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Thread: URA receives 5 bids for Choa Chu Kang site

  1. #1
    Junior

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    Default URA receives 5 bids for Choa Chu Kang site

    URA receives 5 bids for Choa Chu Kang site
    Posted: 30 June 2011 2222 hrs



    SINGAPORE : The Urban Redevelopment Authority (URA) has closed the tender for the residential site at Choa Chu Kang Road/Phoenix Road after receiving five bids in total.

    Joint bidders Far East Civil Engineering and China Construction Development submitted the highest bid of S$142.78 million, which translates to about S$411 per square foot per plot ratio.

    The next highest bid came from EL Development at S$122 million.

    The site was launched for public tender on May 5 on a 99-year lease.

    The land parcel has an area of over 15,000 square metres and a maximum permissible gross floor area of 32,000 square metres.

    CB Richard Ellis' executive director for residential, Joseph Tan, said the site could be developed into a new 24-storey condominium of around 335 units.

    Located on the fringe of Choa Chu Kang and Bukit Panjang HDB estates, residents of the up-coming development would benefit from the amenities and facilities there.

    Mr Tan said the top bid would translate to a breakeven cost ranging from S$800 to S$850 per square foot.

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

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  2. #2
    Junior

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  3. #3
    Exalted

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    Quite near to tennery....

  4. #4
    Go for Smallest Unit

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    Very near to LRT stn... Expect road congestion problem. Some facing are quite good, park or green mountain view with no west sun. Far east set the baseline pricing here. This will be priced above EC pricing for the EC beside mee laksa. Maybe this one call, mee Siam.. Residences.

    Haha... Better name will be Phoenix heights!

  5. #5
    Newbie

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    Not very walkable to the 3 surrounding MRTs.. FEO bidded much higher than 2nd place.. FEO style i think sure launch at 1.2k psf..

  6. #6
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    http://www.businesstimes.com.sg/sub/...45618,00.html?

    Published July 1, 2011

    Moderate response to CCK residential plot

    By EMILYN YAP


    THE tender for a residential site at Choa Chu Kang closed yesterday with just five parties in the running and a lower-than-expected top bid, providing further hints of caution taking root among developers. The 99-year leasehold site is at Choa Chu Kang Road-Phoenix Road, within walking distance of Phoenix and Teck Whye LRT stations.

    A tie-up between Far East Organization and China Construction (South Pacific) Development submitted the highest offer of $142.8 million or $411 per square foot per plot ratio (psf ppr). This is below market estimates in May. Some consultants had expected to see a top bid of $425-500 psf ppr, or even $600-640 psf ppr.

    The top bid is already 17 per cent above the second-highest offer of $122 million or $351 psf ppr from EL Development. Hiap Hoe, Hezuo Development and Chip Eng Seng also took part in the tender.

    Tenders for a number of sites in June were already seeing tepid responses. 'There is some softening in demand for the less attractive government land sales (GLS) sites as developers become more cautious and selective,' said Credo Real Estate executive director Ong Teck Hui. 'The increase in supply of fresh projects and more sites coming on under the H2 2011 GLS programme seem to be having an impact on tender participation.'

    The bids are 'less aggressive' especially given current uncertainties, said Colliers International research and advisory director Chia Siew Chuin. Based on projections from various consultants, a project on the site could fetch an average selling price of $900-1,000 psf. SLP International's head of research Nicholas Mak estimates an average price of $900-950 psf.

    The forecasts are generally lower than selling prices at launches in the area. The developer of Foresque Residences at Petir Road sold units at a median price of $1,108 psf in May. At The Tennery, a Far East project integrated with the Junction 10 mall, 123 units have been sold this year at an average price of $1,200 psf.

    Far East executive director of development and planning Chng Kiong Huat said the group plans to develop two 24-storey towers with one to four-bedroom apartments at the Choa Chu Kang site. There will also be some townhouses.

  7. #7
    Senior

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    Analysts are unrealistic, how can they expect high $400+ for CCK?

  8. #8
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    http://www.straitstimes.com/Money/St...ry_685922.html

    Jul 1, 2011

    Choa Chu Kang plot draws 5 bids, all at lower end

    By Ian Poh


    A RESIDENTIAL site in Choa Chu Kang has attracted a modest field of five developers, which have submitted bids at the bottom end of market expectations.

    Some analysts had expected bids of above $200 million for the 99-year leasehold 1.54ha site, at the junction of Choa Chu Kang and Phoenix roads.

    However, when the tender closed yesterday, the top bid was $142.78 million from Far East Civil Engineering and China Construction (South Pacific) Development Co - which works out to $411 per sq ft (psf) per plot ratio (ppr).

    This was 17 per cent higher than second-placed EL Development's $122 million bid. The other bidders were Hiap Hoe subsidiary Leng Hoe, Hezuo and Chip Eng Seng subsidiary CEL.

    Mr Ong Teck Hui, Credo Real Estate's head of research and consultancy, said the level of interest in the site was closer to the bidding pattern seen before strong interest was shown in a tender for a site in West Coast last month.

    'After last week's tender for the West Coast site which attracted 12 bidders, we are seeing moderate bidding again in this tender,' he said.

    'With only five bids and the highest at $411 psf ppr, it is closer to the bidding pattern which we saw before the West Coast tender in the earlier part of June when tenders saw only three or four bidders with top bids below $400 psf ppr.'

    He noted a softening in demand for less attractive Government Land Sale (GLS) sites as developers become more cautious and selective.

    Developers' participation was apparently affected by a rise in supply of freshly launched projects and more sites coming on stream under the GLS programme in the second half of this year.

    Mr Joseph Tan, CB Richard Ellis' executive director for residential, said: 'The site is on Choa Chu Kang Road next to Phoenix Heights Estate. Located on the fringe of Choa Chu Kang and Bukit Panjang HDB estates, residents of the upcoming subject development will benefit from the amenities and facilities there. The ITE College West is nearby and the Teck Whye LRT station is a short walk away.'

    He estimated that Far East's bid will translate to a break-even cost ranging from $800 to $850 psf.

    Far East Organization said in a statement: 'We see potential in the Bukit Panjang area, and believe that the site will offer value to home buyers. The take-up at our project launched earlier this year, The Tennery, integrated with the edgy Junction 10 mall, has underscored the demand for a new 'live, work and play' lifestyle in this location.

    'We plan to develop two 24-storey towers offering a range of one- to four-bedroom apartments. To provide more choices for residents to enjoy the vast expanse of land spaces, we will also incorporate some townhouses in the development.

    'The development will have an array of exciting amenities to allow residents to fully enjoy the green hillside living environment.'

    The Urban Redevelopment Authority said a decision on the awarding of the tender would be made later.

  9. #9
    Go for Smallest Unit

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    Quote Originally Posted by kane
    Analysts are unrealistic, how can they expect high $400+ for CCK?
    Not true, possible. Look at Bishan plot... Record there right?

    Analysts are just guessing most of the time.

  10. #10
    Exalted

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    Quote Originally Posted by kane
    Analysts are unrealistic, how can they expect high $400+ for CCK?
    To me, 411psf oredi quite high....

    Analyst quote high high n den actual bid fall short of expectations which is gd rite? Sing different tune....lol

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