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Thread: Elias Road land parcel tender awarded to Elitist Development

  1. #1
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    Default Elias Road land parcel tender awarded to Elitist Development

    http://business.asiaone.com/Business...13-339615.html

    Friday, Apr 13, 2012

    AsiaOne

    Elias Road land parcel tender awarded to Elitist Development


    Elitist Development Pte Ltd has been awarded the tender for the land parcel at Elias Road / Pasir Ris Drive 3 for the tender price of $165,888,333.

    Its proposed development is to be for strata landed housing or condominium housing / flats development.

    The land parcel has a site area of 23,322 sqm, a maximum GFA [GPR] of 32,650.8 sqm [1.4] and a maximum building height* of 64m AMSL.

    It is estimated to house 345 dwelling units with a lease term of 99 years.

    The maximum building height for condominium / flats development will be five storeys, while the maximum building height for strata landed housing development will be three storeys.

    The tender was launched by Housing & Development Board on Feb 15 this year.

    [email protected]

  2. #2
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    Default Housing site in Pasir Ris draws 9 bids

    http://www.straitstimes.com/Money/St...ry_787856.html

    Housing site in Pasir Ris draws 9 bids

    Elitist Development puts in top bid of $165.9m, at high end of forecasts

    Published on Apr 12, 2012

    By Amanda Tan


    A PLOT of land in Pasir Ris for private homes had attracted nine bidders by the time the tender closed yesterday. With the top bid at the higher end of analysts' expectations, there was no sign that developers' enthusiasm for the suburban residential market has waned.

    Elitist Development put in the top bid of $165.9 million, or $472 per sq ft per plot ratio (psf ppr).

    The next highest bid was 16 per cent lower at $139 million, or $396 psf ppr. Santarli Corporation, an investment holding company with the same shareholders as Santarli Construction, put in the lowest bid of $109 million, or $310 psf ppr, about 34 per cent lower.

    Analysts had earlier estimated that prices for the 99-year leasehold plot would be pitched between $360 psf ppr and $470 psf ppr.

    The 251,036 sq ft site, at the corner of Elias Road and Pasir Ris Drive 3, is zoned for strata landed housing or condominium/flats, and is expected to host about 345 units.

    Credo Real Estate executive director Ong Teck Hui said the top bid was at the 'higher end of expectations' and 'shows the highest bidder being much more optimistic than the rest'.

    'The sustained strong performance of the outside central region market and a sanguine market outlook could (also) have contributed to the top bidder being more bullish,' he added.

    Mr Li Hiaw Ho, CBRE Research's executive director, said the nine bids show the keen interest of developers in the residential market.

    He noted that the top bid is 'fairly bullish'.

    'It is likely that the developer will choose to develop a condominium project, although there is the option of building strata landed homes on site,' he said, adding that the new condominium may be priced at around $900 psf.

    Recent new launches in Pasir Ris, such as Ripple Bay, have been well- received, Mr Li pointed out.

    The 670-unit project sold over 400 units at an average price of $870 psf after two weekends.

    'Pasir Ris and Tampines new towns provide a ready pool of HDB upgraders who will be interested in these mass-market projects,' he said.

    Mr Nicholas Mak, head of research at SLP International Property Consultants, agreed, adding that the site is attractive also because it is near amenities like Elias Mall and Pasir Ris Park.

    But he noted that it may face some competition from another Pasir Ris Drive 3 site slated for a private condo.

    That plot will be launched this month.

    It is the first time that Elitist Development, an industrial player that has developed factories, has put in the top bid for a residential site, after participating in several such tenders, Mr Mak said.

    Meanwhile, Knight Frank launched two adjoining freehold redevelopment sides for sale by tender yesterday.

    Serangoon Mansion, at 24A-26C Race Course Lane, has a land area of 6,327 sq ft. Owners can expect sale proceeds of between $2.52 million and $2.58 million.

    The other plot, 23 Race Course Lane, has an area of 1,314 sq ft.

    Both sites are designated as 'residential with commercial at first storey'.

    Buyers can opt to tender for both, or either one. The tender will close on May 10 at 3pm.

    [email protected]

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