Tender closing for residential site at Yishun Avenue 9

[dtrax]

We closed the tender for the residential site at Yishun Avenue 9 today. EL Development Pte Ltd submitted the highest tendered sale price of $278,800,000 or $4,844.40 psm/GFA

[taggy]

We closed the tender for the residential site at Yishun Avenue 9 today. EL Development Pte Ltd submitted the highest tendered sale price of $278,800,000 or $4,844.40 psm/GFA

ha.. after losing for so many times, EL finally win one.

[phantom_opera]

ulu Yishun land also Far East bid for about 441psf and lost

does not look like land price is softening for OCR ... 950-1000psf selling price is quite firm support

[azeoprop]

Omg, maximum ulu and beside industrial building for 1000psf?!

[walkthetiger]

Omg, maximum ulu and beside industrial building for 1000psf?!

"A mixed-use commercial and residential plot at Yishun Central 1 drew a top bid from units linked to Frasers Centrepoint Ltd (FCL) that far surpassed that of the second-highest bidder and consultants' expectations, though the number of bidders were at the tail end of predictions.

North Gem Development and FC North Gem Trustee put in a top bid of $1.4 billion, or $1,077 per square foot per plot ratio (psf ppr), for the 99-year leasehold site."

This is the real show in Yishun. Very soon we can see FCL's development .... S$1.4 billion for 99 year OCR....

[PulaUbin]

Mr Lim is going places!!!

[phantom_opera]

Quote from TRE, very smartly referencing this tender

The famous nasi padang restaurant at Zion Road, River Valley, will be closing down on 28 March 2014.

It has been selling nasi padang at River Valley since 1957 i.e. more than half a century. It moved to its current location at Zion Road in 1998. It is popular for its beef rendang, curry chicken and sambal sotong, among many other dishes.

Last December, it was given a one-year lease and rental had gone up by $1,000 to $11,000. The restaurant owner said, “The landlord said that he can ask me to leave with just three months’ notice. So maybe he has a better deal with other people.”

The owner revealed that currently they can only earn enough to “break even”.

He does not rule out moving to a smaller place with lower rental.

He added, “We have already asked our staff to look for other jobs. If it’s God’s will, we may reopen somewhere else. But for now, we want to take a break.”

The owner also cited lack of manpower and high food costs as other factors for closing down.

In fact, the restaurant had moved to its present location from the unit to its immediate right (as one faces it) about 10 years ago. It moved because the previous landlord had raised the rent to an unbearable level. The previous landlord then rented his shop to another nasi padang restaurant.

When the famous nasi padang restaurant moved next door, it placed a sign in front of the new premises to indicate that it was the original, famous nasi padang restaurant, so that returning customers would not patronise the wrong nasi padang restaurant.

The nasi padang restaurant that had taken its place did not do well and closed soon after.

Now it looks like even the famous, original nasi padang restaurant has fallen prey to high costs and will be closing down.

Meanwhile, a 99-year residential site in Yishun reportedly drew a record bid of $278.8 million from EL Development at the close of a state tender yesterday (11 Mar). The bid was higher than expected and a record for the area.

EL Development’s bid for the 221,239 sq ft parcel works out to $450 per square foot (psf) per plot ratio (ppr). This is higher than the range of $390 psf ppr to $431 psf ppr that consultants had earlier predicted.

OrangeTee research said that it is a historical high for a purely residential private plot in Yishun, with the previous record being $406 psf ppr in August 2010 for a land parcel that has been developed into The Miltonia Residences.

EL Development plans to build 600 to 660 condominium units on the plot.

Despite the high price, a property consultant said, “Developers are mindful of the changing tides and softening of the market.”

Consultants estimate a break-even price of $925 psf to $940 psf for the site and a selling price of at least $1,000 psf.