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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

    [URL="http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1133796/1/.html"]URA receives 3 bids for Woodlands residential site[/URL]
    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."

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  2. #2
    Exalted

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

  3. #3
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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

  6. #6
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    Quote Originally Posted by linchong84
    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..
    Tat goes to show tat developer overbid 460psf for sembw plot

  7. #7
    Senior

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    interestingly, they beat far east by a whisker.

  8. #8
    Go for Smallest Unit

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    Quote Originally Posted by devilplate
    Tat goes to show tat developer overbid 460psf for sembw plot
    U can expect to get more of the smaller units there. I can say we are now at peak and we dun need a guru to know that. Question is when will the climb be reversed.

  9. #9
    Junior

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    Quote Originally Posted by devilplate
    Tat goes to show tat developer overbid 460psf for sembw plot
    wrong. sembawang plot is better than this anytime. at least it is near to SSC and not too far from Sembawang MRT - still walkable. And it is surrounded by private residential.

    This plot need to passby 3 condos, cross the road, cross few blocks of HDBs, cross the road again, cross civic center, cross the road, pass thru causeway point before reaching Woodlands MRT. In my opinion, the location of this plot is lousy.

    It is logical to say that the price is about 3xx psf.

  10. #10
    Junior

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    Quote Originally Posted by devilplate
    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
    U are referring to Mi casa or la casa (EC)?

    Fragrance building speed always top the rest - D5 parc imperial within 1 year rite? I think there are still pressure since both plot are only 2oo-300m apart. In fact some say Woodheaven is further away from MRT.

    In ulu location, I think the main consideration are price & size not so much of location and layout cos usually investor are more (experience) into all these things.

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