Record breaking GLS sale at Farrer Road awarded to FEO

[CCR]

Award of Tender for Residential Site at Farrer*Road

The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Farrer Road to Far East Soho Pte. Ltd.

The company submitted the highest bid in the tender for the site at $45.777 million or $11,924.20 per square meter of gross floor area (GFA).

With a land area about 0.27 ha, the residential site is expected to generate a GFA of about 3,839m².

Tender for the 99-year lease sitewas launched on 30 July 2012 and closed on 28 August 2012.


Potential next hotspot with serene house, two GLS plot bidded at record prices, leedon residence.... Interesting to watch the action there...

[kane]

In psf terms, i believe that is over $1,000psf for land.

[windcar]

Prime area, too bad it is 99LH and most likely will compete against D'leedon.
How many units does Dleedon have left?
Seriously Bukit Timah and Dunearn is getting very crowded and dense.

[kane]

From the name of the company bidding for it. It'll probably be soho or small units. Doesn't compete squarely with d'leedon's market.

[latour]

In psf terms, i believe that is over $1,000psf for land.

$1.1k /psf for land, Huat Ah!!!

[windcar]

D'Leedon has alot of SOHO units too. Based on the price FEO spent, I guess they will sell it at $1800psf onwards, with occasional rare deal at $16xx psf. This will make D'Leedon seems like a better purchase.

[august]

pricing will likely from $1600-1800 psf...

[DC33_2008]

FEO can sell anything. Look at ECO project in the east.

[Wild Falcon]

This is Farrer Rd area, not exactly Bukit Timah. Mebe compete more with d'Leedon since both 99LH. Probably build small small units lor to push up PSF. What's new? Just d'Leedon alone is already 1750 units. Really siao liao.

Prime area, too bad it is 99LH and most likely will compete against D'leedon.
How many units does Dleedon have left?
Seriously Bukit Timah and Dunearn is getting very crowded and dense.

[phantom_opera]

Easier to sell than D Leedon because D Leedon min 635sqft, quantum over 1m

For this, FEO will sell 3.4m SOHO 500sqft x 1800psf = 900k, still cheaper than D Leedon

Something like One Dusun

[Pro888]

Walking distance to Nanyang Pri.

[proud owner]

Walking distance to Nanyang Pri.

Where exactly is this site?

[amk]

Where exactly is this site?

Between st margaret sec school and Lutheran towers, in front of dukes residences, diagonally opposite side is serene house, right at the end of the Adam flyover ( to the direction of farrer road side ).

I think FEO will do 2000psf if it is its "SOHO" thing. It's arguably walking distance to botanic garden MRT, which will be an interchange between circle line and downtown line. Can also walk to coronation plaza for NTUC and that stretch of restaurants etc. and across the road u have Adam hawker center and serene center with a cold storage behind. Even 750 sqft at 2000 is only 1.5mil, plenty of ppl can afford.

Only thing is .... This is really a very tiny site.. Can't imagine what facilities it can put. Also should be quite noisy since next to the flyover.

[kane]

i'll be interested to see how much success they have with prime sites, so far, their best sellers have been suburban developments, whilst they don't see to be able to recreate the same euphoria for their prime projects. Let's see nevertheless.

[Pro888]

This is a much smaller site and $$ paid for the land, no prob for FEO comparing to SH in bishan.

FEO market big big on Nanyang Pri as many elite wanted to get the child in.

[kane]

perhaps nanyang will be its key saving grace.

[amk]

perhaps nanyang will be its key saving grace.

Actually I think the key selling point is MRT. NYPS is just sweetener.
The last MM near this area is 10 shelford, already doing > 1800 psf. ( that's FH though, and before CM4 in 2011)

[CCR]

I think at least 2k psf... lets see if they can sell and if FEO can move the other projects in the Leedon Farrer areas

[windcar]

i'll be interested to see how much success they have with prime sites, so far, their best sellers have been suburban developments, whilst they don't see to be able to recreate the same euphoria for their prime projects. Let's see nevertheless.

They already have projects in prime sites before, these projects are sold out or almost sold out but at a much slower rate.
Cyan at D10
and
lesser prime projects at Bukit Timah: Jardin and Floridian

[kane]

They already have projects in prime sites before, these projects are sold out or almost sold out but at a much slower rate.
Cyan at D10
and
lesser prime projects at Bukit Timah: Jardin and Floridian

I see. I remember they were selling Cyan and Jardin for quite a while.

[windcar]

I see. I remember they were selling Cyan and Jardin for quite a while.

Yes, these are harder to sell because the quantum is alot higher and not many people have the money to invest in them. In fact, some people with money would rather buy much cheaper resales in the same area. With 10% absd, there are less foriegn investor in prime area too. Currently the bulk of the buyers for OCR MM are locals with much lower quantum.
Currently I do not think investing in property is a good option now. The upside is limited for the next few years, with maybe around 3-5% increase yearly if everything runs well. If ones buy OCR LH MM at 1300psf, the potential upside is even more limited. However, a FH 3 bedroom at 800-850psf 1300sqft at humes park will probably has more potential. However, people are still buying new launch MM because they feel they have no choice. Low quantum with low interest rate and high inflation is the reason driving OCR MM now.

[Wild Falcon]

More like "non-elite" wanting to get their child in by moving within 1km of the school. Elite will have other means of getting their child in, eg alumni, board members etc.

This is a much smaller site and $$ paid for the land, no prob for FEO comparing to SH in bishan.

FEO market big big on Nanyang Pri as many elite wanted to get the child in.