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Thread: Chip Eng Seng makes top bid for residential site in Simei

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    Default Chip Eng Seng makes top bid for residential site in Simei

    http://www.straitstimes.com/Breaking...ry_525205.html

    May 11, 2010

    18 bid for Simei St 3 site

    By Joyce Teo


    CHIP Eng Seng's CEL Development submitted the top bid for a 99-year leasehold residential site at Simei Street 3 when tender closed on Tuesday.

    It put in a bid of $152.69 million or $5,629.25 per sq m of gross floor area, said the Urban Redevelopment Authority.

    The tender drew 18 bidders in all.

    The 1.18 ha plot near Simei MRT station can yield an estimated 250 flats.

    The URA will announce the award of the tender at a later date.

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    Quote Originally Posted by mr funny
    http://www.straitstimes.com/Breaking...ry_525205.html

    May 11, 2010

    18 bid for Simei St 3 site

    By Joyce Teo


    CHIP Eng Seng's CEL Development submitted the top bid for a 99-year leasehold residential site at Simei Street 3 when tender closed on Tuesday.

    It put in a bid of $152.69 million or $5,629.25 per sq m of gross floor area, said the Urban Redevelopment Authority.

    The tender drew 18 bidders in all.

    The 1.18 ha plot near Simei MRT station can yield an estimated 250 flats.

    The URA will announce the award of the tender at a later date.
    $5,629.25 psm ppr ($523 psf ppr) for a SIMEI site?

    Business Times - 05 Jan 2008

    UOL-Kheng Leong is top Simei site bidder

    UOL says it plans to develop about 600 units with full condo facilities at the site on Simei Street4

    By UMA SHANKARI

    A PARTNERSHIP between UOL Group and Kheng Leong - both companies linked to banker Wee Cho Yaw - emerged as the top bidder for a residential site at Simei Street 4 at the close of the tender yesterday.

    The two companies' bid, which was the highest of three bids, came to $236.1 million, or some $296 per square foot per plot ratio (psf ppr).
    From $296 to $523 is an increase of 76.7%!

    Has property price increased that much between January 2008 and May 2010?

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    Default Chip Eng Seng makes top bid for residential site in Simei

    http://www.businesstimes.com.sg/sub/...94340,00.html?

    Published May 12, 2010

    Chip Eng Seng makes top bid for residential site in Simei

    $152.7m offer works out to $523 psf ppr; CEL plans project with about 280 units

    By UMA SHANKARI


    CHIP Eng Seng's property arm CEL Development trumped 17 other bidders to put in the top offer of $152.7 million for a residential site on Simei Street 3.

    The offer, which works out to $523 per square foot per plot ratio (psf ppr), was much higher than analysts' estimates of $295-$410 when the site was released on March 23. The tender closed yesterday.

    CEL's bid was just 3 per cent above the second-highest bid of $148 million - or $507 psf ppr - put in by Frasers Centrepoint.

    The top bid was also 34 per cent higher than the lowest bid of $113.8 million ($390 psf ppr) from Allgreen Properties. Other bidders included Far East Organization, MCL Land, Keppel Land, Hong Leong Group and UOL Group. The site has a maximum gross floor area of about 292,000 sq ft.

    Analysts said the tender aroused strong interest because the site is in the established Simei HDB estate and across the road from Simei MRT Station and Eastpoint shopping mall.

    The new project is expected to be popular with HDB upgraders and private home owners because of its accessibility and amenities.

    CBRE research director Li Hiaw Ho said the 18 bids represent a level of interest not seen in a government land tender in the past five years for a site of this size and quantum - above $100 million. 'This demonstrates the strength of a location that is close to an MRT station, as well as developers' confidence in the residential market going forward,' he said.

    CEL said that if it is awarded the site, it plans to build a project with about 280 units ranging from studio apartments to four-bedroom units. The development is likely to be launched in early 2011, it said.

    CBRE's Mr Li said the top bid of $523 psf ppr will translate to a breakeven cost of $860-$900 psf. The new project could sell for around $1,000 psf if it is launched in the first half of 2011, he said.

    This is higher than what nearby projects are fetching. CBRE's data shows that between January and April, typical new units in nearby Double Bay Residences sold for $660-$750 psf. And in the resale market, units in Modena and Tropical Spring were sold for $615-$780 psf over the same period.

    Ngee Ann Polytechnic real estate lecturer Nicholas Mak said Chip Eng Seng could have bid aggressively because it has development and construction arms, which means it can better manage construction cost.

    Mr Mak pointed out that several other groups with construction and development arms also made aggressive bids for the site. 'If they buy the site, their construction division will also have another job,' he said.

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    http://www.straitstimes.com/Money/St...ry_525469.html

    May 12, 2010

    99-yr Simei plot draws 18 bids

    Analysts expect average selling price of $1,000 psf

    By Joyce Teo, Property Correspondent


    ANOTHER suburban land tender has generated massive interest, with a staggering 18 developers plunging in and offering top dollar for the site.

    The 99-year leasehold 1.18ha site, which can accommodate an estimated 250 flats, is in Simei St 3, right across the road from Eastpoint Mall and Simei MRT station.

    Chip Eng Seng's CEL Development has emerged the top bidder with a much higher-than-expected bid of $152.69 million or $523 per sq ft per plot ratio (psf ppr).

    This price will translate to a break-even level of $860 to $900 psf, and an average selling price of around $1,000 psf if the project is launched in the first half of next year, said CBRE Research.

    Mr Steven Tan, executive director, residential, at OrangeTee.com, expects a slightly higher break-even and a possible final selling price of $1,100 to $1,150 psf.

    CBRE Research's executive director, Mr Li Hiaw Ho, said the 18 bids garnered represent 'an all- time high level of interest' not seen in government land sales tenders in the last five years for a site of this size and with a value of more than $100 million.

    'This demonstrates the strength of a location that is close to an MRT station as well as developers' confidence in the residential market going forward,' he said.

    Other bidders included Far East Organization, MCL Land, Keppel Land, Hoi Hup Realty, UOL and Ho Bee Investment. Their bids were also impressive.

    CEL's bid was just 3 per cent above Frasers Centrepoint's bid of $148 million or $507 psf ppr. Sim Lian Land put in the third highest bid of $142.5 million or $488 psf ppr.

    In fact, apart from the bottom three, all other bids came in above expectations.

    Allgreen Properties came in last, with a bid of $113.8 million or $389.78 psf ppr.

    Property experts had earlier tipped bids of just $320 to $410 psf ppr, which would translate to likely selling prices for flats of $750 to $850 psf.

    According to CBRE Research, between January and April this year, typical new units - the three- to four-bedroom units - in Double Bay Residences in Simei St 4 were sold for between $660 psf and $750 psf.

    In the resale market, units of such sizes in Modena and Tropical Spring in the vicinity were sold for $615 psf to $780 psf over the same period, it noted.

    'The tender results show that developers are still very hungry for land. Those who have not bought any recently will have to be very aggressive,' said Mr Tan.

    A recent tender for a land parcel in Tampines drew 16 bids while another tender for a plot next to Lakeside MRT station drew 14 bids and a top bid of $499 psf ppr.

    At that price, the Lakeside plot may sell for close to or above $1,000 psf, industry sources had said.

    Mr Tan said such prices for suburban projects are no longer very surprising, after The Vision in the West Coast set a new benchmark.

    The Vision had sold well, despite it being priced at above $1,000 psf.

    The winning tender for the Simei site will be announced later by the Urban Redevelopment Authority.

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