View Full Version : Yishun ctrl Mixed development at $1076 psf ppr!!!
1
North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust)
$1,428,880,000
2
Far East Civil Engineering (Pte.) Limited, Far East Orchard Limited & Sekisui House, Ltd.
$969,333,333
3
Zenlead Investments Pte. Ltd. & Zenmost Developments Pte. Ltd.
$930,000,000
4
Sim Lian (Focus) Pte Ltd & Sim Lian (Brilliant) Pte Ltd
$875,000,000
5
Yorkshire Investments (1) Pte. Ltd. and Yorkshire Trustee Pte. Ltd. (in its capacity as trustee of Yorkshire Mall Trust)
$704,500,000
Do expect unit price from $1600psf up.
WTF first bid higher than 2nd bid by 47%!!
They must be whacking their heads now.
But good news to all yishun home owners :cheers1:
walkthetiger
05-09-13, 18:07
Do expect unit price from $1600psf up.
Confident and aggressive...all the best to them..
Wad drey F!!!!! I SCREAM ICE SEE CREAMMMM!!!!
WTF first bid higher than 2nd bid by 47%!!
They must be whacking their heads now.
But good news to all yishun home owners :cheers1:
Due to northpoint, FC die die must get it.
Cheers :cheers1:
Due to northpoint, FC die die must get it.
Cheers :cheers1:
Sky Habitat owners also cheer....they may not feel so bad now LOL
mixed development, so it's hard to compute residential component. maybe 3br likely 1000sf, at eg 1300psf is 1.3mil.
Hi it stated commerical and residental. Residental is condo or hdb or EC?
Hi it stated commerical and residental. Residental is condo or hdb or EC?
condo lah .:doh:
condo lah .:doh:
Clementi central on top shopping mall is hdb flat. I just wonder.
Clementi central on top shopping mall is hdb flat. I just wonder.
For Clementi mall, only the commercial (look for commercial only)had been put on tender while the residential portion was not put on tender in this way. Same like BTO & DBSS previously.
http://www.hdb.gov.sg/fi10/fi10330p.nsf/w/LandDevMangSitesSold?OpenDocument
EC is totally out also. :)
mixed development, so it's hard to compute residential component. maybe 3br likely 1000sf, at eg 1300psf is 1.3mil.
You can use Hillion Res, Bedok Res, Punggol Watertown, their max GFA allocation for Res & Commercial etc, land price & selling price (assuming developers' margin the same).
Nine Res / 9 Junction @ Yishun ave 9, another mixed development will be selling residential @ $1400psf. Land price $794
With land price of $1076, most likely $1600 psf up.
Yishun condo cannot be selling more than 1500 psf la, this will make our guardians jump!:scared-1::scared-1: The cooling measures are not working......:doh::doh: Can they don't award to the highest bidder but give to the lowest bidder??
Is about time, yishun HUAT AH!!!!:cheers5::cheers5:
The effect of condo delink from hdb.
Condo is now the only appreciating asset.
Quoted from BT today, wayang siah
Said Chip Eng Seng's spokesman: "Hopefully, we will be able to sell the residential units at below $1,000 psf on average, assuming current market conditions prevail."
In crafting its bid, the group was "of course more sensitive about residential selling prices (following the recent cooling measures)", he added.
For the ave9 plot
huat ahh sky is the limit:2cents:
this takes the meaning of astronomical prices to a whole new level... wth.
phantom_opera
05-09-13, 22:57
Kelong??
UNITS linked to Frasers Centrepoint Ltd have emerged as the top bidder for a mixed-use commercial and residential plot at Yishun Central, putting in a bid that far surpassed consultants' expectations.
North Gem Development and FC North Gem Trustee (Trustee-Manager of North Gem Trust) bidded $1.4 billion for the site with a gross floor area of 1.33 million square feet, which works out to about $1,077 per square foot per plot ratio - based on a plot ratio of 3.
This is some 47 per cent above the second highest bid put in by a consortium involving Far East Civil Engineering, Far East Orchard Limited and Sekisui House.
In total, five bids were made for the site, which sits above the future Yishun bus interchange and is next to Yishun MRT station.
$$$ makes $$$ those who got a LOT of $$$ will make a lot of $$$ this applies to developers/people/countries etc etc:cool:
Kelong??
UNITS linked to Frasers Centrepoint Ltd have emerged as the top bidder for a mixed-use commercial and residential plot at Yishun Central, putting in a bid that far surpassed consultants' expectations.
North Gem Development and FC North Gem Trustee (Trustee-Manager of North Gem Trust) bidded $1.4 billion for the site with a gross floor area of 1.33 million square feet, which works out to about $1,077 per square foot per plot ratio - based on a plot ratio of 3.
This is some 47 per cent above the second highest bid put in by a consortium involving Far East Civil Engineering, Far East Orchard Limited and Sekisui House.
In total, five bids were made for the site, which sits above the future Yishun bus interchange and is next to Yishun MRT station.
maybe they know something WE dont:cool:
why kelong if they overbidded by so much?
surely if there was something, there will be a few upsized bids rather than just one?
47% higher? I will sack the guy who put up the bid. Lol
Pikachu1245
05-09-13, 23:21
My guess of 888psf being a lucky number and will get the bid and develop the land seems partially true as there is a 888 in the number of the highest bidder.
Pro 888 your number 888 is also lucky lol
1
North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust)
$1,428,880,000
2
Far East Civil Engineering (Pte.) Limited, Far East Orchard Limited & Sekisui House, Ltd.
$969,333,333
3
Zenlead Investments Pte. Ltd. & Zenmost Developments Pte. Ltd.
$930,000,000
4
Sim Lian (Focus) Pte Ltd & Sim Lian (Brilliant) Pte Ltd
$875,000,000
5
Yorkshire Investments (1) Pte. Ltd. and Yorkshire Trustee Pte. Ltd. (in its capacity as trustee of Yorkshire Mall Trust)
$704,500,000
surely if there was something, there will be a few upsized bids rather than just one?
true we will know the truth the whole truth and nothing but the truth in 10 years time if there REALLY is something:rolleyes:
Do expect unit price from $1600psf up.
at 500 sqft size, lol.
why kelong if they overbidded by so much?
They may got internal info that buyer stamp duty is going to reduce...
They may got internal info that buyer stamp duty is going to reduce...
Now property transactions is too few not making much money from stamp duty. Govt might lower stamp duty abit so to increase transaction.
if they reduce absd, this market could spike big time.
In a statement, ERA's key executive officer, Eugene Lim, said: "It is possible that the top bidder had expected keen competition for this site (so) they decided to put in such a high bid."
He added: "The breakeven is estimated to be just below S$1,500 psf, and they may have to sell around S$1,600 to S$1,800 psf to account for profit."
Christopher Tang, CEO of Frasers Centrepoint Commercial, said in a statement that the company plans to develop a "12-storey integrated complex comprising 900 residential units sitting on top of a retail mall, bus interchange and community club".
He added that the top bid also "demonstrates our confidence in the suburban mall sector, and is in line with our strategy to strengthen our foothold in the Yishun area".
Next revision on DC rates will see huge jump in commercial & Residential for sector 115. Not forgetting WRC & TSL impact.
proud owner
06-09-13, 00:35
In a statement, ERA's key executive officer, Eugene Lim, said: "It is possible that the top bidder had expected keen competition for this site (so) they decided to put in such a high bid."
He added: "The breakeven is estimated to be just below S$1,500 psf, and they may have to sell around S$1,600 to S$1,800 psf to account for profit."
Christopher Tang, CEO of Frasers Centrepoint Commercial, said in a statement that the company plans to develop a "12-storey integrated complex comprising 900 residential units sitting on top of a retail mall, bus interchange and community club".
He added that the top bid also "demonstrates our confidence in the suburban mall sector, and is in line with our strategy to strengthen our foothold in the Yishun area".
hahah to me they just demonstrated their lack of knowledge of their competitors ...
bakasa2002
06-09-13, 00:46
hahah to me they just demonstrated their lack of knowledge of their competitors ...
can't help agree w u ... heads gonna roll, esp with their new thai bosses eagerly watching them ...
Crazy bid...
You can be crazy when you have the money...
I think I am right on the lowest bid.. we should take average bid prices. Drop the highest and lowest bid and the average of the rest should be a fair bid.
No $1700 psf no sell.. I think this is going to be hot. Yishun with lots of potential with all the flats. They can recover their cost easily.
Developer might lower psf for residential and raise psf for commercial to squeeze the profit out. If developer holds on to the commercial to rent out, rentals will be adjusted upwards accordingly. Residents will eventually have to pay more for goods and services when they shop there.
hahah to me they just demonstrated their lack of knowledge of their competitors ...
if i recall correctly, they don't have much land bank remaining, maybe that swayed their judgement.
i have never seen far east getting out bidded by that kind of margin. usually when they gp in, they go big, but Fraser just kicked the ball out of the park.
Yishun condo cannot be selling more than 1500 psf la, this will make our guardians jump!:scared-1::scared-1: The cooling measures are not working......:doh::doh: Can they don't award to the highest bidder but give to the lowest bidder??
can, but they r not willing to do so.
zheng hu oso 钱不够用 :D
can't help agree w u ... heads gonna roll, esp with their new thai bosses eagerly watching them ...
Nobody's head will roll. Kun Charoen's working style is very hands-on and I will not be surprise if he is the one who raised the recommended bid price to make sure he will win.
This parcel of land is a definite must buy for them as they already have Northpoint there, there will be economy of scale if they are able to integrate both development. Just imagine what will be the impact if the parcel is won by Far East? They will definitely try to divert traffic away from Northpoint. Double whammy for Fraser. Look at Guthrie's bid on Jurong West and how they managed to integrate two developments and how successful it is. Hopefully Yishun will be the same.
So i will say this is a defensive yet aggressive bid. If you look at Fraser's last bid at Cecil street, they are equally aggressive at the bid.
Whether it is a smart or stupid move, only time will tell.
红狮招标得非常有意义顺顺利利, 发发发
红狮知道,义顺是金色的土地,靠近乌节路。。。
未来有非常光明的发展。。。。Chiak Beh Liao.
47% higher? I will sack the guy who put up the bid. Lol
may be second bidder kana question by mangement why estimate so low, don't you know Yishun Ai Huat Liao, Golden Land why you loose to top bidder almost 50%, You Know We Are FEO, how can loose so much, malu, 去吃西风啦.
Nobody's head will roll. Kun Charoen's working style is very hands-on and I will not be surprise if he is the one who raised the recommended bid price to make sure he will win.
This parcel of land is a definite must buy for them as they already have Northpoint there, there will be economy of scale if they are able to integrate both development. Just imagine what will be the impact if the parcel is won by Far East? They will definitely try to divert traffic away from Northpoint. Double whammy for Fraser. Look at Guthrie's bid on Jurong West and how they managed to integrate two developments and how successful it is. Hopefully Yishun will be the same.
So i will say this is a defensive yet aggressive bid. If you look at Fraser's last bid at Cecil street, they are equally aggressive at the bid.
Whether it is a smart or stupid move, only time will tell.
Agree. Billionaire got lots of money and always act alone. FC has broken away from collaboration with FEO & Sekisui (Watertown, eCO bedok, Q Bay etc). How much Peter Lim paid for Thomson Medical compared to the last done price???
My wild guess, there will be medical suites at the commercial area. Supporting KTP hospital. Future MRT is coming to NS12 and more Hdbs will be built. Maybe the temporary BuS interchange is a hidden treasure. Really Stunning.
may be second bidder kana question by mangement why estimate so low, don't you know Yishun Ai Huat Liao, Golden Land why you loose to top bidder almost 50%, You Know We Are FEO, how can loose so much, malu, 去吃西风啦.
:cheers1: Maybe heads will roll at FEO instead. hahaha
:cheers1: Maybe heads will roll at FEO instead. hahaha
Speculation:
Current management no longer keen to stay, i.e. do one spectacular stunt before exit.
Or maybe already told to leave by Thai tycoon who might put in his own people...... so quickly pull this fantastic and memorable deal so that government will say *Clap Clap*, "Thanks for the good price! We are happy to sell to you."
But if you ask me the real deal? I think this tycoon is damn smart.
He wants to pull traffic into the north with 2 two mega malls, i.e. Causeway Point, Northpoint.
AMK Hub - CMI
NEX too small
Junction 8 too small
Toa Payoh - nothing
Orchard Road too expensive.
Toa Payoh and northwards will have traffic pulled towards these two mega FC malls.
The timing of completion will coincide with the Woodlands, Sembawang, Admiralty revamp plan.
Sim Lian's Bukit Panjang integrated development will pale in comparison to this and crowd might even be pull into the north to shop, play.
From OSK DMG
Scoop of the Day: FNN Properties won a HDB land sales at Yishun yesterday,
with a winning bid of $1.43bn (implied $1,078psf) or 48% higher than the next
highest bidder (Far East at $731psf) out of total of 5 bidders. It is also 36% higher
than previous mix-use tender at Yishun Ring Rd site won by CEL Property
($794psf in Jan-13, yet to launch). We strongly suspect the low number of
bidders is driven by specifics of this site as it mandates a combination of
Residential and Retail, plus a community centre and a Bus Interchange. The
aggressive bidding by FNN is understandable as plot is adjacent to NorthPoint
(cap value $2,415psf based on gross rental of $16.6psf) which has one of the
highest average retail traffic count at 3.4mil per month. The ASP for residential is
likely to be high at $1,800psf, but good plot location beside Yishun MRT should
ensure good subscription in our view.
From FC
"The average monthly footfall in FY2011 @ Northpoint was about 3.2 million per month, the highest in FCT’s portfolio"
This is more than Compass point, Causeway Point, Centrepoint etc.
With Yishun population increasing another 40% in the next few years & Thai billionaire takeover of FNN, thus the aggressive price tag.
Maybe (only maybe) because FC has left FEO & Sekisui, so they were weak in their bidding.
From FC
"The average monthly footfall in FY2011 @ Northpoint was about 3.2 million per month, the highest in FCT’s portfolio"
This is more than Compass point, Causeway Point, Centrepoint etc.
With Yishun population increasing another 40% in the next few years & Thai billionaire takeover of FNN, thus the aggressive price tag.
Maybe (only maybe) because FC has left FEO & Sekisui, so they were weak in their bidding.
Another comparing
Vivocity footfall (2010) ~ 43.6 million
Northpoint (2011) ~ 38.4 million, will increase to 55 million in few years time (ah ga ah ga nia)
Another comparing
Vivocity footfall (2010) ~ 43.6 million
Northpoint (2011) ~ 38.4 million, will increase to 55 million in few years time (ah ga ah ga nia)
It is about human traffic movement.
Same like Jurong point. Ppl out of mrt have to pass thru mall before hopping onto bus. Going thru few rounds of expansion to attain 43.2 m footfall in 2011.
How big is northpont compared to Jurong point? Room of expansion.
Compass point - Ppl out of mrt, go straight up to LRT. Taping out & in later cost $$$. Also troublesome. Bus interchange at one side, shopping at the other side.
Bus-stop outside Yishun mrt, not many buses, wait very long. Only serve a fraction of Yishun (chong pang) residents.
Bus-stop outside Ang Mo Kio mrt, with many buses high freq. Serve about a third of AMK residents.
The road for sure will get more congested and garment will make more money throughout ERP. :D
Same for Causeway pt which doesn't enjoy the high footfall. Bus interchange directly below mrt. Bypass shopping. :D
Another underpass will be built that will link directly from mrt to future hub. What will happen to northpoint if yishun hub goes to other ppl hands?? :D
The road for sure will get more congested and garment will make more money throughout ERP. :D
Yishun will be one of the beneficiaries of the North-South Expressway. Don't pray-pray. From Yishun to the City in 30 minutes according to the LTA's projections:
http://www.lta.gov.sg/content/ltaweb/en/roads-and-motoring/projects/north-south-expressway-nse.html
But pay through the nose and still get jam. :o
Yishun will be one of the beneficiaries of the North-South Expressway. Don't pray-pray. From Yishun to the City in 30 minutes according to the LTA's projections:
http://www.lta.gov.sg/content/ltaweb/en/roads-and-motoring/projects/north-south-expressway-nse.html
But pay through the nose and still get jam. :o
Speculated Scenario: Again emphasized speculated......
F developer: Bro, north side infrastructure CMI lah..........
G.o.d. : No money leh, most of the land sales from CCR go to improve CCR infrastructure leh.
F: No lah, you cannot like that lah..... not fair to the north people you know.....
G.o.d. : I also know, but north people poor leh. I build also cannot take back money.
F: Wah lau, north people also your people, do something leh. The north people pay the most for ERP through CTE everyday leh. I got two big malls in the north leh, everytime see rental hike up in CCR, I also upset leh.... I can't pay proper dividends to my shareholders leh.
G.od.: Don't BS me lah, you got the most footfall in the current mall leh.
F: Aiyah, I'm businessman, where got enough but I tell you to improve the north infrastructure will also benefit you and me mah.....
G.o.d.: You are right, I have been quite an a**h**** Ok lah, tell you what..... I tear the whole Y***** interchange down. You bid super crazy price for this land then i got money to improve the whole darn place. I also worry that the next round of sacrificial offerings from the north won't be enough to keep my G.o.dly position. I need to secure more worshippers by improving the place and make them happy.
F: Bro, finally you are using your brain. I got your interests at heart.
G.o.d. Don't BS me lah, we got both interests at heart. You are a unscrupulous businessman, I'm a power-monger.
F: Yea, we should all go to hell together. *Shake Hands*
G.o.d: Gentleman agreement ah......until the tender results come out....
F: So much for transparency.....
G.o.d: Well, history and law are written by the victors and that includes me, the almighty. The rest are just collateral damage.
F: No comments, I just want my yield and money. I got a thousand face buddha in Thailand to answer too now as well. :scared-2:
HDB has awarded a mixed commercial and residential development site (pictured) at Yishun Avenue 2/Yishun Central 1 to Frasers Centrepoint, after the developer submitted a stunning bid of S$1.43 billion.
Frasers' top offer was about 50 percent higher than the second bid of S$969.3 million from Far East Civil Engineering, Far East Orchard and Sekisui House.
The 99-year leasehold site has a land area of 41,084.9 sq m and maximum gross floor area (GFA) of 123,254.7 sq m, with a plot ratio of 3.0.
The proposed mixed-use development is expected to generate 890 housing units and will be integrated with a bus interchange and community club.
It is about human traffic movement.
Same like Jurong point. Ppl out of mrt have to pass thru mall before hopping onto bus. Going thru few rounds of expansion to attain 43.2 m footfall in 2011.
How big is northpont compared to Jurong point? Room of expansion.
Compass point - Ppl out of mrt, go straight up to LRT. Taping out & in later cost $$$. Also troublesome. Bus interchange at one side, shopping at the other side.
Bus-stop outside Yishun mrt, not many buses, wait very long. Only serve a fraction of Yishun (chong pang) residents.
Bus-stop outside Ang Mo Kio mrt, with many buses high freq. Serve about a third of AMK residents.
If you ask anyone working in FMCG companies, they will tell you that Jurong point is one of their most important outlet in Singapore. When there is malls people will come. When you have 2 malls side by side + MRT and bus interchange? Thats a no brainer.
Maybe this will be interchange station like Bishan. Possible?
http://www.channelnewsasia.com/news/singapore/sembawang-to-have/838162.html
Site likely to be next to the Sembawang MRT Station. 3 to 4 hectares.
It could include integrating the sport complex with a park, a library and a hawker centre.
http://www.channelnewsasia.com/news/singapore/sembawang-to-have/838162.html
Site likely to be next to the Sembawang MRT Station. 3 to 4 hectares.
It could include integrating the sport complex with a park, a library and a hawker centre.
I'm glad they acknowledged that it's long overdue considering that the ward has been so supportive in terms of votes for the longest time.
Having said that, another 10 years wait isn't very short either......
checked out nine residences yesterday.. actually not expensive.
4BR is 900+ psf...
3BR is 1000+ psf.
i mean, compared to SM, or yishun hub, this is not exx. and depending on how you see it, there's the convenience of the shops just below. private lift for residents. and not too far from MRT.
let's say, 2 bus stop from MRT - 1000+ psf... and on top of northpoint - 1,600 psf. choose which one better?
anyway, not buying. but am surprised at the cheap price. and the loft units for #4 and #14 are really quite nice.
checked out nine residences yesterday.. actually not expensive.
4BR is 900+ psf...
3BR is 1000+ psf.
i mean, compared to SM, or yishun hub, this is not exx. and depending on how you see it, there's the convenience of the shops just below. private lift for residents. and not too far from MRT.
let's say, 2 bus stop from MRT - 1000+ psf... and on top of northpoint - 1,600 psf. choose which one better?
anyway, not buying. but am surprised at the cheap price. and the loft units for #4 and #14 are really quite nice.
Cheap price means it will not help much in pulling up price in Yishun.
will it be another hot project for oct ?:scared-1:
will it be another hot project for oct ?:scared-1:
Don't know if it is just me or the photo resolution is low but the ID looks cheap. Especially the kitchen and the wardrobe.:banghead:
will it be another hot project for oct ?:scared-1:
you din take picture of the loft for the 3BR? i tot that was quite nice.
Don't know if it is just me or the photo resolution is low but the ID looks cheap. Especially the kitchen and the wardrobe.:banghead:
The id material use is so so .:banghead:
let me do the updates
Residential - only 59 sold as of around 6pm
Cheapest Now:
1BR - $605k
2BR - $781k
2+S - $809k
3BR - $920k
4BR - $1.097mil
5BR - $1.214mil
Strata Terrace (Left 2) - $1.62mil
bakasa2002
12-10-13, 01:03
let me do the updates
Residential - only 59 sold as of around 6pm
Cheapest Now:
1BR - $605k
2BR - $781k
2+S - $809k
3BR - $920k
4BR - $1.097mil
5BR - $1.214mil
Strata Terrace (Left 2) - $1.62mil
Wow, sales is tepid hor ... even at these prices ...
bargain hunter
12-10-13, 13:45
as usual, u r our trustworthy resident agent. :)
let me do the updates
Residential - only 59 sold as of around 6pm
Cheapest Now:
1BR - $605k
2BR - $781k
2+S - $809k
3BR - $920k
4BR - $1.097mil
5BR - $1.214mil
Strata Terrace (Left 2) - $1.62mil
as usual, u r our trustworthy resident agent. :)
lol :ashamed1:
just happened to have info la.. been slacking for so long liao :p
maybe they didn't do enough marketing.
Agree but commercial units already 85% sold as of yesterday. Today maybe bo liao.
Supermarket & Foodcourt sold to 1 party, should be ntuc. Based on $3500 psf, it will cost around $50 mil.
but wrong thread for nine res. & J9. ;)
maybe they didn't do enough marketing.
Ya they should advertise in tv with mediacorp actor or actress. The SkyPark ec advertisement so interesting. Hahaha.
checked out nine residences yesterday.. actually not expensive.
4BR is 900+ psf...
3BR is 1000+ psf.
i mean, compared to SM, or yishun hub, this is not exx. and depending on how you see it, there's the convenience of the shops just below. private lift for residents. and not too far from MRT.
let's say, 2 bus stop from MRT - 1000+ psf... and on top of northpoint - 1,600 psf. choose which one better?
anyway, not buying. but am surprised at the cheap price. and the loft units for #4 and #14 are really quite nice.
