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View Full Version : Mount Sophia Land Parcel (GLS)



Ringo33
13-08-13, 12:57
Just look through the tender documents for the site and credit must be given to URA for coming out with such interesting concept for the conserved buildings. I am expecting very intense competition for this site.

http://img838.imageshack.us/img838/6342/sv9p.jpg

http://img35.imageshack.us/img35/2072/b6g0.jpg

ecimbew
13-08-13, 13:09
This one is no brainer. A "must buy" stamp all over it.

maisonjai
13-08-13, 13:59
8 @ Sophia will get a boost?

dtrax
10-09-13, 17:29
https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-ash3/559299_10151660940812568_1717174631_n.jpg

Ringo33
10-09-13, 18:26
wah top 2 is very close. only 280,000.

dtrax
10-09-13, 20:52
SINGAPORE: A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA).The highest bid was submitted by a consortium comprising Hoi Hup Realty, Sunway Developments and S C Wong Holdings at S$442.28 million.This works out to a land price of S$1,157 per square foot per plot ratio (psf ppr).The top bid is only 0.1 per cent higher than the second highest bid, placed by Fantasia Investment (Singapore) and Singhome (Mount Sophia) at S$442 million.EL Development submitted the lowest bid at S$284.8 million.The tender for the 99-year leasehold site was launched on June 28.The project is located near Dhoby Ghaut MRT Station, the Orchard Road shopping belt and the cultural areas of Little India.It has a site area of 23,770.5 square metres and maximum permissible gross floor area (GFA) of 35,528 square metres.In a statement, Colliers International's director of research & advisory*Chia Siew Chuin said: "The land parcel is unique, as the government rarely releases for sale, residential sites located in the prime district 9 area."The site is made up of the former Methodist Girls' School and Trinity Theological College.Ms Chia adds that "the unique history of the location might also strike a sentimental chord with homebuyers".At a land price of S$1,157 psf ppr, analysts estimate the break-even cost for the new project to range from S$1,650 per sq ft to S$1,750 per sq ft.This means when units at the new project are ready for launch, the selling price could start from S$1,900 per sq ft.*- CNA/gn

Ringo33
10-09-13, 22:03
SINGAPORE: A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA).The highest bid was submitted by a consortium comprising Hoi Hup Realty, Sunway Developments and S C Wong Holdings at S$442.28 million.This works out to a land price of S$1,157 per square foot per plot ratio (psf ppr).The top bid is only 0.1 per cent higher than the second highest bid, placed by Fantasia Investment (Singapore) and Singhome (Mount Sophia) at S$442 million.EL Development submitted the lowest bid at S$284.8 million.The tender for the 99-year leasehold site was launched on June 28.The project is located near Dhoby Ghaut MRT Station, the Orchard Road shopping belt and the cultural areas of Little India.It has a site area of 23,770.5 square metres and maximum permissible gross floor area (GFA) of 35,528 square metres.In a statement, Colliers International's director of research & advisory*Chia Siew Chuin said: "The land parcel is unique, as the government rarely releases for sale, residential sites located in the prime district 9 area."The site is made up of the former Methodist Girls' School and Trinity Theological College.Ms Chia adds that "the unique history of the location might also strike a sentimental chord with homebuyers".At a land price of S$1,157 psf ppr, analysts estimate the break-even cost for the new project to range from S$1,650 per sq ft to S$1,750 per sq ft.This means when units at the new project are ready for launch, the selling price could start from S$1,900 per sq ft.*- CNA/gn

If take up rate for this 99LH project is good, all the other FH projects around that area will huat.

hope this developer will engage a good architect for this site.

sporadic
10-09-13, 22:32
If take up rate for this 99LH project is good, all the other FH projects around that area will huat.

hope this developer will engage a good architect for this site.

