market watchers note that a short distance away, The Estuary was launched in February this year at an average price of $750 psf. MCL Land is developing the project on a site it clinched for $350 psf ppr at a March 2008 tender. MCL's winning bid in that contest was a whopping 68 per cent more than the next highest bidder.

MCL's unit Superport also bid at yesterday's tender, emerging in fourth place at $285.10 psf ppr.

Frasers Centrepoint teamed up with Orchard Parade Holdings for a $308 psf ppr bid. Other bidders include Allgreen Properties ($267.60 psf ppr), and Ho Lee Group ($253.15 psf ppr).

Yesterday's joint top bid by Hoi Hup and Sunway will mark the duo's fourth collaboration.

They are developing two public housing projects under the Design Build and Sell Scheme as well as a 473-unit freehold condo at Jalan Senang, Vacanza@East, expected to be released soon.

I don't think there is going to be reservoir view for this. :doh:

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Originally Posted by mr funny

http://www.businesstimes.com.sg/sub/...00960,00.html?

Market watchers note that the $405.53 psf ppr offered by Hoi Hup-Sunway surpassed the $387 psf ppr winning bid for a condo plot at Sembawang Road/ Canberra Drive at a state tender in June.

A Hoi Hup spokeswoman, explaining the group's 31 per cent margin at yesterday's tender, said: 'This is a rare site on mainland Singapore - next to a golf course, overlooking the (Lower Seletar) reservoir. We can see its potential.'

Hoi Hup and Sunway hope to build a five-storey condo with about 380 units comprising one- to four-bedroom units with as many units as possible having golf course views, she added.

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Quote:

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Originally Posted by 2824

I don't think there is going to be reservoir view for this. :doh:

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very easy.. got to HDB blocks facing this development.. then you will have the answers..

start with top floor.

then go to 5th floor.

If canopy is $6xx psf... the support price of this project would be at least $780 - $800 psf... 30% rule... the rest is developer profit.

The demand for these would be Shaugness ex owners, Lilydale, Orchid Park ex-owners, and years later from DBSS and canopy and the one near to Yishun Emerald etc... will be in demand.

Shagh at 1.2 m is more realistic though asking 1.3 and 1.4.... ask only man.. like asking "can I take advantage of you?"... willing ones will say yes.

When i was at a particular unit of Shaughnessy, i did not notice the reservoir view, just the golf course. I find this piece of land more suited for landed (strata), which will then be ideal for the ex-owners of Lilydale, Orchid Park..... and even estuary (in future)

But at this price for the land cost, quite difficult to build landed.:tongue3:

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Originally Posted by cashrich

very easy.. got to HDB blocks facing this development.. then you will have the answers..

start with top floor.

then go to 5th floor.

If canopy is $6xx psf... the support price of this project would be at least $780 - $800 psf... 30% rule... the rest is developer profit.

The demand for these would be Shaugness ex owners, Lilydale, Orchid Park ex-owners, and years later from DBSS and canopy and the one near to Yishun Emerald etc... will be in demand.

Shagh at 1.2 m is more realistic though asking 1.3 and 1.4.... ask only man.. like asking "can I take advantage of you?"... willing ones will say yes.

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Originally Posted by orange

buy buy buy

if you want to die

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You don't buy doesn't mean u won't die.
Some people dare to buy, at least they try.
When the price goes up, dun whine.

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Originally Posted by 2824

When i was at a particular unit of Shaughnessy, i did not notice the reservoir view, just the golf course. I find this piece of land more suited for landed (strata), which will then be ideal for the ex-owners of Lilydale, Orchid Park..... and even estuary (in future)

But at this price for the land cost, quite difficult to build landed.:tongue3:

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needless to say: cfm low rise condos.. so tat 4th flr and PH might be able to get reservoir view...another mass market condo to hit above 800psf without MRT:D

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Originally Posted by devilplate

needless to say: cfm low rise condos.. so tat 4th flr and PH might be able to get reservoir view...another mass market condo to hit above 800psf without MRT:D

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May not be already... I would think developer would make duplex units, plus studio plus other mixes of 2, 3 and 4 bedders... might even have shaugnessy comparable (3 storey) limited units say 10...

I think a good mix and variety would be much needed and desired by the market rather than just another 5 storey condo....

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Originally Posted by Condorich

May not be already... I would think developer would make duplex units, plus studio plus other mixes of 2, 3 and 4 bedders... might even have shaugnessy comparable (3 storey) limited units say 10...

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Quote:

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Originally Posted by 2824

I think a good mix and variety would be much needed and desired by the market rather than just another 5 storey condo....

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Yup... break even price of $700 psf is hard to sell...

Even if they sell at $750 psf.... already quite hard as it is far from MRT.

They might launch much much later when the sentiments are way way better.

But.. MM units would save the day...

MM units = $850 to $950 psf
1 Bedder (500 sqf) = $800 to $900 psf
2 Bedder = $750 to $850 psf
3 Bedder = $700 to $800 psf
4 Better = $650 to $750 psf..

Let's see.

I think the land cost is around $400 psf.

Read the news.

http://forums.condosingapore.com/showthread.php?t=9895

just received sms on Miltonia@Yishun.

5 storey 410 units
1/2/3/4/Ph

googled and found this:
520 sqft (48.31 sqm) 1 BR
650 sqft (60.39 sqm) 2 BR
1320 sqft (122.63 sqm) 4 BR

wonder how much will the launch price be in comparison with 8@courtyards, surrounding condos, and Orchid Spring @ Yishun and Vista Spring @ Yishun.

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Originally Posted by lifeline

just received sms on Miltonia@Yishun.

5 storey 410 units
1/2/3/4/Ph

googled and found this:
520 sqft (48.31 sqm) 1 BR
650 sqft (60.39 sqm) 2 BR
1320 sqft (122.63 sqm) 4 BR

wonder how much will the launch price be in comparison with 8@courtyards, surrounding condos, and Orchid Spring @ Yishun and Vista Spring @ Yishun.

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1bedder from 950psf

wah! 2bedder 650sqft ONLY!?!?!?!!@##$#%$:scared-1:

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Originally Posted by devilplate

1bedder from 950psf

wah! 2bedder 650sqft ONLY!?!?!?!!@##$#%$:scared-1:

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520sf*950psf = 494k
is this quoted by agent or your guess?

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Originally Posted by lifeline

520sf*950psf = 494k
is this quoted by agent or your guess?

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guess bcoz agts aso duno yet

Quote:

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Originally Posted by lifeline

just received sms on Miltonia@Yishun.

5 storey 410 units
1/2/3/4/Ph

googled and found this:
520 sqft (48.31 sqm) 1 BR
650 sqft (60.39 sqm) 2 BR
1320 sqft (122.63 sqm) 4 BR

wonder how much will the launch price be in comparison with 8@courtyards, surrounding condos, and Orchid Spring @ Yishun and Vista Spring @ Yishun.

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Hehe, thanks lifeline, will give this one a miss. I don't feel comfortable buying a property which is one fence away from where I'm staying now :)