View Full Version : Sure huat EC!
HDB receives 6 bids for Choa Chu Kang site
Posted by luxuryasiahome (http://lushhomemedia.com/author/luxuryasiahome/) on March 22, 2011 · Leave a Comment (http://lushhomemedia.com/2011/03/22/hdb-receives-6-bids-for-choa-chu-kang-site/#respond)
The Housing and Development Board (HDB) has received six bids for the land parcel proposed for executive condominium (EC) housing at Choa Chu Kang Drive.
The 49,250 square metre site was launched for sale on January 21 and closed at noon on Tuesday.
The highest bid came from Camborne Developments at S$170.1 million, followed by a joint bid of S$159 million by FCL Tampines Court and Keong Hong Construction.
The lowest bid of about S$117.2 million was submitted by Mezzo Development.
The 99-year leasehold site has a maximum gross floor area of 49,251 square metres.
HDB said it will announce the award of the tender at a later date after the bids have been evaluated.
CBRE Research said the top bid of S$170.1 million reflects S$321 per square foot (psf) per plot ratio and translates to a breakeven cost of around S$650 psf.
Li Hiaw Ho, executive director, CBRE Research, said: “The subject site is situated at Choa Chu Kang Drive, adjacent to Mi Casa condominium which is currently under construction. It is just a few minutes’ walk from Choa Chu Kang MRT station and Lot 1 shopping mall.”
He added: “In January-February 2011, units in Mi Casa were sold at around S$800 psf. It is likely that the new EC project can fetch around S$700 psf on the average, a differential from the price of private condominiums to take into consideration the eligibility conditions attached to EC projects.”
selling at discount to Mi casa! 5 year liao can huat big time!!
How can they sell at 700psf when their cost is 650psf.
How can they sell at 700psf when their cost is 650psf.
can. super big size lor. eg 1st flr unit. Tons of personal enclosed area.
MI CASA CHOA CHU KANG AVENUE 3 Condominium 1 $1,259,442 1,367 Strata $921 Jan-11
Most units selling ard $700++, the high record was the unit above. Paying $1k psf near MRT seems to be the new norm. priced at $780psf would be a 20% margin.
Yours so there's only a few units in the whole development. Sometimes, I wonder what the reporter is thinking. They expect developers to make 50psf for taking all that risk? Unless they're desperate for cash.
linchong84
22-03-11, 23:12
can. super big size lor. eg 1st flr unit. Tons of personal enclosed area.
MI CASA CHOA CHU KANG AVENUE 3 Condominium 1 $1,259,442 1,367 Strata $921 Jan-11
Most units selling ard $700++, the high record was the unit above. Paying $1k psf near MRT seems to be the new norm. priced at $780psf would be a 20% margin.
Mi Casa is quite new, somemore still under construction, and recent prices are around 750psf. If this EC which is further away from the MRT station than Mi Casa sells at 700 psf, who will buy?! Might as well buy mi casa.. Somemore this is choa chu kang..
Mi Casa is quite new, somemore still under construction, and recent prices are around 750psf. If this EC which is further away from the MRT station than Mi Casa sells at 700 psf, who will buy?! Might as well buy mi casa.. Somemore this is choa chu kang..
it should price 10% below mi casa. Most EC priced at that range ba. It is beside Mi casa if i m not wrg! Stay 5 years assuming Mi casa price never go up, there would be a 10% upside potential wor.
Mi casa owners happy like bird. EC selling at a higher price with all that restrictions. At 800+psf, is it just another condo or does it bridge the gap between HDB and private?
it should price 10% below mi casa. Most EC priced at that range ba. It is beside Mi casa if i m not wrg! Stay 5 years assuming Mi casa price never go up, there would be a 10% upside potential wor.
unless mi casa goes up, how can it be 10% if their cost is 650psf?
unless mi casa goes up, how can it be 10% if their cost is 650psf?
