Frasers Centrepoint puts in highest bid for Woodlsville close site

Frasers Centrepoint puts in highest bid for Woodlsville close site
Frasers Centrepoint has put in the highest bid for a residential site at Woodsville Close.
It submitted a bid of $50.7 million for the 3,870 square metre leasehold site.
The bid is close to $4 million higher than the next highest bid submitted by Eastpoint Development.
Altogether the Urban redevelopment Authority said it received 8 bids.
It will announce the winning bid at a later date.
The site can yield a maximum gross floor area of about 10,800 square metres
The Land Parcel is located at the doorstep of Potong Pasir MRT Station.
CBRE Research said the top bid is close to 70 per cent above the reserve price of $30 million.

Its Director, Leonard Tay, said the price will translate into a breakeven price of about$ 750 to $800 per square foot.

He said apartment units built on the site would likely be sought-after by HDB upgraders in the Bishan, Toa Payoh and Kallang/Whampoa areas.
With an increase of 4.2 per cent in overall HDB resale prices in the past six months, more HDB households would be poised to upgrade to this conveniently located private development.
Based on information released yesterday by HDB, the average cash-over-valuation for resale flats in the Central area (which includes Bishan, Toa Payoh and Kallang/ Whampoa) range among the highest island-wide from $13,900 to $33,600.
This, Mr Tay, said would provide greater incentive for HDB households in these nearby estates to make the transition to private property.

July 17, 2007

8 bidders for Woodsville residential site, top offer worth $50m


A RESIDENTIAL site at Woodsville Close that is up for tender has attracted eight bids, including a top offer of $50.68 million from developer Frasers Centrepoint.

The Urban Redevelopment Authority (URA) on Tuesday announced that it had closed the public tender for the 3,870.5 sq m site near Potong Pasir MRT Station.

If sold, Woodsville Close, which has a 99-year lease and a maximum permissable gross floor area of 10,837 sq m, will be the first suburban residential site sold by the URA this year.

URA launched the tender for Woodsville on June 19, following the Government's move to release more office and residential sites in order to give developers more options and ease a tightening supply situation.

The eight bids from developers for the site ranged from $32.6 million to $50.68 million. This reflected 'developers' confidence in the strengthening suburban residential market,' said Mr Leonard Tay, director of CBRE research.

Frasers' bid, at $434 per sq ft/plot ratio, is about 69 per cent above the reserve price of $30 million, which works out to $257 psf/plot ratio.

'This price will translate into a breakeven price of about $750 psf to $800 psf for the future apartment project to be built on this site,' said Mr Tay.

Property consultants pointed to the Woodsville site's convenient location near Potong Pasir MRT Station, expressways and schools such as St Andrew's Junior College as a draw for developers looking to target the suburban market.

Knight Frank director of research Nicholas Mak estimated that about 90 three-bedroom units may be built on the Woodsville site. He expects the units to be 'sought-after by HDB upgraders' from areas such as Senkang, Upper Serangoon, Potong Pasir and Bishan.

URA said in a statement that it will announce the the award of the tender 'at a later date'.

Published July 18, 2007

Frasers Centrepoint submits top bid for Potong Pasir site

By KALPANA RASHIWALA


FRASERS Centrepoint was the top bidder for a 41,662 sq ft residential plot near Potong Pasir MRT Station, with a submission of $50.68 million, or $434 per square foot of potential gross floor area.

The state tender for the 99-year leasehold plot at Woodsville Close drew a total of eight bids, with Wing Tai emerging at the bottom of the bidders' table with a $32.6 million bid, or $279 psf per plot ratio (ppr).

A spokeswoman for Frasers Centrepoint said the group wants an 18-storey development with about 110 apartments of an average size of 1,200 sq ft.

'Our break-even cost could be around $700 psf,' she added.

Frasers Centrepoint could be eyeing a selling price in the region of $800 psf on average, market watchers reckon, assuming it launches the project next year.

Frasers Centrepoint, the property arm of mainboard-listed Fraser & Neave, last year launched the freehold One Leicester condo in the vicinity, at an initial average price of about $610 psf - based on earlier media reports.

The last batch of units sold in the project around April this year was at an average price of about $690 psf, market watchers say. The 194-unit project is fully sold.

Frasers Centrepoint's top bid was 8.3 per cent higher than the next highest offer, of $46.8 million or $401 psf ppr, from Eastpoint Development, which is controlled by Lim Kim Hong and Lim Huixing.

The other bidders at yesterday's tender, conducted by the Urban Redevelopment Authority, included Evan Lim & Co unit EL Development, bidding just shy of $44 million, and Meadows Property (S'pore) with a $42 million offer.

Meadows' ultimate controlling shareholders are King Wan Development, Sino Holdings (S'pore), and Far East Distillers. The consortium is not related to property tycoon Ng Teng Fong's Far East/Sino Land empire.

Mecbonn Engineering, whose office is at International Plaza and which is controlled by Tew Boon Kui, bid $40.89 million.

GuocoLand offered $34.2 million; Hiap Hoe Superbowl JV, $33.48 million; and Wing Tai unit Winsmart Investment, $32.6 million.

July 18, 2007

Woodsville condo site draws 8 bids; top offer at $50.7m

By Grace Ng


GOOD news for home buyers: More suburban condo units should be coming on stream in Woodsville Close, now that a residential site up for tender there has attracted eight bids.

The Urban Redevelopment Authority (URA) yesterday announced that it had closed the public tender for the 3,870.5 sq m site near Potong Pasir MRT station.

If sold, Woodsville Close, which has a 99-year lease and a maximum permissible gross floor area of 116,648 sq ft, will be the first suburban residential site sold by the URA this year.

The URA launched the tender for Woodsville on June 19, following the Government's move to release more office and residential sites in order to give developers more options and ease a tightening supply situation.

The eight bids from developers for the site ranged from $32.6 million to the top offer of $50.68 million submitted by developer Frasers Centrepoint.

Frasers' bid, at $434 per sq foot (psf) per plot ratio, is about 69 per cent above the reserve price of $30 million, which works out to $257 psf per plot ratio.

'This price will translate into a break-even price of about $750 psf to $800 psf for the future apartment project to be built on this site,' said Mr Leonard Tay, director of CBRE Research.

The second highest bid of $46.8 million was submitted by Eastpoint Development. Other developers that put in bids include EL Development and Meadows Property.

Property consultants pointed to the Woodsville site's convenient location near Potong Pasir MRT station, expressways and schools such as St Andrew's Junior College as a draw for developers looking to target the suburban market.

Knight Frank director of research Nicholas Mak estimated that about 90 three-bedroom units may be built on the Woodsville site. He expects the units to be 'sought after by HDB upgraders' from areas such as Sengkang, Upper Serangoon, Potong Pasir and Bishan.

Mr Tay noted that recent HDB data showing the average cash over-valuation for resale flats in central areas such as Bishan and Toa Payoh range among the highest islandwide, from $13,900 to $33,600 for the various flat types.

'This would provide greater incentive for HDB households in these nearby estates to make the transition to private property,' he said.

URA said in a statement that it will announce the award of the tender 'at a later date'.