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Thread: Bendemeer plot draws $774 psf ppr bid

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    Default Bendemeer plot draws $774 psf ppr bid

    http://www.businesstimes.com.sg/sub/...92740,00.html?

    Published April 8, 2011

    Bendemeer plot draws $774 psf ppr bid

    UE bids $543m for large 99-year parcel, breakeven seen at $1,200 psf

    By KALPANA RASHIWALA


    FOR the third time in as many months, a 99-year leasehold condo plot offered at a state tender has fetched an aggressive top bid.

    A city-fringe condo site at Bendemeer Road/Whampoa East near Boon Keng MRT Station drew a higher-than-expected top bid of $543 million or about $774 per square foot of potential gross floor area from United Engineers.

    When quizzed after the provisional tender result was released yesterday evening, some analysts said they had expected the highest bid for the site to be in the $650-720 per square foot per plot ratio (psf ppr) range, based on recent state tender results for plum 99-year condo sites near MRT Stations.

    Analysts expect UE's breakeven cost to be around $1,200 psf. 'We expect units in this new project to be launched at around $1,350-1,400 psf,' said CBRE Research executive director Li Hiaw Ho.

    Units in Nin Residence, one MRT station away in Potong Pasir, sold at $1,000-$1,400 psf in January to March this year.

    Last month, a plot next to Bartley Station drew a $621 psf ppr top bid from a Hong Leong Holdings, City Developments and TID consortium.

    In February, CapitaLand paid $869 psf ppr for a plot near Bishan MRT Station, which set a new record for 99-year leasehold suburban condo land.

    As for the latest Bendemeer plot, UE's top bid was 12.6 per cent or about $60.8 million above the next highest offer by Keppel Land unit Sherwood Development of $482.23 million or $687.51 psf ppr.

    The tender drew eight bids in all, just like the Bartley site. The Bishan plot attracted a whopping 19 bids.

    Market watchers acknowledged the Bendemeer site's attractive location at the fringe of the city, near an MRT station and Housing & Development Board neighbourhood centre-type amenities like a hawker centre and wet market and even a small shopping mall.

    'Residents on the upper floors of the proposed condo development on this site should be able to see distant views of the sea and Marina Barrage,' according to a developer who took part in yesterday's tender.

    A UE spokesman said the group plans to develop an inner-city waterfront condo of about 700 units comprising one, two, three and four-bedroom, loft and penthouse units on the site.

    'The development on the site will command panoramic views of the city skyline as well as overlooking the entire Kallang River and Basin.

    'The site has a land area of 200,402 sq ft and we believe is one of the very few large private residential sites in the city or city fringe that is ideal for waterfront lifestyle condominium living ... The shopping, financial and commercial districts of Orchard Road, Shenton Way and Marina South are a few minutes away by car, bus or MRT,' he added.Â

    Agreeing, Credo Real Estate executive director Ong Teck Hui said: 'There aren't many sites like this in the Government Land Sales Programme. This is a fairly large site at the doorstep of the city, ideal for home buyers who want to live near the city without paying prime district prices.'

    CBRE's Mr Li said: 'We observe that recent state land tenders for 99-year condo sites have attracted fewer than 10 bids each. This is probably because bidders are aware that 12 more residential sites on the confirmed list and more from the reserve list if they are triggered will be supplied by the government by June 2011.'

    Other bidders yesterday included a City Developments and Hong Leong joint venture, which offered about $677.50 psf ppr; a Frasers Centrepoint and Far East Organization tie-up (about $669 psf ppr); Best Desire Investments, which is not incorporated in Singapore ($572 psf ppr); and a Hoi Hup Realty, Sunway Developments and Straits Construction tie-up ($552 psf ppr). Qingdao Construction (Singapore) offered $543 psf ppr and Robert Kuok's Allgreen Properties, $519 psf ppr.


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    http://www.straitstimes.com/Money/St...ry_654333.html

    Apr 8, 2011

    United Engineers makes top bid for Bendemeer housing site

    By Cheryl Lim


    A NEW waterfront condominium on the city's doorstep is in the offing after United Engineers Developments trumped seven other contenders with a $543 million bid for a plum residential site.

    The 200,405 sq ft 99-year leasehold site is at the junction of Bendemeer Road and Whampoa East. The bid price works out to $774 per sq ft per plot ratio and is almost 13 per cent higher than the second-highest bid tendered by Keppel Land.

    If awarded the site, United Engineers said it plans to build a 700-unit waterfront condo. Apartments will come with one, two, three and four bedrooms.

    Buyers will also have a choice of loft and penthouse options.

    Keppel Land came in second with a $482 million bid, followed by a joint bid by City Developments and Hong Leong Group.

    Other bidders include Allgreen Properties, Qingdao Construction, Best Desire Investments and a joint venture between Far East Organization and Frasers Centrepoint.

