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Thread: Land Parcel at Upper Serangoon Road / Pheng Geck Avenue

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    Default Land Parcel at Upper Serangoon Road / Pheng Geck Avenue

    URA launches tenders for residential sites at Hougang Avenue 2 and Upper Serangoon Road / Pheng Geck Avenue

    The Urban Redevelopment Authority (URA) launched the residential sites at Hougang Avenue 2 and Upper Serangoon Road / Pheng Geck Avenue for sale by public tender today.

    The land parcel at Hougang Avenue 2 was made available for sale through the Reserve List system of the first half 2010 Government Land Sales (GLS) Programme on 25 February 2010. On 7 April 2010, URA announced that it had received an application from a developer and would put up the land parcel for tender in about two weeks’ time. The developer has committed to bid at least S$109.9 million for the land parcel in the public tender.

    The residential site at Upper Serangoon Road / Pheng Geck Avenue is released for sale via the Confirmed List in line with the schedule earlier announced under the first half 2010 Government GLS Programme.

    Tender for the Reserve List site at Hougang Avenue 2 will close at 12 noon on 20 May 2010 and the tender for the Confirmed List site at Upper Serangoon Road / Pheng Geck Avenue will close at 12 noon on 2 June 2010. Selection of the successful tenderer will be based on the tendered land price only.
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

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    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

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    cheesezzz... the land pretty limited... i think the development will be smthing like that of Cube8

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    i think a smaller and more expensive version of one st michael.

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    Highest bid at $607psf!

    Last edited by sleek; 02-06-10 at 17:42.
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    Guess some of the bigger developers sat this one out.

    If awarded is this Qingdao's first site as developer?

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    abit dissapointed...

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    Quote Originally Posted by devilplate
    abit dissapointed...
    har?? ... why so? U hoping for more exciting price huh?

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    breakeven ard 900psf...so launch ard 1kpsf...tat area oredi tat kind of pricing

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    With a construction company winning the bid at $607psf, my guess is a breakeven at $850-900psf and launch estimate of >$1000psf...

    That should help PP & Woodleigh ppty bridge the price gap with other nearby estates ppty.

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    Quote Originally Posted by devilplate
    breakeven ard 900psf...so launch ard 1kpsf...tat area oredi tat kind of pricing
    it depends what size of unit u are reference to... small units of course >1k psf

    I'm referring to those 900~1100sqft sizes

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    to me, it doesnt help...

    8W studio oredi subsale at 11xxpsf

    their breakeven 900psf, launch all 1/2bedder with sizes 400-800sqft at 1k to 1.2kpsf also can sell...kind of current market pricing...in fact, the boonlay and simei plot will actually help to pull up double bay and caspian pricing

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    Do you think the price of one leicester price will go up now given a freehold with full facilities? It has always been close to a $1000psf.

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    Quote Originally Posted by 2824
    Guess some of the bigger developers sat this one out.

    If awarded is this Qingdao's first site as developer?
    I think their virgin development is with HDB DBSS@BISHAN Natura Loft.

    Their 1st pte housing development in Spore i guess.

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    Quote Originally Posted by devilplate
    to me, it doesnt help...

    8W studio oredi subsale at 11xxpsf

    their breakeven 900psf, launch all 1/2bedder with sizes 400-800sqft at 1k to 1.2kpsf also can sell...kind of current market pricing...in fact, the boonlay and simei plot will actually help to pull up double bay and caspian pricing
    hmm... agree with you but then i guess the small developers are playing safe..
    If mostly small sizes, the likely clientele would be rentals than homers

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    Quote Originally Posted by DC33_2008
    Do you think the price of one leicester price will go up now given a freehold with full facilities? It has always been close to a $1000psf.
    one leicester price may inch up to ard 1100psf...5%

    new vs old and fh vs 99lh...shd become same pricing...lol

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    Quote Originally Posted by scsc
    hmm... agree with you but then i guess the small developers are playing safe..
    If mostly small sizes, the likely clientele would be rentals than homers
    anyway the plot of land is smallish, market can easily absorb 200-250units MM units...mabe just leave 1stack of 3bedder lor..nowadays 3bedder compact size less den 1000sqft...hehe

    so we better dun eat too much..or else not enuff room in the house!

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    Quote Originally Posted by 2824
    Guess some of the bigger developers sat this one out.

    If awarded is this Qingdao's first site as developer?
    They are probably reserving the ammo for the 18 confirmed sites and 13 reserved sites.

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    Quote Originally Posted by devilplate
    one leicester price may inch up to ard 1100psf...5%

    new vs old and fh vs 99lh...shd become same pricing...lol
    OL not many sellers lah. Highest is 1,071 psf just recorded according to URA caveats.

    New buyers of OL must now pay above $1,100 psf !!!

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    That is bcos FCL must have revised their pricing for 8@W up after seeing the response at Caspian and all the blank cheque collection by agents. Thus less margin for owners to flip

    Quote Originally Posted by devilplate
    to me, it doesnt help...

    8W studio oredi subsale at 11xxpsf

    their breakeven 900psf, launch all 1/2bedder with sizes 400-800sqft at 1k to 1.2kpsf also can sell...kind of current market pricing...in fact, the boonlay and simei plot will actually help to pull up double bay and caspian pricing

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    But i thot of the 1h 2010 GLS, this one is probably the best site, followed closely by the jurong lake and simei sites (all near MRT).
    Most of the 18 confirmed sites are not near the MRT (the reserved sites, there are some near the MRT) some i even thought are more suitable for landed type, but i guess they know developers are hungry to replenish their landbanks. So they push out.

