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Thread: EC site draws 6 bids

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    Default EC site draws 6 bids

    http://www.straitstimes.com/Breaking...ry_593648.html

    Oct 21, 2010

    EC site draws 6 bids


    A HOUSING Board site in Pasir Ris Drive 1 and Elias Road for executive condominium development attracted six bids when tender closed on Thursday.

    ChoiceHome Investments and CEL Development jointly submitted the top bid of $89.8 million - or $2,826 per sq m of gross floor area - for the 15,142 sq metre site, with 99 years lease.

    This was followed by EL Development which bid $89.3 million and Opal Star and Lum Chang Building Contractors which put in a joint bid of $86 million.

    The site can yield 32 EC flats.

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    Think there's an error?

    Quote Originally Posted by mr funny
    http://www.straitstimes.com/Breaking...ry_593648.html

    Oct 21, 2010

    EC site draws 6 bids


    A HOUSING Board site in Pasir Ris Drive 1 and Elias Road for executive condominium development attracted six bids when tender closed on Thursday.

    ChoiceHome Investments and CEL Development jointly submitted the top bid of $89.8 million - or $2,826 per sq m of gross floor area - for the 15,142 sq metre site, with 99 years lease.

    This was followed by EL Development which bid $89.3 million and Opal Star and Lum Chang Building Contractors which put in a joint bid of $86 million.

    The site can yield 32 EC flats.
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

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    Default http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1088500/1/.html

    ChoiceHomes-CEL Devt JV submits top bid for Pasir Ris EC site
    Posted: 21 October 2010 1742 hrs

    SINGAPORE : The Housing and Development Board (HDB) has received six bids for the land parcel at Pasir Ris Drive/Elias Road at the close of the tender on Thursday.

    The highest bid came from joint bidders ChoiceHomes Investments and CEL Development, which submitted a bid of S$89.89 million.

    EL Development put in the second highest of S$89.33 million, while the lowest bid of S$61 million came from Ecco Development.

    The land parcel, which is proposed for Executive Condominium (EC) housing, has a site area of over 15,100 square metres and a maximum allowable gross floor area of nearly 31,800 square metres.

    Joseph Tan, executive director of CBRE Research, said the six bids the site attracted showed that developers are fairly confident about the site.

    He added: "The top bid of S$89.89 million reflects S$263 psf/plot ratio and translates to a breakeven cost of S$560 psf to S$600 psf.

    "Given that NV Residences – a private condominium – has sold 400 units at the median price of S$869 psf since early September, there will be a market for this new EC project if it is priced at a differential of 20% to 25% lower than NV Residences.

    "Demand is likely to come from the first-timers and potential upgraders currently living in Pasir Ris and Tampines new town."

    The site was launched for public tender on September 8 and has a lease period of 99 years.

    HDB said it will evaluate the tender bids and announce the final tender results within the next two weeks.

    - CNA/al
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

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    looks like mass market condo support prices is gona be ard 700-750psf

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    Quote Originally Posted by devilplate
    looks like mass market condo support prices is gona be ard 700-750psf
    Ec break-even at $600, sell at least $700. Mass abt 20% higher. So base for mass shld be at least $800-$850

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    Quote Originally Posted by ay123
    Ec break-even at $600, sell at least $700. Mass abt 20% higher. So base for mass shld be at least $800-$850
    u r alot more bullish den me

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    Quote Originally Posted by devilplate
    looks like mass market condo support prices is gona be ard 700-750psf
    near good location or lousy location? Mass market lousy location dont think can invest.

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    http://www.businesstimes.com.sg/sub/...77540,00.html?

    Published October 22, 2010

    Pasir Ris EC site draws top bid of $262.62 psf

    By KALPANA RASHIWALA


    A 60-40 joint venture between NTUC Choice Homes Co-operative and Chip Eng Seng Corporation has emerged as the highest bidder for an executive condo (EC) site in Pasir Ris.

    Its bid of about $89.89 million works out to $262.62 per square foot per plot ratio (psf ppr) - just 0.6 per cent above the next highest bid of $89.33 million or $260.99 psf ppr from EL Development - in one of the most tightly contested state land tenders. The tender drew six bids.

    Choice Homes and Chip Eng Seng said yesterday that they intend to build an 18-storey, 320-unit project with full condo facilities. 'This will be the first EC to be offered in Pasir Ris since 2002,' they said.

