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bargain hunter
07-07-11, 22:36
http://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/4E4FFF21A1C59778482578C60023D7A1?OpenDocument

bargain hunter
07-07-11, 22:38
Tender for Punggol EC site receives only three bids
By Ryan Huang | Posted: 07 July 2011 2013 hrs


SINGAPORE : A tender for a land site to build a Executive Condominium (EC) at the junction of Punggol Way and Punggol Field has received only three bids.

This is according to provisional results released by the Housing and Development Board.

The highest bid was at S$219.47 million, from FCL Tampines Court and Keong Hong Construction.

This works out to S$270 per square foot per plot ratio for the site.

According to Colliers International, this is also the lowest unit land price achieved for an EC site thus far in 2011.

"This indicates further moderation of developers' expectations amid current market uncertainties pending clearer policy directions from the government, "said Chia Siew Chuin , Director for Research and Advisory at Colliers International.

She added: "Based on a land cost of S$270 per square foot per plot ratio and average selling prices of around S$690 per square foot for newer EC developments in the locality, new units at the site are likely to breakeven at about S$540 per square foot. This cautious bidding and the resulting lower land cost would provide the developer a buffer should the market soften going forward."

The lowest bid was from EL Development at S$177 million, behind CEL Development at S$218 million.

The 270,865 square feet site can potentially yield about 720 units.

The winner of the tender will be announced at a later date.

- CNA/ms

solsys
07-07-11, 22:41
Punggol really has way too many residential units.....

Selective bidding from developers.

Store ammo for better sites that have real demand.

bargain hunter
07-07-11, 22:44
yah, look at the map attached on hdb link. lots more to come with public mixed with private etc.


Punggol really has way too many residential units.....

linchong84
07-07-11, 23:27
quite surprised.. considering this is 500m from MRT and their future megamall.. hmm.. strange..

devilplate
07-07-11, 23:31
quite surprised.. considering this is 500m from MRT and their future megamall.. hmm.. strange..
The px is reasonable but duno y only 3bids....

Mabe too many gls liao...

linchong84
07-07-11, 23:34
The px is reasonable but duno y only 3bids....

Mabe too many gls liao...

That means EC market is going down. Prive land site is around 310-320psf. This one same characteristic as Prive (equal distance to MRT), yet 270psf only.

Hard to understand, considering that govt might increase EC ceiling to 12k, and EC lands should have been more popular?

devilplate
07-07-11, 23:39
That means EC market is going down. Prive land site is around 310-320psf. This one same characteristic as Prive (equal distance to MRT), yet 270psf only.

Hard to understand, considering that govt might increase EC ceiling to 12k, and EC lands should have been more popular?
Especially dbss oredi stop for the time being....8-10k can only apply ec now...:confused:

Perhaps ec profit margin low....price oredi capped at 750psf max..anything higher cfm tio bash....so developer store power for condo sites instead? Shall see

Condo Kaiser
07-07-11, 23:49
yup.. agree with devilplate.... developer don't dare to bid too high for EC... drawing too much attention.... got so many gls coming up... surely there will be a place to throw their money at...

condoinvestor
07-07-11, 23:54
Whatever it is, FCL got a good buy. If they can sell at or above 700 psf, they will make a tidy profit.

linchong84
07-07-11, 23:54
Only DBSS draws negative attention leh.. In fact due to dbss, people flocked to EC instead, causing that pasir ris one to sell out so fast..

this is just a freak bid. No reasons one.

Condo Kaiser
08-07-11, 00:01
let's hope this is a one off...

a couple more of these and no one will buy new launch at current prices anymore... knowing that prices will definitely soften....

it's all just a mental game... who's going to blink first...

fclim
08-07-11, 00:12
This one Punggol. Not much demand from surrounding HDB as still serving MOP. Pasir Ris different. Many HDB upgraders there.

bargain hunter
08-07-11, 00:45
its logic defying. i thot recently new launch sales hot hot hot? how come land bids all coming in cold cold cold.

and we both agreed earlier than ec seems very attractive to 1st time home buyers. if they can afford it, its better deal than hdb, dbss and value-wise, good value vs condo.

darn it, really, developers know something which we don't? :scared-4:




Especially dbss oredi stop for the time being....8-10k can only apply ec now...:confused:

Perhaps ec profit margin low....price oredi capped at 750psf max..anything higher cfm tio bash....so developer store power for condo sites instead? Shall see

kingkong1984
08-07-11, 04:09
This is cool....

