Changi site draws top bids at lower end of estimates

[mr funny]

http://www.straitstimes.com/Breaking...ry_519734.html

Apr 27, 2010

Six bid for Upper Changi site


THE tender for a residential site at Upper Changi attracted six bids when the exercise closed on Tuesday, said the Urban Redevelopment Authority.

The highest bid - at $148.3 million - was put up by Tripartite Developers Pte Ltd, followed by $143.2 million jointly by Nam Hee Contractor Pte Ltded and OPH Marymount Ltd.

The site at Upper Changi Road North / Flora Drive was launched for public tender on March 29. It was originally placed on the Reserve List of the Government Land Sales Programme. URA put it up for sale on March 12 after accepting a successful application.

URA will award the tender later.

Separately, URA on Tuesday awarded the tender for an industrial site at Woodlands Avenue 12 to Boon Keng Development Pte Ltd, which submitted the highest bid of $65.18 million for the parcel.

[mr funny]

http://www.businesstimes.com.sg/sub/...84740,00.html?

Published April 28, 2010

Changi site draws top bids at lower end of estimates

By EMILYN YAP


THE tender for a 99-year leasehold residential site at Upper Changi Road North/Flora Drive closed yesterday on a more subdued note than other recent tenders.

The 3.07 hectare site, which can yield up to 390 apartments, drew bids from six developers. Hong Leong Group unit Tripartite Developers made the top offer of $148.3 million or $321 per sq ft per plot ratio (psf ppr).

A tie-up between units of Far East Organization and Orchard Parade Holdings followed close behind, with a bid of $143.2 million or $310 psf ppr.

Frasers Centrepoint was in third place with a bid of $140 million or $303 psf ppr. Sim Lian, Ho Bee and BBR-Tagore also took part in the tender.

The top bids were towards the lower end of consultants' projections at $300-$400 psf ppr. The site's distance from an MRT station could be a factor in this.

DTZ South-east Asia research head Chua Chor Hoon suggested the large supply of state land may also have dampened competition. With the release of more government land sale sites recently, developers have more choice and could be 'slightly more comfortable', she said.

Last month, the tender for a residential site at Tampines Avenue 1/Ave- nue 10 closed with eight bidders in the fray. Sim Lian made the highest offer of $302 million or $421 psf ppr.

In the latest tender for the Upper Changi Road North site, Hong Leong's top bid is likely to translate to a breakeven cost of $650-$700 psf, said Colliers International investment sales executive director Ho Eng Joo. The selling price could range from $750-$800 psf.

Mr Ho said Hong Leong is familiar with the Pasir Ris area. It is behind seven other projects in the vicinity with names from A to G, such as Edelweiss Park, Ferraria Park and The Gale.

At The Gale - which is a freehold development - units have been sold for $743-$833 psf this month, going by caveats lodged.

Developers hoping for a project in Pasir Ris can turn to another site on the reserve list. The Housing & Development Board has made a 99-year residential plot at the junction of Pasir Ris Drive 3 and Pasir Ris Drive 4 available for application from today.

The site, which is on the reserve list, is about two hectares and can yield an estimated 380 units. It is near Pasir Ris Park and Downtown East, and is surrounded by other parcels of state residential land.

[mr funny]

http://www.straitstimes.com/Money/St...ry_519988.html

Apr 28, 2010

Top bid of $148m for site near Changi Prison

By Esther Teo


A RESIDENTIAL site a stone's throw from Changi Prison has received a top bid of $148.3 million as developers look to replenish depleting land banks after months of sizzling home sales.

Tripartite Developers - part of Hong Leong Holdings - made the offer for the 3.1ha site at the corner of Upper Changi Road North and Flora Drive. There were five other bidders. Tripartite tendered $321 per sq ft (psf) on potential gross floor area (GFA) for the site, which had a maximum permissible GFA of 42,951 sq m. The land parcel can potentially yield 390 units.

The second highest bid was by Nam Hee Contractor and OPH Marymount, which came in at $143.2 million. The lowest was lodged by BBR-Tagore, whose holding company is Singapore Piling and Civil Engineering. It offered $91 million, the Urban Redevelopment Authority (URA) said yesterday.

Ho Bee Developments, Frasers Centrepoint and Sim Lian Land also bid.

The 99-year leasehold site, which is on the Government's reserve list, was launched for public tender on March 29 after a developer committed to bid at least $82 million. The tender closed yesterday.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the top bid was fairly decent. 'The breakeven price is between $640 and $670 psf and nearby developments have been selling within that range,' he said.

A decision on the award of the tender will be made at a later date, URA said.

If Tripartite wins the tender, it will cement Hong Leong's presence in the area, which is already home to several large condominiums developed by the group, such as The Gale and Ferraria Park.

Meanwhile, the HDB said it will make available a site at the junction of Pasir Ris Drive 3 and Pasir Ris Drive 4 for application under the reserve list of the Government Land Sales (GLS) programme. Reserve list sites are offered on top of those on the confirmed list and are triggered for tender if at least one developer lodges an initial bid that meets a minimum threshold.

The 99-year leasehold site has a land area of 20,000 sq m and a gross plot ratio of 2.1. Its proposed development is for condominium housing and it has the potential to yield 380 units, the HDB said.

The Government has released all eight sites on the confirmed list of the first half of the GLS programme this year for sale.

Four sites have been sold while the tender for the other four will close in the next two months. Together they have a combined potential yield of 2,925 units.

Eighteen sites yielding 7,625 units were placed on the reserve list, bringing total potential supply quantum to 10,550 from the first half of the GLS programme - the highest since it started in 2001.