GLS - Geylang East Avenue 1

[Ringo33]

Big developers got outbid again?

http://imagizer.imageshack.us/v2/800x600q90/812/cmaa.jpg

[Arcachon]

http://www.ura.gov.sg/uol/land-sales-repository/sites-closed/~/media/User%20Defined/URA%20Online/land-sales/Sites/glnge/images/glnge-locmap.ashx

http://www.ura.gov.sg/uol/land-sales-repository/sites-closed/~/media/User%20Defined/URA%20Online/land-sales/Sites/glnge/images/glnge-aerialview.ashx

PARTICULARS OF LAND PARCEL
Location Geylang East Avenue 1
Site Area 6,238.1 m2
Lease Period 99 years
Allowable Development Residential
Permissible Gross Floor Area 17,467 m2
Maximum Building Height 64 m AMSL +
Project Completion Period ++ 60 months
+ AMSL means Above Mean Sea Level.
++ Computed from the date of acceptance of the tender by the Authority up to date of issue of Temporary Occupation Permit for the whole of the proposed development.

http://www.ura.gov.sg/uol/land-sales-repository/sites-closed/geylang-east-av1-ma.aspx

[Arcachon]

https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-prn2/t31/1519672_670782762974098_1826620530_o.jpg

https://www.facebook.com/photo.php?fbid=670782762974098&set=a.406058532779857.108964.369278666457844&type=1&theater

[princess_morbucks]

http://www.straitstimes.com/breaking-news/money/story/stiff-competition-plum-residential-site-near-aljunied-mrt-20140123

A small residential site at Geylang East Avenue 1 fetched an unexpectedly high top bid of $145.9 million out of a whopping 16 offers lodged.
The top bid for the 99-year leasehold plot was put in by SL (Serangoon) which is a unit of property developer Sustained Land.
That price for the sq ft site works out to about $776 per square foot (psf) per plot ratio, which was way above market expectations of up to $650 psf.
The land parcel was put on the Government Land Sales reserve list in May last year and was triggered for sale in December, after an unnamed developer promised to bid at least $95 million for the 67,146 sq ft land parcel.

[Arcachon]

http://www.ura.gov.sg/circulars/text/dchbr/generalconsideration-dchbr.pdf

[Ringo33]

$1400psf, MM should be worth around $1700psf.

Location is good, but the surrounding in that area is bad.


A SMALLISH plot at Geylang East Avenue 1 has drawn keen interest - 16 developers bid - and reeled in a top bid of $145.9 million, or $775.96 per square foot per plot ratio (psf ppr) from Sustained Land's SL (Serangoon).
This is the second highest number of bids that a government land sales (GLS) tender has attracted to date in the GLS programme for 2013, noted Nicholas Mak, executive director at SLP International.
The tender for the condominium site at Faber Walk in Clementi, which closed in June last year, drew 18 bids.
"The high number of bids is partly due to many developers becoming more selective of the development sites they would acquire. These developers prefer well-located sites that are relatively small, preferably not exceeding 500 units per site," he said.
Another factor could be that there aren't many attractive sites in the H1 2014 GLS programme's confirmed list, said Orange Tee's head of research and consultancy, Christine Li, noting that a significant number of large developers participated in the tender.
"Other than the Prince Charles Crescent parcel, this is one prime site that is located just a stone's throw away from Aljunied MRT station and is near Paya Lebar Central, a new growth area and future regional centre."
The reserve list site, which measures about 67,146 sq ft with a permissible gross floor area of about 188,013 sq ft, was triggered when a developer committed to bid at least $95 million for the parcel. Located opposite Geylang East Public Library, the site is expected to yield about 215 units.
The second highest bid, put up by Tannery Holdings and Sekisui House, was $142.8 million, or $759.40 psf ppr. Other large developers that took part included City Development's unit Verwood Holdings and TID Residential which put up a joint bid of $138 million ($733.99 psf ppr) and Frasers Centrepoint's unit FCL Place with a bid of $132.2 million, or $703.04 psf ppr.
The lowest bid was put up by Alliance Homes, at $104.4 million, or $555.01 psf ppr.
Ms Li surmised that the breakeven price for the site could be around $1,300, and that the project could start selling at around $1,420 psf.
Mr Mak estimates the developer's breakeven price to be in the range of $1,230 to $1,300 psf, resulting in a future launch price of over $1,400 psf.
"It is a rather optimistic price for a 99-year leasehold condominium in this location as the recent transacted prices of freehold developments in this location ranged from $1,300 to $1,400 psf," he said.
"This land tender result indicates that despite recent signs of softening prices and demand in the residential property market, some developers are still very bullish in their bid to acquire well-located residential sites.
"The future development is likely to face direct competition from another GLS condominium site at Sims Drive/Aljunied Road whose tender will close on April 29. The Sims Drive site could potentially add a huge supply of about 900 housing units into the area."

[phantom_opera]

very aggressive bids given sour market sentiment right now

[lionhill]

$1400psf, MM should be worth around $1700psf.

Location is good, but the surrounding in that area is bad.
yes, quite near to city.

But I once bought a piece of mouldy cake from an HDB shop there. This impressed me a lot.

[kane]

and it is right next to the mrt track...

[DC33_2008]

Yup! Nois......y . Lots of foreign imports of all types. :D
and it is right next to the mrt track...

[iridrium]

very aggressive bids given sour market sentiment right now

16 bidders!!! Who says market is down?

[clemdale24]

16 bidders!!! Who says market is down?

freehold or leasehold?

[Ringo33]

Big developers will come back with vengeance. They will need land eventually

[kane]

is the second highest bidder from Far East?

[iridrium]

is the second highest bidder from Far East?

yeah. It is Far East, they always partner sesuki.

[clemdale24]

For an average price of 1400-1500psf, i think eight riversuites in boonkeng is way better then. cheaper, and its not geylang.