Anyway, more to come. Buyers better beware. EC means ensure cooling or Extra cool... Beware.. Selling price can be below 700 psf for this n yet near mrt. Make them smaller and more efficient and you have a gem.

phantom_opera
08-07-11, 07:21
becos cm5 will target hdb, cov is crazy now

bargain hunter
08-07-11, 08:49
"IT was a day of contrasts in the executive condominium (EC) market yesterday.
Even as caution reigned at a state tender for a Punggol EC site which drew just three bids with the top bid coming in below earlier expectations, City Developments Ltd (CDL) managed to sell slightly over 150 units on the first day of sales at its Blossom Residences EC project at Segar Road in the Bukit Panjang area. This pace of sales would be in line with the previous EC launch of Belysa in late May, say market watchers."

kingkong1984
08-07-11, 08:54
"IT was a day of contrasts in the executive condominium (EC) market yesterday.
Even as caution reigned at a state tender for a Punggol EC site which drew just three bids with the top bid coming in below earlier expectations, City Developments Ltd (CDL) managed to sell slightly over 150 units on the first day of sales at its Blossom Residences EC project at Segar Road in the Bukit Panjang area. This pace of sales would be in line with the previous EC launch of Belysa in late May, say market watchers."

that one cannot move liao...

only for those who want to stay in CCK.. another CCK EC plot which is better located will compete with it if the price is also around $700 psf.

Many choices already..

linchong84
08-07-11, 09:02
its logic defying. i thot recently new launch sales hot hot hot? how come land bids all coming in cold cold cold.

and we both agreed earlier than ec seems very attractive to 1st time home buyers. if they can afford it, its better deal than hdb, dbss and value-wise, good value vs condo.

darn it, really, developers know something which we don't? :scared-4:

Come to think of it, ever since sembawang 460psf land bid, the rest that comes after that were all below expectations.. Pasir ris sea facing one won by MCL at under 400psf... flora at pathetic 325... woodlands 365.. buangkok 391.. west coast although many bids but still below expectation at 460.. feo bukit panjang half meet-half never meet kind..

This is bad.. 2-3 months later when bishan, boonkeng, sengkang mrt sites all launched at high (due to high land bid), market might peak.. 4-6 months later, all those below expectations bid sites will be launched and prices will start dropping.. Unless we start seeing some high bids for the next few sites..

kingkong1984
08-07-11, 09:04
u r getting smarter.

mantrix
08-07-11, 09:08
This will temper the high asking prices of Punggol...sellers better lower expectations a bit and sell now before too late...

linchong84
08-07-11, 09:16
This will temper the high asking prices of Punggol...sellers better lower expectations a bit and sell now before too late...

I think those who bought prive will heartpain. This one equal distance to MRT but near waterfront and nearer to the town centre.. and most likely might equal or lower prices..

This low bid might potentially make developers bid lower for the pte condo site near to the punggol mrt station diagonal to prive.. seems like punggol is still cui afterall.. Just like pasir ris, although govt can build parks or downtown east or whatever there, but if it's the outskirts, means it is the outskirts, nothing much can be done..

But then why are sengkang, hougang, kovan prices flying?

kingkong1984
08-07-11, 09:22
Prive.. DePrive liao.

More to come, more to come.

we are going in for soft landing.

First year drop by 5%,

second year drop by another 5%

third year....Neutral?

fourth year... duno liao.

linchong84
08-07-11, 10:12
First to die is not prive..

Sim lian should kena first.. I remembered they landbanked 1 pte condo site somewhere near there (matilda house site).. around 1 or 1 plus year liao still haven launch.. They better launch soon and ride on the bishan, sengkang, boon keng peak.. Anytime after that then good luck to them liao..

phantom_opera
08-07-11, 11:31
What is happening in the market is expectation of CM5. I thinks some PRs are very afraid that PRs will be banned to buy HDB so PR families are in the HDB resale market to just buy n buy with COV hitting 80k-100k in good location. On the other hands, developers are simply more cautious in bidding due to recent mini crash in stock/commodities market. We are seeing softening of property prices across Asia, not just Singapore.

