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Thread: Healthy demand for mixed-use site near Potong Pasir MRT

  1. #1
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    Default Healthy demand for mixed-use site near Potong Pasir MRT

    http://www.straitstimes.com/archive/...r-mrt-20120907

    Healthy demand for mixed-use site near Potong Pasir MRT

    Published on Sep 07, 2012

    By Amanda Tan


    A MIXED-USE site at Upper Serangoon near the Potong Pasir MRT station has drawn eight bids from developers.

    Experts say this reflects keen demand for residential sites that can also accommodate commercial units such as shops.

    The top bid of $245 million, or $793 per sq ft per plot ratio (psf ppr), came from City Developments (CDL) and Hong Leong Holdings. It was placed by their respective wholly owned subsidiaries, Verwood Holdings and Intrepid Investments.

    CEL Property - a unit of Chip Eng Seng Corp - put in a bid of $220.6 million for the 8,200 sqm site at Tai Thong Crescent.

    Coming in third with $218.1 million, or $706 psf ppr, was a joint bid from FCL Place and Maxdin.

    The lowest bid of $172.7 million, or about $559 psf ppr, was submitted jointly by Evia Real Estate and Ho Lee Group.

    The 99-year leasehold site, originally on the reserve list of the Government Land Sales scheme, was made available in July after a developer made an application to bid at least $154.47 million.

    Confirmed-list sites go on sale regardless of interest; reserve-list sites are put up for tender only if an acceptable initial offer is made.

    Mr Ong Teck Hui, the national director of research for Singapore at Jones Lang LaSalle, said the top bid beat expectations, reflecting strong demand for residential sites with commercial amenities.

    "Mixed-use projects have done well in sales launches, achieving optimistic prices and rapid take-up. Examples include The Hillier and Watertown," he said.

    SLP International research head Nicholas Mak said future apartments at the site could be launched at prices above $1,450 psf, setting a new benchmark for 99-year leasehold homes in the vicinity. The commercial space could fetch over $2,500 psf.

    With a plot ratio of 3.5, the site could yield about 265 condominium units and 28 commercial units, he said.

    A CDL spokesman said the partners plan to build a residential development of up to 19 storeys, with about 28 commercial units on the ground floor, some of which might be released for sale.

    "Demand for homes near MRT stations, especially in projects that offer commercial or retail components, continues to be robust... we expect this development to be highly sought after."

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    Default Tai Thong site gets S$245 million top bid

    http://www.todayonline.com/Business/Property/EDC120907-0000058/Tai-Thong-site-gets-S$245-million-top-bid

    Tai Thong site gets S$245 million top bid

    04:46 AM Sep 07, 2012


    SINGAPORE - The tender for a mixed development at Tai Thong Crescent attracted eight bids by the close yesterday, with the top bid of S$245 million coming jointly from Verwood Holdings and Intrepid Investments.

    Verwood is a wholly-owned subsidiary of City Developments (CDL) while Intrepid is a unit of Hong Leong Holdings. CDL said that if it was awarded the tender, it and its partner planned to build a residential development of up to 19 storeys, with around 28 commercial units on the ground floor.

    With a land area of about 88,265 sq ft, the site near Potong Pasir MRT Station has a maximum gross floor area of 308,948 sq ft. The 99-year leasehold site, released from the Reserve List of the Government Land Sales programme, can be developed into commercial space at the first storey while yielding about 265 housing units.

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