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Thread: Top bids for Hougang site just 2.6% apart

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    Default Top bids for Hougang site just 2.6% apart

    HDB receives 4 bids for Upper Serangoon View condo site
    Posted: 09 November 2010 1741 hrs

    SINGAPORE : The Housing and Development Board (HDB) has received four bids for the land parcel at Upper Serangoon View at the close of the tender on Tuesday.

    The site has an area of 13,000 square metres and is meant for condominium housing.

    The highest bid came from joint bidders FCL Topaz, Far East Civil Engineering and Sekisui House.

    They submitted a bid of S$156.8 million, followed by Centurion Re at around S$152.9 million and Ladyhill with a bid of S$147.8 million.

    Grand Isle Holdings placed the lowest bid of about S$136.4 million.

    The state land parcel has a maximum gross floor area of 45,501 square metres, and can house an estimated 540 dwelling units.

    The site was launched for public tender on September 22 and has a lease period of 99 years.

    Li Hiaw Ho, executive director, CBRE Research, said the four bids submitted for the site showed that interest in it was moderate.

    He added: "The top bid of S$156.8 million or S$320 psf/plot ratio is within expectations, reflecting a breakeven cost of around S$650 psf - S$680 psf.

    "Units in this new project could possibly sell at S$800 psf - S$850 psf. For comparison, units in Evergreen Park and Rio Vista (within the neighbourhood) were sold at between S$600 psf and S$720 psf in July to September in the resale market."

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

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    Its going to be another 1000 psf condo, by some small units

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    Quote Originally Posted by kingkong1984
    Its going to be another 1000 psf condo, by some small units
    I stay just across the park. This current location is ulu.....

    still forested at this time as we speak. the nearest amenities are very far away... the buyers for these condo better own a car if not, they will be very physically fit indeed....

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    ulu location's breakeven is $650psf? these guys i think must be running low on pipeline.

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    Quote Originally Posted by kane
    ulu location's breakeven is $650psf? these guys i think must be running low on pipeline.
    woodlands ULU.... Serangoon ULU... ULU getting all the attention..

    Of course if you think that there is going to be a crash, it cannot be as low as caspian $580 psf average launch price. New baseline should be $650 psf?

    That makes current under construction projects going at $650 psf (if you can find), excluding EC a bargain.

    $650 psf to $850 psf should be a reasonable and comfortable range.

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    Quote Originally Posted by kane
    ulu location's breakeven is $650psf? these guys i think must be running low on pipeline.
    do u mean that developers are running low on supply?

    actaully i think many developers will be going out of business because they have no more landbank... they did not buy land during the last few years... for example MCL and a few others... when was the last time they bidded for land or had any new launches?

    a developer's main business is buying land and selling condos on that land. if it cannot do that, it needs to look for another business.

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    my range is slightly tighter/lower . i feel 650 to 750 more comfortable and would be the support at next low.

    Quote Originally Posted by kingkong1984
    woodlands ULU.... Serangoon ULU... ULU getting all the attention..

    Of course if you think that there is going to be a crash, it cannot be as low as caspian $580 psf average launch price. New baseline should be $650 psf?

    That makes current under construction projects going at $650 psf (if you can find), excluding EC a bargain.

    $650 psf to $850 psf should be a reasonable and comfortable range.

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    Quote Originally Posted by bargain hunter
    my range is slightly tighter/lower . i feel 650 to 750 more comfortable and would be the support at next low.
    yes...agree... very bargain minded... very sharp and very accurate.

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    Quote Originally Posted by Lord Anus
    do u mean that developers are running low on supply?

    actaully i think many developers will be going out of business because they have no more landbank... they did not buy land during the last few years... for example MCL and a few others... when was the last time they bidded for land or had any new launches?

    a developer's main business is buying land and selling condos on that land. if it cannot do that, it needs to look for another business.
    there are 2 developers in the list published in the papers that struck me as having ample land bank. Citydev and Bukit Sembawang. The rest didn't have much of a last impression in terms of the number of units in the pipeline for launch.

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    The Serangoon / Hougang area heating up. Just look at the number of recent launches the past year as well as GLS.




    Btw this is to add to my post quota faster i shall hit 1000 posts tonight hahahah

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    Quote Originally Posted by mcmlxxvi
    The Serangoon / Hougang area heating up. Just look at the number of recent launches the past year as well as GLS.




    Btw this is to add to my post quota faster i shall hit 1000 posts tonight hahahah
    Gratz on your promotion to senior!

