Paterson Suites (D9, Freehold, Bukit Sembawang)

Published April 24, 2007

Bukit Sembawang sells 90% of condo at Woodleigh Close


BUKIT Sembawang has sold about 90 per cent of its 100-unit freehold Parc Mondrian condo at Woodleigh Close since April 10, achieving an average price understood to be just below $700 per sq ft.

Marketing agent DTZ Debenham Tie Leung said prices achieved range from $650 to $720 psf.

Mainboard-listed Bukit Sembawang is developing the project on the 41,694 sq ft Woodleigh Grove site it bought through a collective sale in July last year.

It paid $29.8 million, reflecting a unit land cost of $280 psf of potential gross floor area including an estimated $3 million development charge at the time.

Analysts put the breakeven cost for the new project at $580-600 psf ppr.

Parc Mondrian will be a 17-storey block with two-bedders, three bedders, three-bedders plus study and four-bedroom penthouses. Unit sizes range from 904 to 2,378 sq ft.

The architecture is inspired by the cubist paintings of Piet Mondrian, based on lines and planes.

Parc Mondrian is Bukit Sembawang's first residential release this year. Projects it is expected to launch this year include two freehold District 9 condos - the 102-unit Paterson Suites and the 123-unit The Vermont on Cairnhill.

Last year, Bukit Sembawang bought the Carlton Terrace site in Holland Road in a collective sale. It plans to develop a five-storey freehold condo of about 75 units there.

http://img181.imageshack.us/img181/5...187ef15re3.jpg

This prime freehold development is just a stone throw away from the Orchard Road shopping district. It is 5 minutes' walk to Orchard MRT Station and a short drive to the Central Business District. The proposed development comprises approximately 200 luxurious units (3/4 bedrooms & penthouses) with basement carpark, tennis court, swimming pool and other facilities.

http://img144.imageshack.us/img144/7...2900201zw0.gif

The Lengkok Angsa landed properties en blocs.

hmm... will this block the views of the paterson and paterson residences towards orchard road?

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Originally Posted by Unregistered

hmm... will this block the views of the paterson and paterson residences towards orchard road?

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Hi, yes I would think so.

ps:- mr funny can you please help me correct the typo in the thread heading, thanks :o

wonder how much would BS priced this project?

BS are not launching this one yet. Nor are they launching their plots at St Thomas and Cairnhill. They are still waiting and waiting and waiting.. for further price rise. It seems that they are intent on launching at the peak and thus optimizing their profit. Which means that if you buy from them when they launch, you'll likely be buying at the peak.

This website full of investors, gamblers and property agents that think that people will get brainwashed and start buying anything. So that their commitments at stake will reap in more money for them.
This website has a bunch of Motherfxxkin axxholes with brains filled with shXt from the toilet in istana.

Hi FO, it's really sad to see you in this state. Looks like you're in need of some immediate help. Share your thoughts, maybe the people here can help you.

The signboard is up. wonder how much will BS price this project?

should be cheap < 5,000psf.

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Originally Posted by Unregistered

should be cheap < 5,000psf.

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;) hahahaaa

From its latest annual report (AR2007-Jun) (reference page 61),

we can see that the 102-units Paterson Suites will utilise only the FIRST land parcel at Lengkok Angsa (acquired in 2005 at a mere $650 psfppr).

There's still a SECOND land parcel of some 11731 sqm or 126272 sqf for further developments.

With regard to this 102-units Paterson Suites
==================================
Annual Report indicate landsize=8038sqm while GFA=18564sqm
Now 8038 x 2.1 (plotratio) = ONLY 16880 sqm
===> meaning GFA of 18564 sqm is 10% more ==> MAXIMISE thru things like balcony.

BukitSem effective landcost psfppr is thus ACTUALLY lower than $650 psfppr

GFA of 18564 sqm = 199821 sqf
still using landcost of $650 psfppr
assume DevCost of $400 psf

Breakeven price will be = $1050 psfppr

If we further assume that all Outstanding warrants are EXCERCISED, Bukit Sem's issued shares will increase to 108m (up from current 73m)

Below assume the enlarged 108m issued shares.
At selling price $3000 psf, Net profits=$319.5m, or $2.96 per shr (108m shr)
At selling price $3300 psf, Net profits=$368.7m, or $3.41 per shr (108m shr)
At selling price $3500 psf, Net profits=$401.4m, or $3.72 per shr (108m shr)