Fingers crossed!

proud owner
10-09-13, 22:42
SINGAPORE: A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA).The highest bid was submitted by a consortium comprising Hoi Hup Realty, Sunway Developments and S C Wong Holdings at S$442.28 million.This works out to a land price of S$1,157 per square foot per plot ratio (psf ppr).The top bid is only 0.1 per cent higher than the second highest bid, placed by Fantasia Investment (Singapore) and Singhome (Mount Sophia) at S$442 million.EL Development submitted the lowest bid at S$284.8 million.The tender for the 99-year leasehold site was launched on June 28.The project is located near Dhoby Ghaut MRT Station, the Orchard Road shopping belt and the cultural areas of Little India.It has a site area of 23,770.5 square metres and maximum permissible gross floor area (GFA) of 35,528 square metres.In a statement, Colliers International's director of research & advisory*Chia Siew Chuin said: "The land parcel is unique, as the government rarely releases for sale, residential sites located in the prime district 9 area."The site is made up of the former Methodist Girls' School and Trinity Theological College.Ms Chia adds that "the unique history of the location might also strike a sentimental chord with homebuyers".At a land price of S$1,157 psf ppr, analysts estimate the break-even cost for the new project to range from S$1,650 per sq ft to S$1,750 per sq ft.This means when units at the new project are ready for launch, the selling price could start from S$1,900 per sq ft.*- CNA/gn


that's what I call a good understanding of the area and your competitors...

such small price difference ....

FCL had to bid almost 500m more to show their confidence in Yishun?

Ringo33
10-09-13, 23:11
that's what I call a good understanding of the area and your competitors...

such small price difference ....

FCL had to bid almost 500m more to show their confidence in Yishun?


This site is pretty straight forward residential development, whereas Yishun site is different because it has got a huge retail segment and Fraser needs to protect their interest in Northpoint.

Ringo33
11-09-13, 07:52
taken from BT


[SINGAPORE] A consortium comprising Hoi Hup Realty, Sunway Developments and SC Wong Holdings has narrowly emerged as the top bidder of a plum, 99-year leasehold residential site at Mount Sophia. It drew as many as nine bidders, on the higher end of consultants' expectations.
The trio's bid of $442.3 million - or $1,156.53 per square foot per plot ratio (psf ppr) - was just 0.06 per cent higher than that put in by a unit of China-based developer Fantasia Holdings Group and private equity firm F&H Fund Management. They offered $442 million, or $1,155.80 psf ppr.
Consultants had earlier expected five to 15 bidders for the site, with the winning bid at $1,000 to $1,300 psf ppr.
It is the first site in District 9 to be sold since 2007 under the Government Land Sales (GLS) programme.
"It is no surprise that the tender attracted a healthy number of nine bids," said Desmond Sim, associate director of CBRE Research.
The 255,864 sq ft plot has a maximum gross floor area (GFA) of 382,420 sq ft and can yield about 500 private homes. It is within walking distance from Dhoby Ghaut MRT Station and Plaza Singapura.
"It is a landmark site with a good vantage point given that it is on elevated ground. Heritage is also preserved by means of the conservation of the three significant buildings on-site," said Mr Sim.
One of the conservation buildings has been slated for a kindergarten or day-care use, so the developer has some "flexibility to incorporate a kindergarten and commercial uses of the other two conserved buildings to the development", he added.
But the terrain and design restrictions also mean that construction costs are likely to be high, he noted.
Mr Sim expects the break-even cost to be around $1,700 - $1,800 psf, and selling price of units to be above $2,000 psf.
Chia Siew Chuin, director of research & advisory at Colliers International, estimated that the break-even cost could be between $1,650 and $1,750 psf. When launched, selling prices of units at the project could start from $1,900 psf, she said.
"From January to August this year, the median price of units selling at the nearby 8@Mount Sophia and Suites at Orchard is $1,613 psf and $1,906 psf, respectively," noted Ms Chia.
Both are leasehold developments, with the former completed in 2008 and the latter to be completed by 2015.
Nicholas Mak, executive director of research & consultancy at SLP International Property Consultants, noted that this is the last residential site in the traditional prime district that the government has offered for sale this year.
"This land tender result indicates that some developers are still very bullish on certain high-end residential market segments, especially if there is limited new supply in that location," he said.
He expects the break-even price to be between $1,630 and $1,680 psf.
Other bidders for the site include Far East Organization and Sekisui House, which put in a joint bid of $1,123.84 psf ppr, 2.9 per cent below the top bid.
The lowest bid came from EL Development, which put in $744.73 psf ppr for the plot.

mermaid
11-09-13, 09:16
This site is pretty straight forward residential development, whereas Yishun site is different because it has got a huge retail segment and Fraser needs to protect their interest in Northpoint.

but one dun blindly protect one's interest at all cost mah!
imagine tis 2 project launching price is $100psf diff, which one will hv a better response?

