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Thread: URA receives 3 bids for Woodlands residential site

  1. #1
    Junior

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    Default URA receives 3 bids for Woodlands residential site

    URA receives 3 bids for Woodlands residential site
    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
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

  2. #2
    Exalted

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    Omg, first mm project in woodlands....lol

  3. #3
    Newbie

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    Quote Originally Posted by devilplate
    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..

  4. #4
    Junior

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    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.

  5. #5
    Exalted

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    Quote Originally Posted by rattydrama
    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

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