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And after this,
there is still the SECOND land parcel for some 126272 sqf GFA

===========================================

and ofcourse there are also
i) Cairnhills area - some 204000 sqf GFA
ii) St Thomas Walk - some 300000 sqf GFA
iii) Holland Road - 102000 sqf GFA (only at $541 psfppr, Lippo paid $1290 for AuraPark - which only has HALF the landsize of Carlton Terrace)
iv) Fairways - 325000 sqf GFA


==========================================
and as for landed developmets; with Mimosa Terrace now completed,
Bukit is now moving to develop Lot 9425C Mk18 (reference Pg 60 of AR2007),
this parcel has GFA of 183540 sqm - that 1.978 million sq ft !!
Bukit got approval to develop 944 landed apartments here.


Do your own due diligence, and have fun !!!
fun$

I think Bukit Sembawang will aim to launch at the peak.

What do you mean? price increase or decrease after the peak?

interesting. price cuts are effective. moved 41 units (40% of the project) in nov at a median of 2661psf. 61 units to go.

That is an aggressive 20% price cut.... from $3200psf to 2661 psf => cut of close to 540psf? Early birds are probably not very happy. Looks like luxury market still quite vulnerable which contradicts what most forummers/experts think?

really cut so much ar? and yet still got 60% unsold:scared-1:

2600psf seems ok wor...

yah, we dun even need to refer to 2007 caveats. there were 2 caveats in july:

#21-02 2164 sq ft 3232psf 6.992m
#16-02 2196 sq ft 3111psf 6.83m

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Originally Posted by Wild Falcon

That is an aggressive 20% price cut.... from $3200psf to 2661 psf => cut of close to 540psf? Early birds are probably not very happy. Looks like luxury market still quite vulnerable which contradicts what most forummers/experts think?

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Correction: only 38 units to go. Medium is $2661 psf, but all at & above $2500 psf. Would be interesting to see whether these are low floor lousy facing units (which means $2661 psf is still good price) or high floor good facing units (which means previous buyers buying at $3200 psf luggi). ;)

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Originally Posted by bargain hunter

interesting. price cuts are effective. moved 41 units (40% of the project) in nov at a median of 2661psf. 61 units to go.

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i also feel 2600psf is ok BUT they only have BIG 3 and 4 bedders in this development so sadly, quantum is out of reach for me. :ashamed1: smallest unit is 3 bedder 1679sq ft so 2600psf is 4.365m and 4 bedder is 2164sq ft so 2600psf is 5.6m.

i like this project. this is one of the few projects which i would buy if i had money. :)

one month can sell 40 with cheap sales, i believe, if they want to release the other 60, should be able to find buyers too.

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Originally Posted by devilplate

really cut so much ar? and yet still got 60% unsold:scared-1:

2600psf seems ok wor...

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oh yeah, i forgot about the 2007 sales hehehe.

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Originally Posted by teddybear

Correction: only 38 units to go. Medium is $2661 psf, but all at & above $2500 psf. Would be interesting to see whether these are low floor lousy facing units (which means $2661 psf is still good price) or high floor good facing units (which means previous buyers buying at $3200 psf luggi). ;)

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What you like about this project? Is it the location or ?. I find that the final product outlook seems different from their brochure and not as nice as depicted in their brochure. Have you seen the other condos nearby Paterson Suites?

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Originally Posted by bargain hunter

i also feel 2600psf is ok BUT they only have BIG 3 and 4 bedders in this development so sadly, quantum is out of reach for me. :ashamed1: smallest unit is 3 bedder 1679sq ft so 2600psf is 4.365m and 4 bedder is 2164sq ft so 2600psf is 5.6m.

i like this project. this is one of the few projects which i would buy if i had money. :)

one month can sell 40 with cheap sales, i believe, if they want to release the other 60, should be able to find buyers too.

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can't complain too much. end product vs outlook in brochure is better than a similar comparison for rivergate and likely so for d'Leedon as well.

i think overall, location, density within the condo and the area + unblocked view, this has one of the best combinations for CCR.

i viewed twin peaks but nothing special. the other side of paterson road lagi more ex so i dun even bother. was invited to skyline @Orchard preview. that is a very nice project too. i also like their concept of selling white space, ie they recommend 1 bedroom for their smallest unit of 1744sq ft but we can feel free to create 3 or 4 bedrooms if we want. nonetheless, price is too steep. :ashamed1:

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Originally Posted by teddybear

What you like about this project? Is it the location or ?. I find that the final product outlook seems different from their brochure and not as nice as depicted in their brochure. Have you seen the other condos nearby Paterson Suites?