10% is $720, assuming $800 avg for micasa. seems like only way is to sell MMs!!! small small high psf.
linchong84
22-03-11, 23:43
unless mi casa goes up, how can it be 10% if their cost is 650psf?
It cannot be priced too high. EC got 10k income ceiling cap. If they price too high not many can afford to buy. From the map, it looks around 350-400m away from the MRT. Even if it's near MRT, this is cck mrt leh.. You take 3 stations down, you still need to swop train at Jurong East somemore, worst than boon lay.. This bid might be a little too high considering this is EC in that cck and that it cant sell too high due to income ceiling.
Unless they lower contruction cost below $250psf? :scared-4:
Considering the 10k income, the highest bid is slightly baffling. Maybe they'll do polished concrete instead of homogeneous tiles to cut cost.
devilplate
23-03-11, 00:01
shd be able to fetch 700psf on average.....at least its still walkable to MRT.....better den those EC in yishun
250psf possible.....gives laminate flooring.....homo tiles....10% free balcony....extra big a/c ledge
321psf+250psf=570psf breakeven......700psf can do la...2bedder 750sqft=525k....3bedder 1000sqft=700k:D
those who bot Mi casa below 800psf shd be quite safe la...but upside aso limited due to bigger sizes and quantum
linchong84
23-03-11, 00:04
Considering the 10k income, the highest bid is slightly baffling. Maybe they'll do polished concrete instead of homogeneous tiles to cut cost.
I think the developers desperate liao. Too many competitors and recently too many high bids. So they bid higher, earn just a little bit also shiok. Better than earn nothing if they bid low and didn't strike.
Camborne Developments???
HDB receives 6 bids for Choa Chu Kang site
Posted by luxuryasiahome (http://lushhomemedia.com/author/luxuryasiahome/) on March 22, 2011 · Leave a Comment (http://lushhomemedia.com/2011/03/22/hdb-receives-6-bids-for-choa-chu-kang-site/#respond)
The Housing and Development Board (HDB) has received six bids for the land parcel proposed for executive condominium (EC) housing at Choa Chu Kang Drive.
The 49,250 square metre site was launched for sale on January 21 and closed at noon on Tuesday.
The highest bid came from Camborne Developments at S$170.1 million, followed by a joint bid of S$159 million by FCL Tampines Court and Keong Hong Construction.
The lowest bid of about S$117.2 million was submitted by Mezzo Development.
The 99-year leasehold site has a maximum gross floor area of 49,251 square metres.
HDB said it will announce the award of the tender at a later date after the bids have been evaluated.
CBRE Research said the top bid of S$170.1 million reflects S$321 per square foot (psf) per plot ratio and translates to a breakeven cost of around S$650 psf.
Li Hiaw Ho, executive director, CBRE Research, said: “The subject site is situated at Choa Chu Kang Drive, adjacent to Mi Casa condominium which is currently under construction. It is just a few minutes’ walk from Choa Chu Kang MRT station and Lot 1 shopping mall.”
He added: “In January-February 2011, units in Mi Casa were sold at around S$800 psf. It is likely that the new EC project can fetch around S$700 psf on the average, a differential from the price of private condominiums to take into consideration the eligibility conditions attached to EC projects.”
selling at discount to Mi casa! 5 year liao can huat big time!!
I think the developers desperate liao. Too many competitors and recently too many high bids. So they bid higher, earn just a little bit also shiok. Better than earn nothing if they bid low and didn't strike.
also true. few million is better than no million
Ok lah, foreigners and PRs eyeing EC. It has potential.
I guess this is what happens when they run low on land bank.
bargain hunter
23-03-11, 09:29
CITY Developments Ltd (CDL) yesterday set a record price - albeit just by a whisker - for executive condominium (EC) land.
The seasoned developer's bid for the 99-year leasehold plot at Choa Chu Kang Drive has been seen as defending the pricing for an upcoming EC project that it will launch in a few months on a plot that it had clinched last December.
At yesterday's tender, a joint venture between CDL and TID placed the top bid of $170.1 million or $320.86 per square foot per plot ratio.