Ringo33
11-09-13, 10:36
but one dun blindly protect one's interest at all cost mah!
imagine tis 2 project launching price is $100psf diff, which one will hv a better response?

i would say dont blindly comment on something which you dont quite understand as behind any multi million dollar bid there is always a purpose behind.

It is always easy to say I should of this and that after the bid result was announced. For Fraser, who own Northpoint; a small mall right next to the plot, they will of course have to prepare themselves for several scenarios

1) Go for the lowest possible bid and hope that other developers are not keen. 80-90% chance of failure and risk facing full on competition from newer and nice mall. Which will then force Fraser to spend another 100m or so to redo the Northpoint to fend of competition.

2) Go at market rate and take 50/50 risk and face potential competition from new mall as mention in (1)

3) Go at super high price with 90 to 100% winning chance and then integrate both mall, kills off competition and take full control the rental rate around Yishun transport hub.

Before the result was announce, would anyone have guess that Capitaland are not bidding for the site?

Ultimately, Fraser has already done their homework and they are not going to let some opportunistic bidders to derail their plan because its irrelevant.

mermaid
11-09-13, 11:22
i would say dont blindly comment on something which you dont quite understand as behind any multi million dollar bid there is always a purpose behind.

dun blindly assume tat ONLY U quite/fully comprehend the rationale behind the multi mil $ bid.
I have nvr denied their purposes; but the amt they had bided only reflects one fact.
"winning can be without wits"



It is always easy to say I should of this and that after the bid result was announced. For Fraser, who own Northpoint; a small mall right next to the plot, they will of course have to prepare themselves for several scenarios

Ultimately, Fraser has already done their homework and they are not going to let some opportunistic bidders to derail their plan because its irrelevant.
the above justification only goes to show the quality of the homewoek done at fraser. :47:

Ringo33
11-09-13, 11:33
dun blindly assume tat ONLY U quite/fully comprehend the rationale behind the multi mil $ bid.
I have nvr denied their purposes; but the amt they had bided only reflects one fact.
"winning can be without wits"


the above justification only goes to show the quality of the homewoek done at fraser. :47:


I have already highlighted 3 possible scenario on how fraser could approach the bid and the reason why they choose options 3.

If you think option 1 and 2 are wiser, then perhaps you could tell us

a) what is a fair price (after considering the risk and opportunity)

b) How would you know that the 2nd highest bidder will be $500m lower

c) And more importantly why Capitaland is not participating in this bid


Talk is cheap until you get to do the work

mermaid
11-09-13, 11:48
a) what is a fair price (after considering the risk and opportunity)


Im juz a layman; I will not be able to advice. If Im able to do so, I wun be sitting in front of my lappy wasting time responding to yr post.



b) How would you know that the 2nd highest bidder will be $500m lower

Talk is cheap until you get to do the work
u still dun get it!
it is perfectly sane as to how much a developer is willing to go all the way to get a piece of land tat he wants but as to how skilful a person is in attaining tat really depends on how experienced he is.

oh, wait! perhaps Im really wrong.
They might hv the same rationale as J gateway's buyers ~ they r paying for a priceless, intangible goodwill!

Ringo33
11-09-13, 11:58
Im juz a layman; I will not be able to advice. If Im able to do so, I wun be sitting in front of my lappy wasting time responding to yr post.


u still dun get it!
it is perfectly sane as to how much a developer is willing to go all the way to get a piece of land tat he wants but as to how skilful a person is in attaining tat really depends on how experienced he is.

oh, wait! perhaps Im really wrong.
They might hv the same rationale as J gateway's buyers ~ they r paying for a priceless, intangible goodwill!


Then perhaps a layman should learn to be humble and try to study why fraser submitted such aggressive bid instead of saying they over paid by $500m like the price of the 2nd highest bidder was already announce before the bid.

Like I said again, talk is cheap until you do the work, and layman like you should stop making assumption that people who have been running mall business for more than 20 over years doesnt know the value of monopoly of suburban mall.