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Someone said this during the 2007 luxury homes frenzy. As long as below $5000psf is cheap! That must be the time everyone was benchmarking against the non-existent Hong Kong US$10,000psf transaction. It's always very insightful when we bring out some old posts about how wrong one's prediction can be.

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Originally Posted by Unregistered

should be cheap < 5,000psf.

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That is not the only one there. Opposite of Paterson Suites, that Paterson Residence looks nice to me, with Concierge service some more. I had seen units in there, some stacks' high floor units have unblock views on their left overlooking the designated landed estate and facing the swimming pool right in front which is North orientation with no West sun. There is still "The Paterson" nearby, but seems poorly maintained to me.

PS no concierge service?

Well, the other side of Paterson Road is MarQ @Paterson? The great-grandmaster in achieving property prices of >$5200 psf! Ops! :scared-2:
So Paterson Suites at $2661 psf looks so cheap! :p

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Originally Posted by bargain hunter

can't complain too much. end product vs outlook in brochure is better than a similar comparison for rivergate and likely so for d'Leedon as well.

i think overall, location, density within the condo and the area + unblocked view, this has one of the best combinations for CCR.

i viewed twin peaks but nothing special. the other side of paterson road lagi more ex so i dun even bother. was invited to skyline @Orchard preview. that is a very nice project too. i also like their concept of selling white space, ie they recommend 1 bedroom for their smallest unit of 1744sq ft but we can feel free to create 3 or 4 bedrooms if we want. nonetheless, price is too steep. :ashamed1:

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Quote:

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Originally Posted by teddybear

That is not the only one there. Opposite of Paterson Suites, that Paterson Residence looks nice to me, with Concierge service some more. I had seen units in there, some stacks' high floor units have unblock views on their left overlooking the designated landed estate and facing the swimming pool right in front which is North orientation with no West sun. There is still "The Paterson" nearby, but seems poorly maintained to me.

PS no concierge service?

Well, the other side of Paterson Road is MarQ @Paterson? The great-grandmaster in achieving property prices of >$5200 psf! Ops! :scared-2:
So Paterson Suites at $2661 psf looks so cheap! :p

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wat r u waiting for?:D

to me, 2661 is reasonable esp when comparing with the other side of paterson road.

Quote:

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Originally Posted by teddybear

That is not the only one there. Opposite of Paterson Suites, that Paterson Residence looks nice to me, with Concierge service some more. I had seen units in there, some stacks' high floor units have unblock views on their left overlooking the designated landed estate and facing the swimming pool right in front which is North orientation with no West sun. There is still "The Paterson" nearby, but seems poorly maintained to me.

PS no concierge service?

Well, the other side of Paterson Road is MarQ @Paterson? The great-grandmaster in achieving property prices of >$5200 psf! Ops! :scared-2:
So Paterson Suites at $2661 psf looks so cheap! :p

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Quote:

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Originally Posted by teddybear

That is not the only one there. Opposite of Paterson Suites, that Paterson Residence looks nice to me, with Concierge service some more. I had seen units in there, some stacks' high floor units have unblock views on their left overlooking the designated landed estate and facing the swimming pool right in front which is North orientation with no West sun. There is still "The Paterson" nearby, but seems poorly maintained to me.

PS no concierge service?

Well, the other side of Paterson Road is MarQ @Paterson? The great-grandmaster in achieving property prices of >$5200 psf! Ops! :scared-2:
So Paterson Suites at $2661 psf looks so cheap! :p

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ya but monthly maintenance will be a killer unless you have $1k every month to burn for a 2bedder. I personally like Paterson Residence more. Sigh... almost got a unit there at 1500 psf during the downturn but balls shrunk when I heard every month need to pay 1k for nothing lol...

usually one there's concierge, the maintenance fees spike.

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Originally Posted by dtrax

ya but monthly maintenance will be a killer unless you have $1k every month to burn for a 2bedder. I personally like Paterson Residence more. Sigh... almost got a unit there at 1500 psf during the downturn but balls shrunk when I heard every month need to pay 1k for nothing lol...

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