If Dow can clear previous resistance at 12,800, more aggressive bidding especially for good locations will follow !!!! :2cents:

solsys
08-07-11, 11:55
What is happening in the market is expectation of CM5. I thinks some PRs are very afraid that PRs will be banned to buy HDB so PR families are in the HDB resale market to just buy n buy with COV hitting 80k-100k in good location. On the other hands, developers are simply more cautious in bidding due to recent mini crash in stock/commodities market. We are seeing softening of property prices across Asia, not just Singapore.

If Dow can clear previous resistance at 12,800, more aggressive bidding especially for good locations will follow !!!! :2cents:


I think you are right, the Greece saga just brushed passed our shoulders...... the tendering was around the shivering period just one week ago.

kane
08-07-11, 12:51
Hopefully the developer is willing to pass the cost back to thebuyers. If not, it's all back to ssquare one.

ay123
08-07-11, 14:22
That means EC market is going down. Prive land site is around 310-320psf. This one same characteristic as Prive (equal distance to MRT), yet 270psf only.

Hard to understand, considering that govt might increase EC ceiling to 12k, and EC lands should have been more popular?

this only means developer is making more $$$ tats all. doubt they will sell low given lower land cost. so the sucker still the buyer

Allthepies
08-07-11, 14:29
Come to think of it, ever since sembawang 460psf land bid, the rest that comes after that were all below expectations.. Pasir ris sea facing one won by MCL at under 400psf... flora at pathetic 325... woodlands 365.. buangkok 391.. west coast although many bids but still below expectation at 460.. feo bukit panjang half meet-half never meet kind..

This is bad.. 2-3 months later when bishan, boonkeng, sengkang mrt sites all launched at high (due to high land bid), market might peak.. 4-6 months later, all those below expectations bid sites will be launched and prices will start dropping.. Unless we start seeing some high bids for the next few sites..

its all about location and demand :D come December, u will see a new high when JE condo site is launched....

yaozong7
08-07-11, 14:52
That means EC market is going down. Prive land site is around 310-320psf. This one same characteristic as Prive (equal distance to MRT), yet 270psf only.

Hard to understand, considering that govt might increase EC ceiling to 12k, and EC lands should have been more popular?

Maybe Khaw shared some of his insights with the developers during his cosy kopi sessions? Perhaps some potential EC cooling measures if prices continue to rise? After which the developers get cold feet abt ECs.... haha

ay123
08-07-11, 15:07
its all about location and demand :D come December, u will see a new high when JE condo site is launched....

which JE site??

yjcai
08-07-11, 19:56
Got any links?

amk
08-07-11, 20:07
Dun know why u all r surprised... This is a ulu site by all acct. This price is fair.

Jurong has a new story to sell. This one got what ?

amk
08-07-11, 20:14
. On the other hands, developers are simply more cautious in bidding due to recent mini crash in stock/commodities market.

Actually I think developers already had their land bank filled. There is no need to fight for land. Plenty of projects waiting to be launched.

linchong84
08-07-11, 21:57
Dun know why u all r surprised... This is a ulu site by all acct. This price is fair.

Jurong has a new story to sell. This one got what ?

Thru comparison with the other EC sites which were bidded almost 1 year ago, this one is lower than those bids one year ago although location are similar.. That's the surprising part.. It means land bid didn't go up, yet go down..

kingkong1984
08-07-11, 22:26
Not surprising to me... It should and will go down some more... 250 to 300 psf...for land....

linchong84
08-07-11, 22:31
Not surprising to me... It should and will go down some more... 250 to 300 psf...for land....

ec or pc? if ec, not much left liao.. only got yishun and pasir ris to go if i'm not wrong.. pc 250-300 will send an extremely bearish signal..

kane
09-07-11, 00:09
ec or pc? if ec, not much left liao.. only got yishun and pasir ris to go if i'm not wrong.. pc 250-300 will send an extremely bearish signal..

the bearish signal comes only if the developers price the launches down. otherwise these prices represent an added windfall to the developers. I don't think we can expect developers to be so charitable unless the markets indeed have turned south.

kingkong1984
09-07-11, 03:43
ec or pc? if ec, not much left liao.. only got yishun and pasir ris to go if i'm not wrong.. pc 250-300 will send an extremely bearish signal..
Ec... Choice located pc land should be higher.

Developer will price accordingly to BTO prices and market sale results. If cannot move, no choice but to cut price to move units. Give it some time.