    Breakeven cost for the project will be below $600 per square foot, they added.

    Credo Real Estate executive director Ong Teck Hui estimates that an EC development on the site could command an average selling price of about $650-700 psf if it were to be launched today.

    ECs are a hybrid of public and private housing.

    The plot, bounded by Pasir Ris Drive 1, Elias Road and Sungei Api Api, is flanked by Ris Grandeur on one side and Livia and NV Residences on the other. All three are private condos. NV Residences, which has 99-year leasehold tenure, was launched last month.

    CB Richard Ellis executive director Joseph Tan said: 'Given that 347 units were sold at NV Residences last month at a median price of $859 psf, there will be a market for this new EC project if it is priced at about 20-25 per cent below this level, given the restrictions on EC ownership, which are similar to HDB ownership rules.'

    Other bidders at yesterday's tender included a joint venture between Frasers Centrepoint unit Opal Star and Lum Chang Building Contractors ($251.49 psf ppr); and City Developments subsidiary Sunmaster Holdings ($240.71).

    A partnership involving Hoi Hup Realty, Sunway Developments and SC Wong Holdings bid $230.43 psf ppr, while Ecco Development placed the lowest bid of $178.22 psf ppr. Credo's Mr Ong said: 'The tender response for the Pasir Ris site was a shade better than that for a Punggol site last month in terms of price as well as bidder interest. This is probably due to Pasir Ris being a more mature and developed location. Also this is a less crowded sub-market since most of this year's EC sites have been concentrated in the north-east region, especially Sengkang/Punggol.'

    The bid price and interest level indicates the bidders' confidence that there will be sustained buyer interest in ECs, he added.


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    http://www.straitstimes.com/Money/St...ry_593789.html

    Oct 22, 2010

    Six bids for Pasir Ris executive condo site

    By Harsha Jethnani


    AN EXECUTIVE condominium (EC) site in Pasir Ris has drawn healthy interest, with six bids put in by developers by the time the tender closed yesterday.

    The 15,142 sq m site, at the junction of Pasir Ris Drive 1 and Elias Road, is expected to yield about 320 housing units.

    The top bidder was ChoiceHomes Investment and CEL Developments at $89.88 million or $263 per sq ft (psf).

    Buying interest was strong when the first new EC to go on sale in five years, Esparina Residences near Buangkok MRT station, was launched earlier this month.

    ECs are the grandest form of public housing and include some condo facilities. Like other HDB flats, they are subject to a minimum five-year occupation period. Then they can be sold only to Singaporeans and permanent residents. They become private property after 10 years, and can then be sold to foreigners.

    The second highest bid for the Pasir Ris site, just a notch lower, was EL Development's $89.33 million or $261 psf.

    The two lowest were below $80 million. Ecco Development's $61 million or $178 psf offer was the lowest.

    Hoi Hup Realty, Sunway Developments and S.C. Wong Holdings jointly bid for the land at $78.87 million or $231 psf.

    The bids show developers are fairly confident about the site, said executive director of CBRE Research Joseph Tan.

    He added that the site is about 15 minutes' walk from White Sands mall and Pasir Ris MRT station and bus interchange.

    Knight Frank senior manager of consultancy and research Png Poh Soon told The Straits Times that demand for ECs was still good, 'in particular for this site', given the favourable reception of nearby private condo NV Residences.

    Mr Tan added: 'Given that NV Residences - a private condominium - has sold 400 units at the median price of $869 psf since September, there will be a market for this new EC project if it is priced at a differential of 20 to 25 per cent lower.' He expects the break-even cost for development to be $560 psf to $600 psf.

    Consultants also say the bidding for the Pasir Ris site reflects growing caution in the property market.

    Head of research at Jones Lang LaSalle in Singapore, Dr Chua Yang Liang, said developers have become more realistic given moderating market sentiment.

    'When the market is bullish, the variation between the top and second bidders can be quite large,' said Dr Chua.

    The relatively restrained bids may in part be because the site was released on Sept 8, soon after the Government's cooling measures, senior manager for Asia-Pacific research at Cushman & Wakefield Ong Kah Seng told The Straits Times.

    'Home buyers are on the sidelines and developers are increasingly cautious in this period, which is less than two months from the announced measures,' he said.

    He added that in the first half of this year, land prices for ECs reached record highs to average more than $300 psf.

    The HDB said it will announce the successful bidder within two weeks.

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