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Thread: URA to launch tender for Alexandra residential site

  1. #1
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    Default URA to launch tender for Alexandra residential site

    http://www.straitstimes.com/premium/...-site-20121024

    URA to launch tender for Alexandra residential site

    Published on Oct 24, 2012

    By Esther Teo Property Reporter


    ANOTHER choice residential site is on the market, thanks to the keen interest of developers, still anxious to secure well-located sites close to MRT stations.

    The 99-year leasehold reserve list site at Alexandra View, which went on the reserve list less than a month ago, will be put up for tender in two weeks.

    It has been triggered for sale after a developer committed to bid at least $222.9 million - or $650 per sq ft (psf) per plot ratio (ppr) - for the 0.65 ha land plot, the Urban Redevelopment Authority said yesterday.

    Confirmed list sites go on sale regardless of interest, while those on the reserve list are put up for tender only if a developer makes an acceptable initial offer.

    Experts say that the tender will likely attract major developers with the top bid possibly eclipsing $1,000 psf ppr. The site is attractive as it is in an established residential area within the central region and is close to the Redhill MRT station, they add.

    Land parcels in the area have been in demand with two other sites sold in the past year - one at Alexandra Road last December and another at Prince Charles Crescent last month. Both received strong bids.

    Mr Nicholas Mak, head of research at property consultancy SLP International, said the top few bids are expected to vary between $320 million and $336 million - or $933 to $980 psf ppr.

    "The tender will likely attract some major developers who had developed or are currently developing residential projects in this location. An estimated six to 10 bidders are expected to participate in this tender," he added.

    ERA Realty key executive officer Eugene Lim noted that the Alexandra site is closer to the MRT station than the Prince Charles site. As it also has a higher plot ratio, the developer could build a high-rise development with units enjoying unblocked views of the city and its surroundings, he said.

    The Ascentia Sky nearby, a 45-storey development, is already selling units for above $1,600 psf in the subsale market.

    Mr Lim expects the tender price for the new site to possibly exceed $1,000 psf ppr.

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    Last edited by reporter2; 25-10-12 at 21:38.

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    Wing Tai loves this area. Maybe they will cheong for it.

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    Quote Originally Posted by kane
    Wing Tai loves this area. Maybe they will cheong for it.
    Now those who bought ascentia sky Will be laughing to the bank. This will spread downwards to interlace condo. So u can imagine how much interlace will be stuck between AS and reflection.

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    Yeah, a year plus ago, my colleague told me she was offer a high floor unit at $1470psf thereabouts. That's now the developers breakeven cost.

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    Quote Originally Posted by kane
    Yeah, a year plus ago, my colleague told me she was offer a high floor unit at $1470psf thereabouts. That's now the developers breakeven cost.
    The early birds will rush to get metropolitan before launch of cdl and wing tai project. Just need to launch and metro up one more time.

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    Default Land prices around Redhill MRT

    Just sharing a little research I have done around that area.

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    Maybe fragrance will bid on this plot? since they just lost to keppel land @ tanah merah

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    Quote Originally Posted by price
    Maybe fragrance will bid on this plot? since they just lost to keppel land @ tanah merah
    i would be surprised if they do, this is the big league, if they get the timing and funding wrong, they'll be screwed. they are better to stick with playing the MMs and the suburbia.

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    Quote Originally Posted by chestnut
    The early birds will rush to get metropolitan before launch of cdl and wing tai project. Just need to launch and metro up one more time.
    most of the birds will still be thinking buy at this price still got upside meh...

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    Quote Originally Posted by kane
    most of the birds will still be thinking buy at this price still got upside meh...
    Smart money is the first to go in.

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    This area will be for the smart hot money.

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    Quote Originally Posted by latour
    This area will be for the smart hot money.
    So they will buy and leave the house empty ?

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    Quote Originally Posted by buttercarp
    So they will buy and leave the house empty ?
    Huh, I dont get you?

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    Quote Originally Posted by chestnut
    Huh, I dont get you?
    I was thinking that the foreigners may park their money by buying many units there, then just leave it vacant and wait for the price to increase before selling it.

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    Quote Originally Posted by buttercarp
    I was thinking that the foreigners may park their money by buying many units there, then just leave it vacant and wait for the price to increase before selling it.
    Oh. Anyway in another thread, I share the calculation that 80% are home buyers and 20% investors. Home buyers are driving the market, not investors.

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    Quote Originally Posted by kane
    i would be surprised if they do, this is the big league, if they get the timing and funding wrong, they'll be screwed. they are better to stick with playing the MMs and the suburbia.
    how much do u estimate this plot to be?

    Many "smaller time players" been aggressively bidding for land during the recent sales. They are mostly construction firms joining up as a consortium to bid.

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    Quote Originally Posted by chestnut
    Oh. Anyway in another thread, I share the calculation that 80% are home buyers and 20% investors. Home buyers are driving the market, not investors.
    I guess you would belong to the smart money category.
    Hv you bought Metropolitan & what would be your ideal entry price for this?

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