View Full Version : Top bid for Bright Hill Drive plot beats forecasts
Wild Falcon
08-08-12, 11:27
THE state tender for a 99-year-leasehold private residential plot at Bright Hill Drive yesterday beat analyst expectations, fetching a top bid of $719.9 per square foot per plot ratio (psf ppr), or $291.5 million.
The top bid, which was submitted by UVD Pte Ltd, a joint venture company between Singapore Land and UOL Group, was 18.1 per cent more than the $246.8 million, or $609.4 psf ppr, offer put up by the consortium comprising Frasers Centrepoint's FCL Topaz, Far East Orchard Limited and Japan's Sekisui House Ltd.
Analysts polled by BT when the plot was launched in June said it could fetch $550-$620 psf ppr. The plot has a site area of about 144,635.6 sq ft and a maximum gross floor area of 404,979.7 sq ft. It is zoned for condominium; or flats; or a combination of flats and strata landed houses with prior written approval. The site drew six bids at the close of the tender yesterday.
"As expected, there wasn't widespread interest for the subject site, unlike those near MRT stations, although the robust top bid of $720 psf ppr was higher than expected," noted Credo Real Estate executive director Ong Teck Hui.
"Based on caveats lodged, average selling price for Thomson Grand was around $1,250 psf and market expectations were for this site to be priced a shade lower than Thomson Grand, translating to land price being closer to $600 psf ppr which we saw in the second to fourth highest bids," he added.
That being said, optimism for the site could be due to the fact that there are hardly any new condominium developments along the Upper Thomson corridor and there seems to be resurgence in interest in recent months in that locality. For example, the remaining 48 per cent of the units in Thomson Grand were sold out from February to April, pointed out Mr Ong.
Nicholas Mak, executive director, research and consultancy, SLP International Property Consultants, noted that the top bid is the second highest land price in terms of psf ppr submitted in a residential GLS tender this year, to date.
Lee Sze Teck, senior manager (research and consultancy) at Dennis Wee Goup, said that the break-even cost could be around $1,100-$1,150 psf, and the average selling price around $1,250-
$1,300 psf. "The plus points of the site are the low-density developments surrounding it and near to amenities like Thomson Plaza and Ai Tong School. The project can also enjoy view of MacRitchie Reservoir. But the downside is that the odd shape of the site and the narrow access."
Said a UVD spokesman: "The site has a number of strong attributes. Thomson is an area with an affluent catchment and limited supply. Our development will be a 20-storey, 420-unit condominium, capitalising on the unblocked views of MacRitchie Reservoir and the Singapore Island Country Club. Furthermore, the site is also close to amenities like Thomson Plaza, Ai Tong Primary School and Catholic High School. . . Our breakeven price is around $1,100 psf."
The lowest bid, which was put up by Wee Hur Development, came in at $509.2 psf ppr.
Thomson Grand now looks like a value buy. :doh: :scared-4:
phantom_opera
08-08-12, 11:35
18% above FEO ... well done UOL :D
Still it is only slightly more than JLD/Tanah Merah GLS
Wild Falcon
08-08-12, 14:23
This one is like repeat of Sky Habitat, where the top bid is so much higher than the rest - could be poor judgement. The location is horrible, near the Brighthill Crematorium, columbarium and all the funeral parlours. I've been there a few times and u can smell the constant smell of burning of joss-sticks and dead bodies in the air -proven to be very bad for health. People die everyday and at least 50% of the dead bodies are burnt there.
Wah lau. Paid $110psf higher than the second bid beside a crematorium. Some more so few bidders and all bid quite low. Sure ketok the buyers one by cutting down on construction costs.
18% above FEO ... well done UOL :D
Still it is only slightly more than JLD/Tanah Merah GLS
phantom_opera
08-08-12, 14:25
This one is like repeat of Sky Habitat, where the top bid is so much higher than the rest - could be poor judgement. The location is horrible, near the Brighthill Crematorium, columbarium and all the funeral parlours. I've been there a few times and u can smell the constant smell of burning of joss-sticks and dead bodies in the air. People die everyday and at least 50% of the dead bodies are burnt there.
Wah lau. Paid $110psf higher than the second bid. Some more so few bidders and all bid quite low. Sure ketok the buyers one by cutting down on construction costs.