This was marginally higher than the previous high of $320.58 psf ppr that a United Engineers-led partnership paid for an EC plot in Sengkang East Avenue and Buangkok Drive last May. This is being developed into the Austville Residences project.
The CDL-TID bid for the Choa Chu Kang plot is higher than the estimates given by property consultants when the site was launched in January - $220-280 psf ppr. Nonetheless, some analysts were not altogether surprised by CDL's bullish bid.
In December, CDL clinched an EC site at Segar Road, near Segar LRT Station and facing Kranji Expressway, at $270.51 psf ppr. The land parcel tendered yesterday is about 2.2 km away, in a more choice location closer to Choa Chu Kang MRT Station and Lot 1 mall.
'Basically, they could not afford to have someone bid lower for a better site than what they had paid for their Segar Road site. It makes sense for them to try and defend prices in the area,' said a developer.
CDL is planning to develop a 602-unit project on the Segar Road plot which it expects to launch around the middle of this year.
Yesterday evening, a CDL spokeswoman said that the scheme for the latest Choa Chu Kang plot involves a project of up to 20 storeys with about 460-470 units. She also highlighted the group's familiarity with the location, having developed Lot 1 and Guilin View condo.
'CDL . . . is well placed to maximise the potential of the site . . . We are confident that there will be strong demand from young families and upgraders for this well-positioned EC site.'
This will be the CDL group's fifth EC project.
ECs are a hybrid of public and private housing with initial buyer eligibility and resale restrictions, which are completely lifted 10 years after an EC project has been completed.
The CDL-TID bid was nearly 7 per cent higher than the next highest bid of about $300 psf ppr, from a tie-up between Frasers Centrepoint and Keong Hong Construction.
The other bidders were Qingdao Construction (Singapore), $289.92 psf ppr; Mequity (Hillview), whose shareholders include Roxy-Pacific and Macly Capital, $261.82 psf ppr; Wee Hur Development, $225.60 psf ppr; and Mezzo Development, $221 psf ppr.
CBRE Research executive director Li Hiaw Ho estimates CDL-TID's break-even cost at about $650 psf. 'In January-February 2011, units in Mi Casa (a 99-year leasehold private condo next door) were sold at around $800 psf. It is likely that the new EC project can fetch around $700 psf on average, a differential from the price of private condominiums to take into consideration the eligibility conditions attached to EC.'
Cushman & Wakefield senior manager for Asia-Pacific research Ong Kah Seng said: 'The optimistic price received for the Choa Chu Kang EC site is largely due to encouraging take-up of new EC projects launched in recent months. Buying interest for resale ECs is also encouraging as they're more attractively priced than private condominiums, reflecting the attractiveness of ECs for an owner who eventually re-sells the home after fulfilling the required occupation period.'
Credo Real Estate executive director Ong Teck Hui said: 'Since EC prices take reference from private residential prices, bidders must be optimistic that the private residential market would hold or even strengthen going forward. If that continues, there will be that sandwich class of buyers to cater to.'
kingkong1984
23-03-11, 10:42
Reference to the Canopy. Should not have studios for EC but who really knows.
http://www.h88.com.sg/article/The+Canopy+comes+to+Yishun/
Unit Breakdown and Typical Sizes (Approximate)
2 Bedroom (872 sqft – 1,001 sqft) x 86
2+1 BR (1,023 sqft – 1,141 sqft) x 109
3 BR (1,173 sqft – 1,313 sqft) x 125
3+1 BR (1,292 sqft – 1,367 sqft) x 44
4 BR (1,410 sqft) x 20
Penthouse (2,239 sqft) x 22
My prediction on the indicative range
Unit Breakdown and Typical Sizes (Approximate) - before grant
1 Bedders (366 sqf to 516 sqf) - $800 to 850 psf (not likley)
2 Bedroom (872 sqft – 1,001 sqft) - $775 psf to $825 psf
2+1 BR (1,023 sqft – 1,141 sqft) - $750 psf to $800 psf
3 BR (1,173 sqft – 1,313 sqft) - $725 psf to $775 psf
3+1 BR (1,292 sqft – 1,367 sqft) - $700 psf to $750 psf
4 BR (1,410 sqft) - $675 psf to $725 psf
Penthouse (2,239 sqft) - $650 to $700 psf
No more cheap housing, new EC should be at least $650 psf... likley to average $700 psf liao... there a small chance for under ground carpark since it is by CDL.
