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Thread: Milton Close plot draws top bid of $138.9m

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    Default Milton Close plot draws top bid of $138.9m

    http://www.businesstimes.com.sg/sub/...73540,00.html?

    Published November 16, 2011

    Milton Close plot draws top bid of $138.9m

    By MICHELLE TAN


    A JOINT bid from TG Development and Master Contract Services has topped the state tender for a private condo site at Miltonia Close, in the Yishun area, that closed yesterday.

    Their bid of $138.9 million or about $364 per square foot per plot ratio (psf ppr) for the 99-year leasehold land parcel was in line with market expectations. There were eight bidders in all.

    Chia Siew Chuin, director of research & advisory at Colliers International, noted that the top bid for the Yishun site is some 10.3 per cent lower than the $405.53 psf ppr achieved for the nearby Miltonia Residence plot that was sold in September last year, reflecting a more cautious outlook.

    SL (Serangoon) was the next highest bidder, coming in about 6 per cent behind the top offer, with just over $131 million or $343 psf ppr.

    The lowest bid came from Hangzhou Headway Real Estate and Hua Yuan Organisation - $119.2 million or $312 psf ppr.

    CBRE Research executive director Li Hiaw Ho noted that the site drew a fairly strong response, given the eight bids, and attributed the keen interest to the recent healthy take-up of new projects in Yishun such as The Miltonia Residences and Eight Courtyards.

    Notably, during the period of July to October, caveats were lodged for units in The Miltonia Residences and Eight Courtyards at $870 psf and $818 psf respectively.

    'The top bid of $138.9 million or $364 psf ppr will translate to a breakeven cost of around $750 psf,' said Mr Li.

    'When launched, units in this new project (at Miltonia Close) can fetch around $850 psf to $900 psf. The narrow range of the eight land bids from $364 psf ppr to $312 psf ppr signals that land prices are stabilising.'

    Concurring, Credo Real Estate executive director Ong Teck Hui said: 'This tender shows that interest for suburban residential sites remains keen among developers in spite of a more uncertain economic outlook.'

    However, Mr Ong highlighted that developers could have been spurred by promising sales numbers clocked in September, when 1,631 private residential units were sold, as well as seemingly strong buying momentum in new suburban private residential projects.

    Location-wise, Mr Li said, the tender site is situated on the fringe of Yishun New Town and the future development is likely to be a high-rise project of 350-400 apartments, where units on higher floors will have a view of The Orchid Country and Golf Club and the Lower Seletar Reservoir.

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    http://www.businesstimes.com.sg/sub/...66165,00.html?

    November 21, 2011, 6.45 pm (Singapore time)

    Yishun Ave 1/Miltonia Close land parcel awarded for S$138.9m

    By CARINE LEE


    The land parcel at Yishun Avenue 1 and Miltonia Close has been awarded to T G Development Pte Ltd and Master Contract Services Pte Ltd at the price of S$138.9 million, the Housing Development Board announced on Monday.

    The site, which was launched for tender on Sept 15, measures 16,900 sqm and has a maximum gross floor area of 35,490 sqm, with a gross plot ratio of 2.1. It carries a lease term of 99 years and is estimated to yield 355 condominium units.

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    Default 8 bids for Yishun residential site

    http://www.straitstimes.com/Money/St...ry_734400.html

    8 bids for Yishun residential site

    Published on Nov 16, 2011


    DEVELOPERS' interest in mass market sites remains keen, with a residential site in Yishun attracting a top bid of $138.9 million in an eight-cornered contest.

    TG Development and Master Contract Services' joint bid of $364 per sq ft (psf) per plot ratio (ppr) was 6 per cent more than second-placed Sustained Land's bid of $131 million - or $343 psf ppr.

    The highest bid for the 1.69ha site at the junction of Yishun Avenue 1 and Miltonia Close is 10 per cent lower than the one for the nearby Miltonia Residence site sold in September last year.

    Experts say that the tender's 'fairly strong response' of eight bids shows that interest in suburban sites remains keen.

    Credo's research and consultancy head, Mr Ong Teck Hui, said developers could have been encouraged by the sustained demand for suburban homes, and the good sales take-up of previous launches in the Yishun area.

    Mr Li Hiaw Ho, executive director of CB Richard Ellis Research, expects the break-even cost to be around $750 psf, with launch prices estimated to be from $850 psf to $900 psf.

    'The narrow range of bids from $364 psf ppr to $312 psf ppr signals that land prices are stabilising,' he added.

    ESTHER TEO

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    $364 psf ppr for that fairly remote corner of yishun is a pretty hefty price tag to pay.

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    Looks like 3xx psf ppr is the standard bid price for ulu projects nowadays. The hougang/buangkok one and the pasir ris one also around similar price.


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    Quote Originally Posted by azeoprop
    Looks like 3xx psf ppr is the standard bid price for ulu projects nowadays. The hougang/buangkok one and the pasir ris one also around similar price.

    looks like it.

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