URA launches tender for residential site at Prince Charles Crescent

[princess_morbucks]

http://www.businesstimes.com.sg/breaking-news/singapore/ura-launches-tender-residential-site-prince-charles-crescent-20140228

THE Urban Redevelopment Authority (URA) has launched a residential site at Prince Charles Crescent for sale by public tender today.
The land parcel, which can yield about 655 residential units, is launched for sale under the Confirmed List of the first half 2014 Government Land Sales (GLS) Programme.
The site is 24,964.3 square metres with a maximum gross floor area of 52,426 square metres. Its lease period is for 99 years.
The tender for the site will close at 12 noon on April 16, 2014.

[玉格格]

issit initiated by some developer?
cos I tink I heard vaguely :ashamed1: on the news a couple of days ago tat govt do not intend to sell any more land tis yr or something liddat?

[Ringo33]

issit initiated by some developer?
cos I tink I heard vaguely :ashamed1: on the news a couple of days ago tat govt do not intend to sell any more land tis yr or something liddat?

Wah Lao you don't know the diff between confirmed and reserved list?

[bargain hunter]

this site was slated for launch in feb. they already did all they could to delay till the last day hahahahahahahaha.

prince charles crescent, die die must sell site (= confirmed list), game on!

[玉格格]

this site was slated for launch in feb. they already did all they could to delay till the last day hahahahahahahaha.

prince charles crescent, die die must sell site (= confirmed list), game on!

if all developers "pakup" n bid low low, I see if govt jin jin will die die muz sell! :D

[onglai]

if all developers "pakup" n bid low low, I see if govt jin jin will die die muz sell! :D

can pakup oso can betray

[玉格格]

can pakup oso can betray

u can, but once u betray ppl, u will lose yr credibility.
the developers always pakup with one another (I assumed nia, not proven) to control the market one leh ... u tink they will wanna risk to lose their foothold?

[bargain hunter]

oh they have a base i think, last time was 200psf? but that was for some other location.

this site i dunno what they would deem "unacceptable".

anyway, there are now many foreign developers coming in. can't go very low also their bids.


if all developers "pakup" n bid low low, I see if govt jin jin will die die muz sell! :D

[玉格格]

oh they have a base i think, last time was 200psf? but that was for some other location.

this site i dunno what they would deem "unacceptable".

anyway, there are now many foreign developers coming in. can't go very low also their bids.

let's assume the last base was $200psf.
if all developers bid within the range of $100 - $150 psf, u feel govt will still be keen to sell? I highly doubt so ...

[bargain hunter]

that's what i meant and its exactly what happened. gahmen refused to sell when the highest bid was below 200psf.


let's assume the last base was $200psf.
if all developers bid within the range of $100 - $150 psf, u feel govt will still be keen to sell? I highly doubt so ...

[bargain hunter]

http://forums.condosingapore.com/showpost.php?p=16835&postcount=1

here it is.

[玉格格]

that's what i meant and its exactly what happened. gahmen refused to sell when the highest bid was below 200psf.

if bid too low, will gena reject, y when bid too high can gladly accept?
isn't the treatment lopsided?

liddat may as well they simply dictate their desired selling price n draw lots n see which developer get it lor.

save all the hassle of developers calculating n prices being bidded at astronomical new height ...

[玉格格]

http://forums.condosingapore.com/showpost.php?p=16835&postcount=1

here it is.

ok la, to be fair, this price is too far off. but hor, if the market price for a plot is $200psf now got 1 siao developer die die muz hv the land bidded $500psf oso will be awarded rite?

[bargain hunter]

they may use the cheapest plot of land before as reference. maybe metropolitan's land price?

$500psf i feel will be accepted.


ok la, to be fair, this price is too far off. but hor, if the market price for a plot is $200psf now got 1 siao developer die die muz hv the land bidded $500psf oso will be awarded rite?

[Kelonguni]

if bid too low, will gena reject, y when bid too high can gladly accept?
isn't the treatment lopsided?

liddat may as well they simply dictate their desired selling price n draw lots n see which developer get it lor.

save all the hassle of developers calculating n prices being bidded at astronomical new height ...

The logic is simple: bid too low if awarded is raiding national reserves. Bid higher and higher is contributing to national reserves.

Anyway, this is like COE. All projected and within target. Unlikely to have huge surprises.

[Ringo33]

if all developers "pakup" n bid low low, I see if govt jin jin will die die muz sell! :D

How is that even possible?

[玉格格]

The logic is simple: bid too low if awarded is raiding national reserves. Bid higher and higher is contributing to national reserves.


the conclusion is oso simple --> double std in practice. :tsk-tsk:



How is that even possible?

y not?
so many companies pakup the prices to monopolise the market!

