Page 1 of 2 12 LastLast
Results 1 to 10 of 15

Thread: Punggol site draws top bid of $363m

  1. #1
    Any complaints please PM me

    User Info Menu

    Default Punggol site draws top bid of $363m

    [url]http://www.businesstimes.com.sg/sub/news/story/0,4574,410333,00.html?[/url]

    Published October 27, 2010

    [B][SIZE="5"]Punggol residential site with historic house put up for sale[/SIZE][/B]

    [B]URA also launches another 99-year leasehold plot at Seletar Road[/B]

    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.


    [SIZE="1"]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[/SIZE]

    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.

  2. #2
    Any complaints please PM me

    User Info Menu

    Default URA releases 2 residential sites

    [url]http://www.businesstimes.com.sg/sub/latest/story/0,4574,410263,00.html?[/url]

    October 26, 2010, 12.00 pm (Singapore time)

    [B][SIZE="5"]URA releases 2 residential sites[/SIZE][/B]

    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.

  3. #3
    Any complaints please PM me

    User Info Menu

    Default

    [url]http://www.straitstimes.com/Money/Story/STIStory_595677.html[/url]

    Oct 27, 2010

    [B][SIZE="5"]Punggol, Seletar sites up for sale[/SIZE][/B]

    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.

  4. #4
    Junior

    User Info Menu

    Default http://www.ura.gov.sg/pr/text/2010/pr10-141.html

    [URL="http://www.ura.gov.sg/pr/graphics/2010/pr10-141a.pdf"][/URL]
    [CENTER][COLOR=#804000][B]BE CENTRED BY ALL AT THE FRINGE OF THE CITY @ [URL="http://www.eightwoodleigh.freeforums.org/index.php"][/URL][/B][/COLOR]
    [/CENTER]

  5. #5
    Go for Smallest Unit

    User Info Menu

    Default

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

  6. #6
    Junior

    User Info Menu

    Default

    How about a clubhouse with Horror theme?

    Quote Originally Posted by kingkong1984
    unique selling proposition (USP). Haunted house maybe. Just kidding.
    [CENTER][COLOR=#804000][B]BE CENTRED BY ALL AT THE FRINGE OF THE CITY @ [URL="http://www.eightwoodleigh.freeforums.org/index.php"][/URL][/B][/COLOR]
    [/CENTER]

  7. #7
    Junior

    User Info Menu

    Default http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1097975/1/.html

    [URL="http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1097975/1/.html"]Sim Lian tops Punggol tender [/URL]
    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
    [CENTER][COLOR=#804000][B]BE CENTRED BY ALL AT THE FRINGE OF THE CITY @ [URL="http://www.eightwoodleigh.freeforums.org/index.php"][/URL][/B][/COLOR]
    [/CENTER]

  8. #8
    Go for Smallest Unit

    User Info Menu

    Default

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

  9. #9
    Junior

    User Info Menu

    Default

    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!

    Quote Originally Posted by kingkong1984
    Miss selling, at least 1k psf and above when ready.
    [CENTER][COLOR=#804000][B]BE CENTRED BY ALL AT THE FRINGE OF THE CITY @ [URL="http://www.eightwoodleigh.freeforums.org/index.php"][/URL][/B][/COLOR]
    [/CENTER]

  10. #10
    Newbie

    User Info Menu

    Default

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

    Quote 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!

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •