View Full Version : 12 bids for EC site in Westwood Ave
princess_morbucks
07-01-14, 16:27
http://www.businesstimes.com.sg/breaking-news/singapore/12-bids-westwood-ave-ec-site-20140107
A 99-YEAR leasehold site for executive condominium (EC) housing at Westwood Avenue in Jurong West area has drawn 12 bids. The top bid of S$381.81 per square foot per plot (psf ppr) ratio came from a tie-up between Changi Properties Pte Ltd, a unit of Koh Brothers, and Heeton Homes.
ECs are a public-private housing hybrid with initial buyer eligibility and resale restrictions which are completely lifted 10 years after the completion of an EC project.
Top 2 bid very close...0.45% diff only.
not sure got kelong
http://img23.imageshack.us/img23/6876/hdph.jpg
Look like selling price will be about $850psf...never drop lar!
CDL starting to show keen interest in Jurong property..unfortunately missed out by 900k.
Looks like 2014 will be a year of cooling measures directly targeted for developers.
To protect the developers just like the CMs on ABSD is to discourage foreigners and PRs from buying at obscene price such as $1700 psf in Jurong so as to protect them? :scared-5:
Looks like 2014 will be a year of cooling measures directly targeted for developers.
Developers are v hungry for land, I tink either they have sold too much condo in the last 5 years or they have make too much $ , or both..... Or is it something we don't know, probably EC has the support of the hdb upgraders... it doesn't matter resale price up or down.
jialat liao. so far still no proj to break ringo shu shu JG de record :(
jialat liao. so far still no proj to break ringo shu shu JG de record :(
So now you are expecting EC price located Jalan Bahar to cost more than J Gateway??
Can anyone here get more amateur than this? jia sai lah .
Developers are v hungry for land, I tink either they have sold too much condo in the last 5 years or they have make too much $ , or both..... Or is it something we don't know, probably EC has the support of the hdb upgraders... it doesn't matter resale price up or down.
Applicant are mostly 1st timer or HDB upgrader, so they are not affected by ABSD. First timer also get government grant, which help buyers in their down payment. So for developer there is already some guaranteed demand.
By the time this project is available for sale, I think JRL would have already been announced.
Applicant are mostly 1st timer or HDB upgrader, so they are not affected by ABSD. First timer also get government grant, which help buyers in their down payment. So for developer there is already some guaranteed demand.
By the time this project is available for sale, I think JRL would have already been announced.
Wat is JRL?
Wat is JRL?
Jurong Region Line
princess_morbucks
08-01-14, 08:49
Strong participation rate of 12 bidders explained.
The first tender closing for an Executive Condominium (EC) site, after the introduction of new measures for EC developments, continued to draw overwhelming responses with 12 bids.
The measures, which are in effect after 10 December 2013, include a cap of the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions for EC units bought directly from property developers at 30% of a borrower’s gross monthly income and the imposition of a resale levy for second-time applicants, according to Colliers International.
Colliers assessed that the highest bid at $198.9 million submitted for the site located on Westwood Avenue is bullish by market expectations. The top bid was by a consortium of Changi Properties Pte Ltd and Heeton Homes Pte Ltd, reflecting S$382 per sq ft per plot ratio (psf ppr), which is 0.5% and 10% above the second and third highest bids, respectively.
Ms Chia Siew Chuin, Director of Research & Advisory at Colliers International, explained that the strong participation rate, as well as the close competition among the top bids, signifies that developers still believe that the EC market is undersupplied, notwithstanding the recent change in the MSR policy.
Although the Government has imposed a maximum size guideline of 160 sq m for ECs, there is no restriction on how small these units could possibly be when developed. Given the bullish top bid of S$382 psf ppr, it would not be unreasonable to expect that the developer would include a significant proportion of smaller-than-average-family-size units in a new development on the subject site to improve the price affordability of the units.
Colliers International also noted that demand could come from eligible buyers who also work in the nearby Nanyang Technological University and the industries in the Jurong West/Tuas areas, as well as upgrader demand from the HDB estates in Jurong West.
At a land price of S$382 ppr psf, the estimated break-even cost could range from S$650-720 per sq ft. From July to December 2013, the median price of units selling at the adjacent The Floravale is S$724 per sq ft. Hence, when units at this project are ready for launch, the selling price could start from S$800 per sq ft, said Colliers International.
- See more at: http://sbr.com.sg/residential-property/news/see-why-westwood-avenue-land-parcel-attracted-overwhelming-response?utm_source=twitterfeed&utm_medium=twitter#sthash.Pn768pHL.dpuf
too small don't buy lor. then the developer will know they cannot sell if the make it too small.
considering cov are dropping, it will affect hdb upgraders... wonder why developers are still bullish in this segment. maybe there are more 1st timers den upgraders
COV drop 8k-10k, wont affect much la. Anyway, land bank is what developer is concerning. if not when govt remove CMs, they got nothing to sell...:)
besides, you are talking about Jurong, land of pollution and land of heavy industry and land of Chemical......lastly, land of GOLD. :p That's why they are so bullish, not many land parcel available for PCs...look at who are those developer would give u a hint on the success of this project.:2cents:
considering cov are dropping, it will affect hdb upgraders... wonder why developers are still bullish in this segment. maybe there are more 1st timers den upgraders
what I really dont understand is when everyone knows 2014 - 2015 there will be price correction right?
How come developer still bid so high for land prices?
I am sure they are just as worried about ABSD and TDSR right? then how come they still anyhow bid high high? I really cant figure out why
what I really dont understand is when everyone knows 2014 - 2015 there will be price correction right?
How come developer still bid so high for land prices?
I am sure they are just as worried about ABSD and TDSR right? then how come they still anyhow bid high high? I really cant figure out why
The financial restriction is to buyers only.. If the government want to be effective.. Just place a restriction on the loan for developer.. Buyer are enjoying low interest rate, so are developers. So for developers it is worth taking the loan and buy more land...
what I really dont understand is when everyone knows 2014 - 2015 there will be price correction right?
How come developer still bid so high for land prices?
I am sure they are just as worried about ABSD and TDSR right? then how come they still anyhow bid high high? I really cant figure out why
becos these developers hv no more land banks. if they dun bid, the coy is juz an empty shell. so they rather bid high earn lesser den totally nothing to earn.
No, you got it wrong. It is not about the loan only, it is about being able to sell papers for money!
See, the developers just need to pay for the land and nothing else after that, because the rest of the money is courtesy of buyers! They are just like selling COEs before even a pillar has been nailed into the empty land ground! :doh:
Want to cool property prices? Easy lah! Govt can legislate that the developers must complete the construction of all properties first before they can start selling! You see whether this will be effective cooling measure or not? I am sure it will be very very effective, in fact, super effective to cool super high land bid price! :cheers1:
The financial restriction is to buyers only.. If the government want to be effective.. Just place a restriction on the loan for developer.. Buyer are enjoying low interest rate, so are developers. So for developers it is worth taking the loan and buy more land...
No, you got it wrong. It is not about the loan only, it is about being able to sell papers for money!
See, the developers just need to pay for the land and nothing else after that, because the rest of the money is courtesy of buyers! They are just like selling COEs before even a pillar has been nailed into the empty land ground! :doh:
Want to cool property prices? Easy lah! Govt can legislate that the developers must complete the construction of all properties first before they can start selling! You see whether this will be effective cooling measure or not? I am sure it will be very very effective, in fact, super effective to cool super high land bid price! :cheers1:
http://www.assb.gov.sg/docs/attachments/Accompanying_Note_to_INT_SB-FRS_115.pdf
No, you got it wrong. It is not about the loan only, it is about being able to sell papers for money!
See, the developers just need to pay for the land and nothing else after that, because the rest of the money is courtesy of buyers! They are just like selling COEs before even a pillar has been nailed into the empty land ground! :doh:
Want to cool property prices? Easy lah! Govt can legislate that the developers must complete the construction of all properties first before they can start selling! You see whether this will be effective cooling measure or not? I am sure it will be very very effective, in fact, super effective to cool super high land bid price! :cheers1:
you mean you buy land, you dont need to engage architect and engineers to come up with the designs and building plans for submission to BCA for approval before construction. Developers doest need to engage marketing agents for their launch?
All these FOC meh?
Are you not aware of the new measures targeted at developers?
Developers of future EC sale sites from the Government Land Sales programme will only be allowed to launch units for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.
Reply to your comments:
1) Other than the land costs, the rest of $$$ already collected/recovered upfront from the 20% downpayments after selling a piece of paper called S&P (not physical property)! :simmering:
2) That is only for ECs, but there are so many GLS land sold by govt for building private condos, why don't have similar rules hah? Means govt don't care about high land price? They only interested in taxing using ABSD and SSD? :scared-5:
you mean you buy land, you dont need to engage architect and engineers to come up with the designs and building plans for submission to BCA for approval before construction. Developers doest need to engage marketing agents for their launch?
All these FOC meh?
Are you not aware of the new measures targeted at developers?
princess_morbucks
11-01-14, 09:12
From today's Straits Times :
Reply to your comments:
1) Other than the land costs, the rest of $$$ already collected/recovered upfront from the 20% downpayments after selling a piece of paper called S&P (not physical property)! :simmering:
2) That is only for ECs, but there are so many GLS land sold by govt for building private condos, why don't have similar rules hah? Means govt don't care about high land price? They only interested in taxing using ABSD and SSD? :scared-5:
How the hell is developer suppose to launch their property with only the bare land? And if you dont get BCA approval on your finalized design building plan, how are you supposed to launch the property?
EC is EC, why bother to compare it with PC? Another one of your dumb Paterson Residence Vs. Jurong condo? :doh:
This only goes to show what a amateur you are, still got cheek to talk big and make fun of foreign workers...
From today's Straits Times :
This ST editor must be reading this thread. :)
http://forums.condosingapore.com/showthread.php?t=19237
This ST editor must be reading this thread. :)
http://forums.condosingapore.com/showthread.php?t=19237
It is not surprise that KBW may be reading all the materials in this thread as well:expert:
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