Hell Habitat
The Dark Water
:hell-hath-no-fury:
Private columbarium will be part of the featured facilities of this condo. :scared-3:
phantom_opera
08-08-12, 14:46
Private columbarium will be part of the featured facilities of this condo. :scared-3:
No need separate corner for ritual for the dead ... one selling point :D
Wild Falcon
08-08-12, 14:48
Not really. The estimated selling price of $1250psf still same as Thomson Grand. I guess Sin Ming older resale condos like Bishan Park at 700+psf seems like value buy. The price differential between new and resale seems v high in this location. Maybe got potential future MRT station priced in the bid?
Thomson Grand now looks like a value buy. :doh: :scared-4:
bakasa2002
08-08-12, 19:39
Looks like they become big carrot, overbid by so much! Anyway, their land bank is running low...
Wah piang eh? $720psf for that location?
It is quite well-located and should be launched after the announcement of the Thomson line. Many buyers will bite if psf for 2 bedders is below Sky Habitat.
It is buried between hdb and thomson view leh.
phantom_opera
08-08-12, 22:50
but within 1km of Ai Tong ... so may target family with kid going into primary school
this price is only justified if there is one Thomson Line station nearby ... may be Wee knows something we don't
It is buried between hdb and thomson view leh.
I like location near future MRT (linked to JB) n e Thomson mall., plus coffee shops n schools ard this area.
I like location near future MRT (linked to JB) n e Thomson mall., plus coffee shops n schools ard this area.
Ok lah, there are those things but the land shape quite weird no?
speculator
09-08-12, 07:24
It is buried between hdb and thomson view leh.
Thomson Grand is a much better buy than this? The site is just next to a HDB block and the land is odd shape
Thomson Grand is a much better buy than this? The site is just next to a HDB block and the land is odd shape
TG is sold out. This one has a lot more amenities within 5min walk. Future MRT should be within 10min walk. COE Cat A has hit $73k, taxi has gone into the much more pricer Cat E (why?!) and future fares will go up. Properties near MRT will sell very well.
I think TG could be closer to the MRT station than this site.
Wild Falcon
09-08-12, 11:38
Thomson Line will be very far out leh. Anyway, so many nicer locations nearer MRT. This one squashed narrow site with Sin Ming HDB flats on the north, crematorium and funeral parlours on the northeast. Everyday sure will see hearse and people mourning on the roads because the route is along this stretch. Unless desperate for Ai Tong but then nowadays within 1km also got to ballot esp Ai Tong with so many HDB flats around and fairly high density. Not forgetting bad air from the Brighthill crematorium and buring of joss sticks at the parlours. The residents there are always complaining about air quality.
No matter how desperate, one shouldn't compromise the lives of its family and live near a crematorium. Cemetary still ok - at least it has so much greenery. Crematorim is like NO WAY.
phantom_opera
09-08-12, 12:10
Wee is normallyconservarive I am surprised this time
Allthepies
09-08-12, 12:12
Wee is normallyconservarive I am surprised this time
Tat why he is stepping down? :D
phantom_opera
09-08-12, 12:15
Tat why he is stepping down? :D
Mscp to cutcost and claim to block away bad qi? Uol is flushed with cash from katong regency and they are abt to sell out archipelago
Not really. The estimated selling price of $1250psf still same as Thomson Grand. I guess Sin Ming older resale condos like Bishan Park at 700+psf seems like value buy. The price differential between new and resale seems v high in this location. Maybe got potential future MRT station priced in the bid?
I wont pay $700+ for a condo in the state like bishan park...
blackapple
09-08-12, 14:25
I wont pay $700+ for a condo in the state like bishan park...
Do you think $6 for kopi in Starbucks is expensive ? I rather pay $1.3 at ah kun.
However the young generation do not think so. They will pay $6 for kopi. Same for the housing. If hdb is selling bto at 500k for 4rooms, 1000 psf will be norm.
If you cannot beat them, join them.
phantom_opera
09-08-12, 14:40
Do you think $6 for kopi in Starbucks is expensive ? I rather pay $1.3 at ah kun.
However the young generation do not think so. They will pay $6 for kopi. Same for the housing. If hdb is selling bto at 500k for 4rooms, 1000 psf will be norm.
If you cannot beat them, join them.
ya kun $1.30? I thought all Toastbox, YaKun, Kiliney $1.60 liao except when there is discount occasionally
bakasa2002
09-08-12, 15:54
The wees really overbidded this time, likely to need a iconic design to save them...
Allthepies
09-08-12, 16:20
I wont pay $700+ for a condo in the state like bishan park...
