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Thread: Jurong public housing site attracts top bid of $131.6m

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    Default Jurong public housing site attracts top bid of $131.6m

    http://www.businesstimes.com.sg/sub/...20492,00.html?

    Published January 6, 2011

    Jurong public housing site attracts top bid of $131.6m

    By FELDA CHAY


    A TIE-UP between Hoi Hup Realty, Sunway Developments and SC Wong Holdings has put in the highest bid of $131.6 million for a public housing site on Yuan Ching Road in Jurong.

    This is 5 per cent above the second highest tender from Yuan Ching Development. Six bids were put up for the site, which can potentially yield 580 flats. The lowest bid was $68.5 million.

    The top bid translates to a per square foot per plot ratio (psf ppr) price of $192 for the site under the Design, Build and Sell Scheme (DBSS), which is 'within expectations', said Ong Kah Seng, senior manager of Asia-Pacific research at Cushman & Wakefield.

    This is, however, 'considerably lower than that of recent DBSS sites awarded, which are at least $200 psf', said Mr Ong. This could be due to the less central location of the plot of land, as compared with previous DBSS sites located in Upper Serangoon and the Bedok Reservoir area.

    Overall moderation in home- buying sentiment in the public residential sector could also have played a part, Mr Ong added.

    Credo Real Estate executive director Ong Teck Hui said the six bids put up for the site showed there was 'fair interest' in the tender. 'Going forward, bidders would be mindful of the supply of DBSS sites coming into the market. Response in terms of bid prices and participation level will depend on the locations and attributes of the sites,' he said.

    The 2.1 hectare Yuan Ching plot is near Jurong Lake and the Jurong Country Club golf course, as well as education institutions such as Jurong Secondary School. Both Lakeside and Boon Lay MRT stations are several bus stops away.

    The land parcel has a maximum allowable gross floor area of 684,574 sq ft and carries a lease term of 103 years (including a four-year construction period).

    The Housing and Development Board (HDB) said it will evaluate the tender bids and announce the final results within the next two weeks.

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    Default DBSS site in Jurong attracts six bids

    http://www.straitstimes.com/Singapor...ry_621017.html

    Jan 6, 2011

    DBSS site in Jurong attracts six bids


    THE top bid for a condo-style public housing site under the Design, Build and Sell Scheme (DBSS) in Jurong has come in at $131.6 million.

    The consortium trio of Hoi Hup Realty, Sunway Developments and SC Wong Holdings beat five other bidders for the 228,200 sq ft of land near Jurong Secondary School, along Yuan Ching Road.

    Second highest bidder Yuan Ching Development placed a bid of $125.3 million while at the bottom, Sim Lian Land put in $68.5 million.

    With a maximum gross floor area of 684,600 sq ft, the 103-year leasehold site is expected to yield some 580 condo-style public flats.

    The response to the Jurong site is a far cry from the previous DBSS launch in Upper Serangoon Road last month, which attracted only two bids - the weakest for a DBSS tender since 2008.

    Mr Nicholas Mak, research executive director for SLP International Property Consultants, said the number of bidders and the price of the top bid were reasonable, given the attributes of the location.

    'The site is about 1km away from Lakeside station and some of the higher-level flats will also be able to enjoy a view of Jurong Park in future.'

    Mr Mak estimates the break-even price for the developers to be about $400 psf and the launch price of a high-rise project with fully renovated units to be between $440 and $480 psf.

    The Government Land Sales programme for the first half of this year will have 30 sites that can generate a record 14,300 residential units - higher than the 13,900 units offered for the second half of last year.

    DARYL CHIN

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    http://www.businesstimes.com.sg/sub/...21101,00.html?

    January 10, 2011, 6.13 pm (Singapore time)

    Hoi Hup, Sunway, SC Wong win Yuan Ching Rd site for S$131.6 mln: HDB

    By ANGELA TAN


    The Housing & Development Board (HDB) announced on Monday that it has awarded the Yuan Ching Road site to Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd & SC Wong Holdings Pte Ltd, at the tender price of $131.60 million.

    HDB launched the tender for the 21,199.7 sq m site on November 16, 2010.

    The site has a maximum GFA of 63,599.1 sq m. It has a lease term of 103 years (includes a 48-month construction period).

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