    Me still long way to way...will take 10 years for me to be exalted

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    Quote Originally Posted by bargain hunter
    my range is slightly tighter/lower . i feel 650 to 750 more comfortable and would be the support at next low.
    leme make a wild guess....mass market new BUC project like caspian/dbl bay support price will be at 750-800psf...from there work out the rest

    CCR will be hard to guess the support price....

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    Quote Originally Posted by mcmlxxvi
    The Serangoon / Hougang area heating up. Just look at the number of recent launches the past year as well as GLS.




    Btw this is to add to my post quota faster i shall hit 1000 posts tonight hahahah
    The # of condo/ECs surrounding this punngol park is unbelievable:-1. The Rivervale2. Park Green3. The Florida4. Rio Vista5. EC Site besides Park Green (construction started)6. This "Upper Serangoon site" With the rare exception of The rivervale and florida, most of the other parcel of lands and condo are very far from amentities. Wonder if the park view is really such a big draw? The govt is indeed doing a v gd job pushing up these ulu lands into marketable condo sites haha.... there are still much "forested" land around the park which can be used for future land sales hahah.....

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    sell the ulu land in the good times so that it sets the standard for the nice land next time.

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    yup, if its really a downturn i think the type of projects u mentioned maybe can get at 750 while ECs and older condos could be in the 6xx. CCR difficult to gauge, anyway harder to rent out these days but as some said dun need rental to hold so next 2 years could be interesting for some CCR.

    Quote Originally Posted by devilplate
    leme make a wild guess....mass market new BUC project like caspian/dbl bay support price will be at 750-800psf...from there work out the rest

    CCR will be hard to guess the support price....

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    MCL still has 5 sites in their landbank (total gross floor area of more than 1m sq ft).

    http://www.mclland.com.sg/ourpropert...ge.asp?aid=136

    including the one they recently bid at hougang of course.

    thought they just launched Estuary and the smaller project D'Mira this year?


    Quote Originally Posted by Lord Anus
    do u mean that developers are running low on supply?

    actaully i think many developers will be going out of business because they have no more landbank... they did not buy land during the last few years... for example MCL and a few others... when was the last time they bidded for land or had any new launches?

    a developer's main business is buying land and selling condos on that land. if it cannot do that, it needs to look for another business.

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    Quote Originally Posted by mantrix
    Gratz on your promotion to senior!

    Me still long way to way...will take 10 years for me to be exalted
    Thank you thank you you... Haha hard to say if the market becomes so erratic and happening you will be writing more comments...

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    Default http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1093117/1/.html

    HDB awards Upper Serangoon View condo site to highest bidders
    Posted: 12 November 2010 1907 hrs

    SINGAPORE : The Housing and Development Board (HDB) has awarded the land parcel at Upper Serangoon View to joint bidders FCL Topaz, Far East Civil Engineering and Sekisui House for S$156.8 million.

    Their bid was the highest of the four bids received at the close of the tender on November 9.

    The land parcel, which is meant for condominium housing development, has a site area of 13,000 square metres and a maximum allowable gross floor area of about 45,500 square metres.

    The site was launched for public tender on September 22.

    The project, which can have about 540 dwelling units, has a 99-year lease period.

    HDB said the development has to be completed within 60 months from the date of acceptance of tender.

    The project's breakeven cost is estimated around S$650 to $680 per square foot, and the condos are expected to be sold between S$800 and S$850 per square foot.

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    http://www.businesstimes.com.sg/sub/...19140,00.html?

    Published November 10, 2010

    Top bids for Hougang site just 2.6% apart

    Frasers Centrepoint- Far East-Sekisui bid leads in 4-horse race

    By KALPANA RASHIWALA


    THE more sober bidding mood continued at a state tender for a 99-year leasehold private condominium site at Upper Serangoon View in the Hougang area yesterday, as developers remained mindful of the sustained land supply being delivered by the state.

    The top bid of $320.15 per square foot of potential gross floor area - from a tie-up of Frasers Centrepoint, Far East Organization and Japan's Sekisui House - was within market expectations and just 2.6 per cent above the second highest offer by a unit of Centurion Properties. It bid about $312 psf per plot ratio (psf ppr).

    Yesterday's tender drew just four bids. A unit of CapitaLand offered $302 psf ppr, while a unit of City Developments bid at $278 psf ppr.

    This is believed to be Osaka-based Sekisui House's first major Singapore real estate venture. The group is the largest home builder in Japan and prides itself on building environmentally-friendly houses.

