reporter2
04-03-14, 20:50
http://www.straitstimes.com/archive/saturday/premium/money/story/plum-site-near-orchard-rd-sale-20140301
Plum site near Orchard Rd for sale
Published on Mar 01, 2014
By Rachael Boon
A PLUM residential site in upscale Prince Charles Crescent, set to yield up to 655 homes, is being offered for sale to developers.
It is in a prime residential estate just a 10-minute drive to Orchard Road and near schools such as Crescent Girls' School and Gan Eng Seng School.
The Urban Redevelopment Authority (URA) said in a statement that this is "to provide developers and home buyers with more choices for private housing".
It is on the confirmed list of the Government Land Sales (GLS) sites for the first half of the year.
The 99-year leasehold site is 268,713 sq ft with a maximum permissible gross floor area of 564,308 sq ft.
SLP International research head Nicholas Mak expects six to 10 bids for the site, with a top bid of $928 to $980 per sq ft per plot ratio (psf ppr).
He said: "The more cautious developers may adjust their bids for this tender according to the high-end market condition expected in the near future.
"However, the competitive nature of the GLS tender system could still produce fairly high bids for this subject site."
He noted previous prices for four GLS sites near this parcel were between $754.38 psf ppr and $970.17 psf ppr, sold between the end of 2011 and December 2012. He added these sales took place before the introduction of the total debt servicing ratio (TDSR) framework last June.
He expects major developers with projects in the area to be interested, including Singapore Land and Wing Tai.
R'ST Research director Ong Kah Seng expects about five bids, with the top bid from $800 psf ppr to $900 psf ppr.
He said the top bid "will be quite realistic and could be slightly lower" than the Prince Charles site for The Crest project that was awarded in September 2012 at $960 psf ppr.
"Property-buying sentiment was higher then, without the implementation of cooling measures in January 2013 and the TDSR implemented in late June 2013.
"Most buyers of city-fringe private homes already own a residential property and so will be subject to additional buyer's stamp duty, and their TDSR limits can be exceeded if they obtain a large loan to finance their new property," said Mr Ong, adding that selling prices of the project are expected to be very attractive.
The tender for the site will close at noon on April 16.
[email protected]
Plum site near Orchard Rd for sale
Published on Mar 01, 2014
By Rachael Boon
A PLUM residential site in upscale Prince Charles Crescent, set to yield up to 655 homes, is being offered for sale to developers.
It is in a prime residential estate just a 10-minute drive to Orchard Road and near schools such as Crescent Girls' School and Gan Eng Seng School.
The Urban Redevelopment Authority (URA) said in a statement that this is "to provide developers and home buyers with more choices for private housing".
It is on the confirmed list of the Government Land Sales (GLS) sites for the first half of the year.
The 99-year leasehold site is 268,713 sq ft with a maximum permissible gross floor area of 564,308 sq ft.
SLP International research head Nicholas Mak expects six to 10 bids for the site, with a top bid of $928 to $980 per sq ft per plot ratio (psf ppr).
He said: "The more cautious developers may adjust their bids for this tender according to the high-end market condition expected in the near future.
"However, the competitive nature of the GLS tender system could still produce fairly high bids for this subject site."
He noted previous prices for four GLS sites near this parcel were between $754.38 psf ppr and $970.17 psf ppr, sold between the end of 2011 and December 2012. He added these sales took place before the introduction of the total debt servicing ratio (TDSR) framework last June.
He expects major developers with projects in the area to be interested, including Singapore Land and Wing Tai.
R'ST Research director Ong Kah Seng expects about five bids, with the top bid from $800 psf ppr to $900 psf ppr.
He said the top bid "will be quite realistic and could be slightly lower" than the Prince Charles site for The Crest project that was awarded in September 2012 at $960 psf ppr.
"Property-buying sentiment was higher then, without the implementation of cooling measures in January 2013 and the TDSR implemented in late June 2013.
"Most buyers of city-fringe private homes already own a residential property and so will be subject to additional buyer's stamp duty, and their TDSR limits can be exceeded if they obtain a large loan to finance their new property," said Mr Ong, adding that selling prices of the project are expected to be very attractive.
The tender for the site will close at noon on April 16.
[email protected]