[amk]

http://forums.condosingapore.com/showpost.php?p=16835&postcount=1

here it is.

very interesting :

Peak Green is understood to be linked to Kheng Leong, the privately-owned property group controlled by the family of banker Wee Cho Yaw.


the other industrial one rejected also his right ?

[Ringo33]

the conclusion is oso simple --> double std in practice. :tsk-tsk:




y not?
so many companies pakup the prices to monopolise the market!


You mean all will submit at the same price down to the last dollar and cents?
And what are developers going to gain from this when there can only be one winnerng bid.

[Ringo33]

A 99-year leasehold residential site at Prince Charles Crescent (Parcel B) has been put up for sale in a public tender by the government, with analysts saying that this will stoke healthy interest from many developers given its prime location.
The parcel, which is expected to yield some 655 residential units, is part of the confirmed list of the Government Land Sales (GLS) programme for the first half of this year.
The land parcel has a site area of 24,964 square metres with a permissible gross floor area of 52,426 sqm, the Urban Redevelopment Authority said yesterday.
It is located within an established residential estate and a 10-minute drive to Orchard Road and the city centre. Schools located within the vicinity include Crescent Girls' School and Gan Eng Seng School.
Since the tender is for the only site in the confirmed list that is located in the city fringe, it is expected to garner a healthy number of bids on its April 16 tender submission date. But developers are not likely to be aggressive in their bid prices, given concerns over recent softness in the residential market.
Desmond Sim, head of Singapore research at CBRE, said that he expects the land parcel to attract as many as 10 bids from major developers, including foreign players. Smaller developers may pool together via joint ventures to spread the risks and costs.
"Seasoned developers know that the market is feeling the pressure of unsold units and price correction, so they will factor all that in their price bidding," Mr Sim said. "They will definitely take reference from the adjacent site, Parcel A, which was sold at $960 per square foot per plot ratio (psf ppr) in 2010."
Mr Sim is pegging his estimate for the land bids for Prince Charles Crescent (Parcel B) at $900-1,000 per square foot (psf). He believes that developers may also take reference from Alex Residences at Alexandra Road that was sold to Singapore Land for $970 psf ppr in 2012.
Nicholas Mak, executive director for Research and Consultancy at SLP International Property Consultants, said that he expects the tender to attract "a fair amount of interest from developers" with six to 10 bids and the top bid to be in the range of $928-980 psf ppr.
"Due to the size of this project and the financial resources required for the development, this tender is likely to appeal to major developers, such as those who have developed projects in this location," he said. "These developers include City Developments, Hong Leong Holdings, Singapore Land, Wing Tai and Far East Organization. Some of these developers would also participate in this tender to protect their market share in this location."
The site enjoys proximity to the Central Business District while being nestled in a quiet neighbourhood, which Mr Mak believes will translate into healthy interest from investors as well as owner-occupiers, depending on the unit mix.
Sounding a more cautious note, Ong Kah Seng, director of R'ST Research, said that he believes interest from developers will be "moderate" and expects five bids with a top bid of $800-900 psf ppr - below the $960 psf ppr level achieved for Parcel A of Prince Charles Crescent.
Given the loans cap imposed by the total debt servicing ratio (TDSR) framework, developers will have to price their projects sensitively to attract buyers, he said. "Most buyers of city-fringe private homes already own a residential property, so they will be subjected to additional buyer's stamp duties and their TDSR limits can be exceeded if they obtain a large loan to finance their new property."
Units at Alex residences were sold at lower prices than its next-door project Echelon during their launch last November. Similarly, Parcel B of Prince Charles Crescent would have to compete for tenants with Wing Tai's The Crest condo project (Parcel A) just next door when both projects are completed, Mr Ong said. This will compel selling prices for the project on Parcel B and the top land bid to be "quite realistic

[bargain hunter]

wahaha, yes. r we discussing gahmen really has something against him or his opportunistic ultra low bids?


very interesting :

Peak Green is understood to be linked to Kheng Leong, the privately-owned property group controlled by the family of banker Wee Cho Yaw.


the other industrial one rejected also his right ?

[amk]

wahaha, yes. r we discussing gahmen really has something against him or his opportunistic ultra low bids?

U know I have respect for him. Seizing opportunity is the name of the game.
Now he wants to take sing land private, long expected move. Sing land had made some horribly wrong calculations in the land bids in the past few yrs. It still has the jevoise pj to clear, and the silly farrer drive odd lot yet to launch.
For this site, I think singland might have to defend its jevois site, just like CAPL defended its Bishan lot. Better privatize sing land now to avoid all the rules. Even the Indonesians have to agree with hm on this.