    In a joint statement, Frasers Centrepoint, Far East and Sekisui said: 'This is an attractive site as the development will enjoy water views (from the adjacent Sungei Serangoon) and the greenery from nearby Punggol Park. We are planning to build about 470 units (eight blocks of 17 storeys) on the site.'

    Credo Real Estate executive director Ong Teck Hui described yesterday's tender result as consistent with the pattern for the previous four state tenders for 99-year leasehold private condo land where top bids have also come in below the $350 psf ppr mark.

    'This pattern of bidding still reflects caution on the part of developers who are mindful of the continuity of sites coming on. There will be a Government Land Sales (GLS) tender closing every week till mid-December, and the first-half 2011 GLS Programme can be expected to throw up a wide selection of sites when it's announced,' he added.

    The plot offered at yesterday's tender is slightly further away from Hougang Central and its amenities compared with a land parcel at Hougang Avenue 7 which was sold at a state tender in September. Sim Lian picked up that 99-year condo plot for about $340 psf ppr.

    In May this year, MCL Land paid $456 psf ppr for a site at the corner of Hougang Avenue 2 and Yio Chu Kang Road that can be developed into a five-storey condo. That plot is next to a landed housing estate.

    CBRE Research executive director Li Hiaw Ho estimates the top bid at yesterday's tender translates to a breakeven cost of about $650-680 psf. 'Units in this new project could possibly sell at an average price of about $800-850 psf.

    In the resale market, units at Evergreen Park and Rio Vista (both nearby 99-year condos) were sold at $600-720 psf in July to September 2010,' he added.

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    http://www.straitstimes.com/Money/St...ry_601383.html

    Nov 10, 2010

    Serangoon residential site draws just 4 bids

    Top bid of $156.8m from joint venture which plans to build 470 units

    By Esther Teo

    TENDER RESULTS FOR UPPER SERANGOON VIEW RESIDENTIAL SITE

    A JOINT venture linking Frasers Centrepoint, Far East Organization and Japanese company Sekisui House has topped a residential site tender with a bid of $156.8 million.

    The joint venture's offer of $320 per sq ft (psf) per plot ratio (ppr) for the site at Upper Serangoon View was just 3 per cent higher than Centurion Re's bid of $152.9 million, or $312 psf ppr.

    Centurion Properties - which has a majority stake in the firm developing Kovan Residences - is controlled by former star stockbroker Han Seng Juan and his cousin David Loh.

    Only four bids were received during the tender period for the 13,000 sq m site. The others were from units of CapitaLand, with a bid of $147.8 million, and City Developments, which lodged the lowest bid of $136.4 million, or $278 psf ppr.

    The 99-year leasehold site earmarked for condominium housing has a maximum gross floor area of 45,501 sq m and can house an estimated 540 units, the Housing Board said yesterday.

    It is near Punggol Park and Holy Innocents' High School. Shopping malls Hougang Plaza and Hougang Central's Hougang Mall, which is close to the Hougang MRT station and bus interchange, are just a short drive away.

    A joint statement from the highest bidders said the site would be attractive to home buyers, given that it will have views of the adjacent Sungei Serangoon and the nearby Punggol Park.

    The companies plan to build about 470 units in eight blocks of up to 17 storeys each.

    Sekisui House, which has its headquarters in Osaka, is the largest home builder in Japan, and it will bring its expertise in creating high-quality buildings to this project, the statement said.

    CB Richard Ellis Research executive director Li Hiaw Ho said that the four bids submitted showed moderate interest in the plot.

    He noted that the top bid was within expectations and reflected a break-even cost of around $650 to $680 psf. He predicted that the units could possibly sell at $800 to $850 psf.

    Nearby condo projects such as Evergreen Park and Rio Vista were sold in the resale market at between $600 and $720 psf in the July to September period, he added.

    Mr Ong Teck Hui, Credo Real Estate head of research and consultancy, said that the site was in the same league as the last four land tenders for private developments, which saw winning bids of between $320 and $350 psf ppr.

    But he noted that the Serangoon site's top bid of $320 psf ppr was a shade lower than the previous Hougang Avenue 7 tender at $340 psf ppr.

    This could be due to the site being slightly further away from Hougang Central, where the amenities, MRT station and bus interchange are located, he said.

    'This pattern of bidding still reflects caution on the part of developers who are mindful of the continuity of sites coming in,' Mr Ong added.

    'There's a government land sales (GLS) tender closing every week into mid-December and the GLS programme next year can be expected to throw up a wide selection of sites when it is announced.'

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