Perhaps you could name me how many successful malls is FEO currently operating in Singapore?

mermaid
11-09-13, 12:04
Then perhaps a layman should learn to be humble and try to study why fraser submitted such aggressive bid instead of saying they over paid by $500m like the price of the 2nd highest bidder was already announce before the bid.

Like I said again, talk is cheap until you do the work, and layman like you should stop making assumption that people who have been running mall business for more than 20 over years doesnt know the value of monopoly of suburban mall.

Perhaps you could name me how many successful malls is FEO currently operating in Singapore?

I shall be humble and hold back whatever I want to explain to u over here, till a stage whereby I deemed you capable of comprehending the message that I am bringing across.

Ringo33
11-09-13, 12:43
I shall be humble and hold back whatever I want to explain to u over here, till a stage whereby I deemed you capable of comprehending the message that I am bringing across.

There is no need to explain because you are not in the mall business and you have no numbers to back up what you said.

Then again, this is about mount sophia, not Yishun

luzman
11-09-13, 23:49
Guys....one think its stupid to overspend to protect its turf...the other thinks its the only way to protect its turf...

Well, I think this is a case of thinking too much about competition but forgetting about the fundamentals....

Now I understand Y crapland never bid....U just have to look at all its past projects that they bidded and overpaid...and they are learning thier lessons...

Its a matter of time when FCL will learn its lesson too...because Gung Ho attitude doesnt work in our environment..

Ringo33
12-09-13, 09:01
Guys....one think its stupid to overspend to protect its turf...the other thinks its the only way to protect its turf...

Well, I think this is a case of thinking too much about competition but forgetting about the fundamentals....

Now I understand Y crapland never bid....U just have to look at all its past projects that they bidded and overpaid...and they are learning thier lessons...

Its a matter of time when FCL will learn its lesson too...because Gung Ho attitude doesnt work in our environment..

A mall can only be successful if you know how to run and manage it, and obviously among the bidders, F&N has got the most impressive track record.

Hence the perceive value of each site really depends on how much each individual developer is capable to extracting out of it. It is not to say that you just buy the land and the yield will be the same regardless how and what you do with it.

I can assure you that if another retail site is made available at Jurong Gateway, right next to Westgate, Jcube and IMM (all own by capitaland) Capitaland will sure to top the bid. Why? to protect their their turf.

shauntanzs
12-09-13, 10:34
A mall can only be successful if you know how to run and manage it, and obviously among the bidders, F&N has got the most impressive track record.

Hence the perceive value of each site really depends on how much each individual developer is capable to extracting out of it. It is not to say that you just buy the land and the yield will be the same regardless how and what you do with it.

I can assure you that if another retail site is made available at Jurong Gateway, right next to Westgate, Jcube and IMM (all own by capitaland) Capitaland will sure to top the bid. Why? to protect their their turf.

Then why didnt crapland got Jems?:D

Ringo33
12-09-13, 10:55
Then why didnt crapland got Jems?:D

Glad you ask that question. Capitaland lost the site by a mere 3% to Lend Lease. Honestly before the bid, who would have thought that australia developer Lend Lease would have submitted such a high bid to edge out Capitaland.


(SINGAPORE) Australian developer Lend Lease beat five other offers with its top bid of $748.9 million for a 1.9-hectare mixed-use site in the Jurong Lake district.

Its bid works out to $650 per square foot per plot ratio (psf ppr) - more than twice the minimum price asked for when the tender for the site was launched two months ago.

Lend Lease, which owns the 313@somerset and Parkway Parade shopping malls here, is expected to build a retail mall on most of the site.

The developer edged out CapitaLand's retail unit CapitaMalls Asia, which made the second-highest offer of $728.8 million or $632 psf ppr. Lend Lease's bid is just 3 per cent higher.

The other bids came from a consortium made up of Far East Organization, Frasers Centrepoint and Japan's Sekisui House; another consortium comprising Keppel Land, Guthrie International and Max Platinum; Sim Lian Land; and China's Qingdao Construction.

shauntanzs
12-09-13, 14:11
They should have done a 500mil FCL style bid lol :D

Ringo33
12-09-13, 14:33
They should have done a 500mil FCL style bid lol :D

The sole reason for the huge gap is because other big mall operators did not participating in the bid and that is something on one will know till after the closing.