Triple GLS land closing 26 April 2018

[bargain hunter]

FEC consortium wins cuscaden road site at 2377.2psf. FSKH (Subsi of TA Corp) wins mattar road site at 1108.5psf and UOL/UIC is the ONLY bidder for Silat Avenue site at 1137.6psf ($1.0353b).

[bargain hunter]

https://www.businesstimes.com.sg/real-estate/top-bids-for-cuscaden-site-mattar-road-site-and-silat-avenue-come-in-at-s410m-s223m-and

SC Global Developments, FEC Properties and New World Development teamed up to table a bid of close to S$410 million for the prime residential site within the Orchard Road district along Cuscaden Road.

This bid, which translated to S$$2,377 per square foot per plot ratio (psf ppr), trumped eight other bidders for the site, whose tender closed on Thursday under the confirmed list in the Government Land Sales programme.

Two other sites closed at the same time under the batched tender closings announced by the Urban Redevelopment Authority.

The residential site in Mattar Road saw 10 bids, with a top bid of S$223 million or S$$1,109 psf ppr hailing from FSKH Development Pte Ltd, which is a consortium of Hock Lian Seng Holdings, Keong Hong Holdings and TA Corporation.

The residential site in Silat Avenue received only one bid - S$1.04 billion or S$1,138 psf ppr - from a consortium consisting of UOL, UIC and Kheng Leong Company.

[Khng8]

Any guess if the sole bid at Silat will be accepted? The last time it also happened to UOL at the Paya Lebar site and it was not awarded.

[bargain hunter]

Any guess if the sole bid at Silat will be accepted? The last time it also happened to UOL at the Paya Lebar site and it was not awarded.

UOL was also rejected many more years back for junction ten i think.

maybe gahmen take back the land and chop smaller then sell next time. haha. afterall, don't expect UOL to sell cheap just because they bought the land cheap. (they are selling amber 45 at 2300psf when they bought the land at < 1100psf)

[CCR]

Silat road will not rejected la... Doesn't mean one bid means it will be rejected, the price... The price is ok... Location so so only no mrt..

Did we forget it was not too long ago Guocoland bidded 1100 ppr

[bargain hunter]

Silat road will not rejected la... Doesn't mean one bid means it will be rejected, the price... The price is ok... Location so so only no mrt..

Did we forget it was not too long ago Guocoland bidded 1100 ppr

the analyst said this site would be sold at 1300 to 1400psf mah. then mattar road worth 1100psf mah. so if gahmen award then beli lao kui?

[Khng8]

I look at recent land price and can't imagine how small new apts will be like in future.
>1k psf land price seems the floor price for RCR.

[CCR]

OCR 1500 psf

I bedder 450 sf = 675k
2 bedder 650 sf = 975k
3 bedder 950 sf = 1425k

RCR 2100 psf

1 bedder 450 sf = 945k
2 bedder 650 sf = 1365k
3 bedder 950 sf = 1995k

CCR 2800 psf

No money then don't buy lor
Go buy RCR or CCR 😝

Based on the above OCR and rcr is relatively affordable

[august]

Surprised only one bidder for Silat tender. Where are the other local players like Keppel, Capitaland, Wheelock, CDL etc.

[PropVestor]

Surprised only one bidder for Silat tender. Where are the other local players like Keppel, Capitaland, Wheelock, CDL etc.

I reckon they make their calculated move despite being a GLS land. All down to location really. Big boys developer got deep pockets to hire teams of analysts. Their price charts are to be taken seriously.

[bargain hunter]

maybe its because of the complexity mentioned below. interesting to note the 56 storey towers too!

https://www.businesstimes.com.sg/real-estate/bidders-tussle-for-2-out-of-3-residential-sites-under-govt-land-sales-programme

The lone bid for the land parcel in Silat Avenue in Kampong Bahru came UOL, UIC and Kheng Leong Company, at S$1.04 billion or S$1,138 psf ppr.

Mr Ong said the muted demand could be due to the large capital outlay and constraints posed by the presence of five conserved buildings, which are to be retained and restored.

Another condition is that the number of dwelling units on the site is capped at 1,125 units.

There is a cap on commercial gross floor area at 1,300 sq m (13,993 sq ft) as well.

The tender condition for the Silat Avenue site also requires the use of prefabricated, pre-finished volumetric construction (PPVC), which could have put developers off.

But this complexity has not deterred UOL, which is already developing a 40-storey condominium in Clementi called The Clement Canopy using this method of construction.

UOL deputy group CEO Liam Wee Sin said the consortium was drawn to the inner-city location and low supply in the vicinity of the Silat Avenue site, which would be a draw for investors looking for an inner-city location to live in or for rental income.

"Our proposed development will likely comprise two 56-storey residential towers and five conserved buildings, which we will convert into one-bedroom apartments and common facilities," he added.

[PropVestor]

56 storeys is pretty unheard of outside CCR. This will be about the same height as MBS. Hopefully it will look pretty awesome.

https://en.wikipedia.org/wiki/List_of_tallest_buildings_in_Singapore