Just visited the show room this afternoon. Personally, I find the price quite is very reasonable but no extra budget to buy another unit.
lol :ashamed1:
just happened to have info la.. been slacking for so long liao :p\
Hi ZeeWee, any idea on the sales for 9R & J9 ?
let me do the updates
Residential - only 59 sold as of around 6pm
Cheapest Now:
1BR - $605k
2BR - $781k
2+S - $809k
3BR - $920k
4BR - $1.097mil
5BR - $1.214mil
Strata Terrace (Left 2) - $1.62mil
Wow, bro ZeeWee, you are zhun! :cheers4:
60 units of Nine Residences sold
Chip Eng Seng also sells 124 strata retail units in Yishun mixed-development project
BYKALPANA RASHIWALA
[email protected]
BT 20131012 KRNINE12 793298
AT THE LAUNCH
Many of the retail units and even some of the residential units were balloted due to demand from more than one potential buyer
CHIP Eng Seng yesterday sold about 60 apartments in Nine Residences, the residential component of its 99-year leasehold Yishun mixed-development project. It priced the initial 100 units
at $1,070 per square foot on average. Nine Residences comprises 186 units.
The developer has also sold some 124 of the total 146 strata retail units in Junction Nine, which will occupy the first two levels of the 14-storey project about 750 metres from Yishun MRT Station. The 124 strata unit sales include more than 10 units that had been sold before yesterday's launch - inclusive of the 10,527 sq ft supermarket unit and a 4,209 sq ft unit approved for foodcourt use, both acquired by the same party.
As for the strata retail units that were sold yesterday, many had to be balloted due to demand from more than one party.
Garnering the highest level of interest was a 118-sq ft shop unit on the second level priced at $551,000 or about $4,670 psf. Fifty-two cheques were understood to have been submitted for its ballot.
Prices of the retail units range from $4,500 psf to $5,500 psf on the first level and $3,000-4,500 psf on the second level. Even some of the apartments had to be balloted.
Raymond Chia, group CEO of Chip Eng Seng, said: "Given the current cautious market conditions as well as the fact that there are many launches, we're happy to have achieved this result on the first day of sales."
"Following TDSR (total debt servicing ratio), we priced both the residential and retail components at around 10-15 per cent lower than our original expectation," he added.
Under the TDSR framework rolled out in late-June, financial institutions, when granting property loans to individuals, have to ensure that a borrower's monthly total debt repayments do not exceed 60 per cent of his gross monthly income.
Nine Residences comprises one to five-bedroom apartments as well as six duplex strata units. Four of the duplex units have been sold at $1.6-1.7 million. Each duplex unit has four bedrooms and a family area, with 1,905 sq ft strata area inclusive of void area due to a double-volume living room.
Absolute prices of apartments start from around $600,000 for a one-bedder of 495 sq ft. Three bedders - which range from 915-1,001 sq ft - are priced mostly at under $1 million. Chip Eng Seng is developing the mixed development on a site that it clinched at a state tender in January this year.
The property and construction group's winning bid of $794.44 per square foot per plot ratio was 9.5 per cent above the second highest offer. The tender drew 13 bids. By some market estimates, Chip Eng Seng's breakeven cost could be around $850 psf for the residential component and in the region of $2,500 psf for the retail.
"Following TDSR (total debt servicing ratio), we priced both the residential and retail components at around 10-15 per cent lower than our original expectation," he added.
The property and construction group's winning bid of $794.44 per square foot per plot ratio was 9.5 per cent above the second highest offer. The tender drew 13 bids. By some market estimates, Chip Eng Seng's breakeven cost could be around $850 psf for the residential component and in the region of $2,500 psf for the retail.
how much really is their margin planned to be before TDSR? lower 10-15% and still can make 200psf?
how much really is their margin planned to be before TDSR? lower 10-15% and still can make 200psf?
They can also reduce cost to keep their margins mah.
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