    Quote Originally Posted by gohsoonk
    They are probably reserving the ammo for the 18 confirmed sites and 13 reserved sites.

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    Since this is their first pte housing in singapore, i think they will be motivated to make it a sucess and hopefully pull up the pricing in D13

    Quote Originally Posted by scsc
    I think their virgin development is with HDB DBSS@BISHAN Natura Loft.

    Their 1st pte housing development in Spore i guess.

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    So far, their construction of Natura Loft seems to be quite okay and fast too!

    From MHT forum :-


    Quote Originally Posted by 2824
    Since this is their first pte housing in singapore, i think they will be motivated to make it a sucess and hopefully pull up the pricing in D13
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    now come to think of it, they have a few construction projects in sengkang and the progress is indeed fast.

    Blink and a few storeys have been added

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    when 8W is launched in last yr July...there r no more subsale/resale firesale in the market oredi and asking prices had generally shoot up by 100-200psf at tat time...very dramatic period from last yr May to July period.

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    Published June 3, 2010

    State land tenders still fetching record prices
    Top bid for condo plot near Potong Pasir MRT is $607 psf ppr

    By KALPANA RASHIWALA


    A STATE tender for a 99-year leasehold private housing site next to Potong Pasir MRT Station has fetched a record land price for the area - $607 per square foot per plot ratio (psf ppr).

    This is also the second highest price paid for a 99-year condo site sold by the state in Singapore's Rest of Central Region.
    However, analysts point out that save for the top two bids - both of which were from foreign parties (Qingdao Construction of China and SP Setia Bhd of Malaysia) - the offers, from local players, were within expectations.
    DTZ's South-east Asia research head Chua Chor Hoon observed that 'more foreign players are entering the local property development market as they see growth opportunities in Singapore'.
    'As they've no or very little landbank in Singapore, they have to bid more aggressively than local developers to gain a foothold.'
    Yesterday's tender drew a whopping 15 bids, as the plot's relatively small size rendered the total investment quantum affordable to a wider pool of contenders.
    The competition among them, as well as the plot's choice location next to an MRT station close to the city, helped to create a bullish top bid, say industry players.
    There was a significant gap between the top two bids, which came in at around $600 psf ppr, and the next three bids (from Koh Brothers, Far East Organization and Allgreen Properties), which congregated around the $500 psf ppr level. The lowest offer, from Hong Leong Group, was $321 psf ppr.
    When the 53,516 sq ft site at Pheng Geck Avenue was launched in April, analysts had predicted bids of $450-560 psf ppr.
    Qingdao Construction director Zuo Haibin acknowledged that his company's bid was 'not cheap', but noted that it had not been able to clinch any sites at state tenders in the past eight months.
    Qingdao's breakeven cost is likely to be around $950 psf; it will handle the project's construction as well.
    Mr Zuo added that the company is looking at an average selling price of about $1,000-1,050 psf, although the actual pricing will depend on market conditions at the time of launch, which is expected by year-end.
    CBRE Research said that units at 8@ Woodleigh and Woodsville 28 nearby were transacted in the subsale market at $865-1,130 psf in January-April this year. Both projects are also 99-year leasehold.
    Qingdao's proposed scheme comprises 150-160 apartments, ranging from one to four-bedders. There will be two levels of basement carparking.
    This will be Qingdao's third property development here. It is developing Natura Loft, a Design, Build and Sell Scheme project in Bishan, for HDB.
    The company also has a 20 per cent stake in a light industrial development in the Kallang Pudding area.
    Mr Zuo told BT that Qingdao plans to list its operations here on the Singapore bourse around late-2011 or early-2012. The company is part of QingJian Group in China.
    Other bidders at yesterday's tender included Frasers Centrepoint, Sing Holdings, Hoi Hup, Sim Lian Land and Wah Khiaw Developments.
    Colliers International said yesterday's top bid was 5 per cent shy of the $639 psf ppr that Wing Tai and Greatearth paid for the Ascentia Sky plot in the Alexandra Road area in December 2007.
    That is the record price for condo land sold by the state in Rest of Central Region.
    Qingdao Construction's bid is also 40 per cent above the $434 psf ppr that Frasers Centrepoint paid for the Woodsville 28 site in July 2007.
    However, that site is farther from the MRT station.

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    Quote Originally Posted by 2824
    now come to think of it, they have a few construction projects in sengkang and the progress is indeed fast.

    Blink and a few storeys have been added
    Hopefully they are not doing toufu buildings like some in China....

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    their breakeven cud be ard 850psf as they manage their own construction...1kpsf...not a fat profit margin but at least they manage to secure a land after 8 mths of drought..lol

    toufy building...errks...omyyy

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    Not sure about the others but China Construction in Singapore is doing a very good and solid job. They have also been given contracts for some high-end premium private properties. Friends said no major defects after TOP.

    Quote Originally Posted by azeoprop
    Hopefully they are not doing toufu buildings like some in China....

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    Yah i know, i am still kicking myself for the opportunities i missed

    Quote Originally Posted by devilplate
    when 8W is launched in last yr July...there r no more subsale/resale firesale in the market oredi and asking prices had generally shoot up by 100-200psf at tat time...very dramatic period from last yr May to July period.

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