devilplate
23-03-11, 10:46
kingkong...long time no c:D
kingkong1984
23-03-11, 10:48
kingkong...long time no c:D
Yup. busy with other things. COE so high also.
pop in once in a while.
Keep up your sharing, i do read them. :)
It cannot be priced too high. EC got 10k income ceiling cap. If they price too high not many can afford to buy.
if not wrong, after 1-2 mths it's open to 2nd timers right? Those surrounding hdb very cheap years ago.
MM : Owning their homes gives everybody a sense of ownership. Moreover, with NS, every family must have a stake in a property to defend.
...Home ownership motivates Singaporeans to work hard and to aspire for a better future for their family, to upgrade to better and bigger flats. :D
more like bigger debt & don't risk rocking the boat. :tsk-tsk:
devilplate
23-03-11, 11:12
if not wrong, after 1-2 mths it's open to 2nd timers right? Those surrounding hdb very cheap years ago.
MM : Owning their homes gives everybody a sense of ownership. Moreover, with NS, every family must have a stake in a property to defend.
...Home ownership motivates Singaporeans to work hard and to aspire for a better future for their family, to upgrade to better and bigger flats. :D
more like bigger debt & don't risk rocking the boat. :tsk-tsk:
agree more like bigger debt....haha
i believe his intention is to tell his citizens to work hard and dun be a lzay bum....i am happily staying in SG now(in future i duno) bcoz we do not haf a system of hardworking citizens feeding the maggots
... bcoz we do not haf a system of hardworking citizens feeding the maggots
exactly !! 1000 times !
btw today market takes this EC bid so positively. I'm surprised. CDL 3% up already.
Wild Falcon
23-03-11, 11:32
I think the bid is reasonable and win by a small margin (must be v happy) - and CCK/Kranji is quite a charming area and very close to nature and the nurseries and fish farms. Anything compared to the Bishan or Punggol bid seems reasonable nowadays.
thanks wild, keep your pty related comments coming. even if it means CCR bashing. it's ok.
kind of agreed too. look would you say CAPL single handedly lift the sentiment for every one ? Qwek should pay Liew a bonus.
devilplate
23-03-11, 11:49
exactly !! 1000 times !
btw today market takes this EC bid so positively. I'm surprised. CDL 3% up already.
i personally tink its quite a gd acquisition(only 7% higher den 2nd bidder mah....unlike capland who make a ridiculous bid for bishan...haha)........can make $$ one.....better den tat one at segar:D
now i tink the market dun really care where is the location liao(some say CCK CMI)...as long near MRT...there will always be demand for it:2cents:
kingkong1984
23-03-11, 11:58
MRT, not going to be long. Someone hinted that in future, MRT up first, then sell land. Get it?
Allthepies
23-03-11, 12:44
ha ha $700-800psf for EC, ha ha JLD influence now reached CCK.. :D
shd be able to fetch 700psf on average.....at least its still walkable to MRT.....better den those EC in yishun
250psf possible.....gives laminate flooring.....homo tiles....10% free balcony....extra big a/c ledge
321psf+250psf=570psf breakeven......700psf can do la...2bedder 750sqft=525k....3bedder 1000sqft=700k:D
those who bot Mi casa below 800psf shd be quite safe la...but upside aso limited due to bigger sizes and quantum
got some bought at above S$900psf (3 room for more than $S 1m at mi casa) :D
Near EC benchmark is $800psf, maybe the foreigners would support these price levels. Hard to imagine locals will do it given mi casa and many privates going below that.
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