No new condo will sell at 700psf except in the most ulu of ulu locations in Singapore.
speculator
09-08-12, 16:57
The wees really overbidded this time, likely to need a iconic design to save them...
http://www.hdb.gov.sg/fi10/fi10297p.nsf/ImageView/Bright%20Hill%20Dr%20-%20LocationPlanUnderEvaluation/$file/location+plan_Bishan+S8.pdf
with this sort of odd size land and squashed in between Thomson View Condo and HDB flat, it will be really interesting to see what sort of design they come up with....
the saving grace is... it could be near Soo Chow Station. Walking distance to MRT plus Thomson Plaza shopping mall
Perhaps they know something we don't. From the soil investigations, it is very likely there might be a Thomson Line station near to Thomson Plaza. Thomson Plaza itself might be developed in the future (it has a plot ratio of 3). For all we know, they might be eyeing Thomson View Condo which is being offered for en-bloc sale. Combine it into one huge site and the odd shape/access problem will be solved.
yes huge potential here... though I rather they keep everything in this neighborhood he way it is now:p
Perhaps they know something we don't. From the soil investigations, it is very likely there might be a Thomson Line station near to Thomson Plaza. Thomson Plaza itself might be developed in the future (it has a plot ratio of 3). For all we know, they might be eyeing Thomson View Condo which is being offered for en-bloc sale. Combine it into one huge site and the odd shape/access problem will be solved.
If they makan thomson view, it's going to be a massive project.
If they makan thomson view, it's going to be a massive project.
They can always cut it into 2 or 3 plots and call it The Thomson Collections.
They can always cut it into 2 or 3 plots and call it The Thomson Collections.
That's a good idea. Build a service road to the 3 separate projects.
If I remember correctly, Thomson View can be accessed by Sin Ming Ave as well as Bright Hill Road.
Perhaps they see a market for strata landed houses (which can be built on the TV site as well as the GLS site. The houses sold out very quickly in Archipelago and also in Thomson Grand. This neighbourhood is very attractive to families. No matter what our bro/sis says about the funeral parlours/columbarium/crematorium. But it is balanced out by the ready accessibility of greenery within a short distance/bicycle ride. This includes Bishan Park, Lower and Upper Pierce Reservoirs. There's also some water-based project going on in Shunfu (anybody knows what that's about) and another project akan datang for a nature trial allowing easier access to the Treetops walk from Upper Thomson side (cutting behind the Windsor Park estate).
If I remember correctly, Thomson View can be accessed by Sin Ming Ave as well as Bright Hill Road.
Perhaps they see a market for strata landed houses (which can be built on the TV site as well as the GLS site. The houses sold out very quickly in Archipelago and also in Thomson Grand. This neighbourhood is very attractive to families. No matter what our bro/sis says about the funeral parlours/columbarium/crematorium. But it is balanced out by the ready accessibility of greenery within a short distance/bicycle ride. This includes Bishan Park, Lower and Upper Pierce Reservoirs. There's also some water-based project going on in Shunfu (anybody knows what that's about) and another project akan datang for a nature trial allowing easier access to the Treetops walk from Upper Thomson side (cutting behind the Windsor Park estate).
Yes, there are 2 entrances to thomson view.
bakasa2002
10-08-12, 01:35
Just curious, can the developer still build strata house in condo these days? I know the latest to be launched Eco at FEO can, assuming they got approval before the rule change?
phantom_opera
10-08-12, 08:43
Uol is expert in selling nature, archi tree facing units the manage to sell up to 1298psf
The blocks that look over thomson view's townhouses will have nature view. Those behind the circular block will have their views blocked.
Wild Falcon
10-08-12, 11:07
Of course there will be people who don't mind living so near to the crematorium and funeral parlour hub - but the question is how many will pay a premium to live close to one, if given a choice? There are only 2 crematoriums in Singapore. Which means 50% of the dead people will be cremated here. And the burning of bodies and joss sticks is worse than carbon monoxide. There is always smell of burnt things in the air in the area and the residents have been complaining but nothing can be done. Not forgetting there many funerals here EVERY DAY. Every day, you will see funeral progression, mourning and crying and hearse in the area. The designated hearse route is around this area. I know because I have friends working in the industry. If one has better resources, one will try to live further away from the designated area for burning of bodies. Esp for the health of your family. Health is more important than anything else. Thomson Line so long, why must choose near crematorium?
Sin Ming is more industrial, HDB and funeral hub, than nice freehold private condo area. In fact, there is no freehold land in Sin Ming right? The nice part of "Thomson" is clearly across the road. The moment people hear of Brighthill they think of crematorium.
If I remember correctly, Thomson View can be accessed by Sin Ming Ave as well as Bright Hill Road.
