reporter2
23-10-12, 15:29
http://www.todayonline.com/Business/EDC121022-0000081/URA-awards-site-near-Tanah-Merah-MRT-at-S$434,6m
URA awards site near Tanah Merah MRT at S$434.6m
Updated 05:00 PM Oct 22, 2012
SINGAPORE - The Urban Redevelopment Authority on Monday awarded the tender for a housing site in New Upper Changi Road to Keppel Land unit Sherwood Developments, which beat ten other bidders with its highest bid of S$434.6 million.
The site was launched for sale under the Confirmed List of the Government Land Sales programme. Located within an established private housing estate and close to Tanah Merah MRT Station, the 99-year leasehold site has an area of 343,171 sq ft and a maximum gross floor area of 549,078 sq ft. The tender closed last Tuesday.
"When awarded the site … Keppel Land plans to develop about 700 homes ranging from 500 to 1,400 sq ft in one- to four-bedroom configurations," said the developer, whose bid translates to S$791 per sq ft per plot ratio.
Mr Lee Sze Teck, Senior Manager of Training, Research and Consultancy at DWG, noted at the close of tender that Sherwood's bid was 7.1 per cent higher than the second best bid from Bayfront Land, a joint venture between Fragrance Group and World Class Land.
The estimated breakeven is between S$1,150 and S$1,200 psf, while the selling price could be in the range of S$1,400 to S$1,450 psf, higher than the average selling price of S$1,300 to S$1,400 psf at eCO in Bedok South, he added.
URA awards site near Tanah Merah MRT at S$434.6m
Updated 05:00 PM Oct 22, 2012
SINGAPORE - The Urban Redevelopment Authority on Monday awarded the tender for a housing site in New Upper Changi Road to Keppel Land unit Sherwood Developments, which beat ten other bidders with its highest bid of S$434.6 million.
The site was launched for sale under the Confirmed List of the Government Land Sales programme. Located within an established private housing estate and close to Tanah Merah MRT Station, the 99-year leasehold site has an area of 343,171 sq ft and a maximum gross floor area of 549,078 sq ft. The tender closed last Tuesday.
"When awarded the site … Keppel Land plans to develop about 700 homes ranging from 500 to 1,400 sq ft in one- to four-bedroom configurations," said the developer, whose bid translates to S$791 per sq ft per plot ratio.
Mr Lee Sze Teck, Senior Manager of Training, Research and Consultancy at DWG, noted at the close of tender that Sherwood's bid was 7.1 per cent higher than the second best bid from Bayfront Land, a joint venture between Fragrance Group and World Class Land.
The estimated breakeven is between S$1,150 and S$1,200 psf, while the selling price could be in the range of S$1,400 to S$1,450 psf, higher than the average selling price of S$1,300 to S$1,400 psf at eCO in Bedok South, he added.