Perhaps they see a market for strata landed houses (which can be built on the TV site as well as the GLS site. The houses sold out very quickly in Archipelago and also in Thomson Grand. This neighbourhood is very attractive to families. No matter what our bro/sis says about the funeral parlours/columbarium/crematorium. But it is balanced out by the ready accessibility of greenery within a short distance/bicycle ride. This includes Bishan Park, Lower and Upper Pierce Reservoirs. There's also some water-based project going on in Shunfu (anybody knows what that's about) and another project akan datang for a nature trial allowing easier access to the Treetops walk from Upper Thomson side (cutting behind the Windsor Park estate).
Flame tree, inglewood, country grandeur, country esquire, fulton estate are all freehold. So it's partial leasehold partial freehold there.
phantom_opera
10-08-12, 11:11
it seems like 550psf is the base price right now for any decent land plot in RCR/OCR near MRT
so all developers will bid around 600psf next time
speculator
10-08-12, 11:53
Of course there will be people who don't mind living so near to the crematorium and funeral parlour hub - but the question is how many will pay a premium to live close to one, if given a choice? There are only 2 crematoriums in Singapore. Which means 50% of the dead people will be cremated here. And the burning of bodies and joss sticks is worse than carbon monoxide. There is always smell of burnt things in the air in the area and the residents have been complaining but nothing can be done. Not forgetting there many funerals here EVERY DAY. Every day, you will see funeral progression, mourning and crying and hearse in the area. The designated hearse route is around this area. I know because I have friends working in the industry. If one has better resources, one will try to live further away from the designated area for burning of bodies. Esp for the health of your family. Health is more important than anything else. Thomson Line so long, why must choose near crematorium?
Sin Ming is more industrial, HDB and funeral hub, than nice freehold private condo area. In fact, there is no freehold land in Sin Ming right? The nice part of "Thomson" is clearly across the road. The moment people hear of Brighthill they think of crematorium.
Actually this site is not that close to the crematorium.
It's still separated/blocked by the Mid view City office buildings
Possibly the developer may have information of future plan for the crematorium.....especially if it sits on Prime land.....
phantom_opera
10-08-12, 16:27
Possibly the developer may have information of future plan for the crematorium.....especially if it sits on Prime land.....
easy, UOL Crematorium subsi buy over all the cos, enbloc the whole area and move them to Punggol :scared-4:
Current 5 yr sell by rule does not favour huge en-bloc. Don't think we will see a repeat of waterfront collection until it goes.
phantom_opera
10-08-12, 16:41
Current 5 yr sell by rule does not favour huge en-bloc. Don't think we will see a repeat of waterfront collection until it goes.
Good point ... Waterfront collection enbloced in 2005 .. until 7y later 2012 still got 10+ units left in last project WFI
actually not that bad the location looking at the map.
It is pretty close to Thomson plaza which is highly likely to get a MRT station on the thomson line.
Midview city also has quite a few shops and even some resturants.
For convenience it is 100% better than Thomson Grand.
bakasa2002
11-08-12, 10:40
Can they still build townhouse w condos these days?
Can they still build townhouse w condos these days?
They always can. The restriction is they can no longer sell to foreigners as if there were condos.
From the comments, it's obvious those living nearby find no issues of the location, and in fact see the advantage (MRT, th plaza, etc). And yes the land price is still higher than bt panjang/upp bt timah end. What a surprise :cool:
I think UOL will find enough buyers from the local crowd alone. 1250 psf certainly doable. But since they price Katong too low, ( and I heard the marketing kena scolded by the boss) this one I think they will try to be aggressive.
phantom_opera
11-08-12, 13:29
Many useful charts
http://www.langdonseah.com/ice/index.jsp?mod=newsview&showmodonly=newsview&op=showimgs&nresponse=true&ctid=660&showimgs=1&imgname=660_Quarterly%20Construction%20Cost%20Review_1st%20Quarter%202012.pdf
In terms of mass market private condo, the construction cost is consistent with Singapore, 250-280psf ...
Median wages of construction workers in HK on the rise (see chart)
Charts on other stuff like steel, cement, copper etc ... still below last peak but stays elevated
================
http://in.reuters.com/article/2012/08/10/cheung-kong-tender-idINL4E8JA43Y20120810
Quoted:
LAND AND CONSTRUCTION COSTS
The bid price worked out to an average of HK$4,308 per square foot, the younger Li said, adding that construction costs should take the total figure to more than HK$7,000 per square foot.
The elder Li had complained of high construction costs for developers when the company reported earnings last week, forecasting they could rise 30 to 40 percent within the next four years.
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