    The site faces Sungei Whampoa and is near the Kallang River. It can be built up to a maximum gross floor area of 701,416 sq ft.

    Credo Real Estate head of research and consultancy Ong Teck Hui said the top bid was higher than he had expected. 'The keen competition for the site could be due to the fact that it is a fairly large site just on the doorstep of the city and there are not many sites like this in the (Government Land Sales Programme).'

    He said the project would be ideal for home buyers wanting to live near the city without paying prime district prices.

    CBRE Research executive director Li Hiaw Ho expects launch prices for the project to be between $1,350 psf and $1,400 psf.

    Units at nearby project Nin Residences transacted at between $1,000 psf and $1,400 psf in the first three months of the year.

    'We observe that recent land tenders have attracted fewer than 10 bids,' said Mr Li.

    'This is probably because (developers) are aware that 12 more residential sites, and more from the reserve list if they are triggered, will be supplied by the Government by June 2011.'

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    Quote Originally Posted by mr funny

    He said the project would be ideal for home buyers wanting to live near the city without paying prime district prices.

    CBRE Research executive director Li Hiaw Ho expects launch prices for the project to be between $1,350 psf and $1,400 psf.

    Units at nearby project Nin Residences transacted at between $1,000 psf and $1,400 psf in the first three months of the year.

    '
    $1400 is non prime district prices ah........ is he referring to super prime $3000+++?

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    Developers shall be punished....

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    It is to see how despite govt's cooling measures, developers are still so confident and continue to bid at ridiculous prices for lands... Maybe cooling measures should not be restricted to only buyers and sellers (investors) but also targetted at developer???
    That developer who got Bedok Reservoir Road for $400+ psf will laugh their way to the bank le... now Bedok area prices are shooting up man...

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    This site quite good, boon keng mrt leh.. Considering kovan, serangoon, potong pasir all going 1200-1400psf, this site bid seems reasonable if they eventually sell at 1400-1500psf..

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    Quote Originally Posted by linchong84
    This site quite good, boon keng mrt leh.. Considering kovan, serangoon, potong pasir all going 1200-1400psf, this site bid seems reasonable if they eventually sell at 1400-1500psf..
    $1500psf........ reasonable ah.....

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    Quote Originally Posted by DaytonaSS
    $1500psf........ reasonable ah.....
    99LH leh... NE line leh...

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    Quote Originally Posted by DaytonaSS
    $1500psf........ reasonable ah.....

    Y not? MM maybe 1600psf? hahaha.. i think those >1000sq ft should fetch around 1350-1400psf

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    saw in another thread, changi side FH selling 600-900 psf only. So location location is not outdated after all.

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    This plot is near Mc Nair Road / Towner Road HDBs, a very nice conservation area... near Hong Wen school too, very popular primary

    Kallang/Whampoa 108B 26 to 30 119.00sqm
    Improved 2004 $780,000.00 Oct 2010

    Kallang/Whampoa 108C 16 to 20 119.00sqm
    Improved 2005 $688,000.00 Oct 2010
    Ride at your own risk !!!

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    Waterfront condo? What a joke. It's a longkang man.

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    Quote Originally Posted by fclim
    Waterfront condo? What a joke. It's a longkang man.
    Yes ... My former boss ever told me when he stayed ground floor adjacent to this longkang its nice feeling machiam out at sea....i m like @@@@@@@@@@@

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    Waterfront. Nice?

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    Quote Originally Posted by fclim
    Waterfront. Nice?
    To quote some famous local celebrity.... Ewwwwwwwwwww!

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    Quote Originally Posted by fclim
    Waterfront. Nice?
    Actually, government has upgraded this longkang a few times, now at least water not smelly anymore. Many years ago, got a friend who stay in St Michael area, near this longkang, he saw crocodile before, even a floating dead body and a floating dead pig.., much better than...think after the major overhaul in the 80s together with the Singapore River at that time, now at least cleaner, but still not waterfront standard..., Bedok Reservoir better...

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    LF at $1k psf seems dirt cheap now....

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    Quote Originally Posted by extremme
    LF at $1k psf seems dirt cheap now....
    Dun get it.....

    If u use manhatten... Yes dirt cheap.... But this is city fringe

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    Quote Originally Posted by fclim
    Waterfront. Nice?
    H2O has a more promising view...

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    View better but location further from city.

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    http://www.todayonline.com/Business/Property/EDC110408-0000382/UE-wins-land-site-on-Bendemeer-Road-with-S$543-million-bid

    UE wins land site on Bendemeer Road with S$543 million bid

    by Jo-ann Huang

    04:46 AM Apr 08, 2011


    SINGAPORE - A condominium land site located on Bendemeer Road/Whampoa East has been awarded to United Engineers Developments, which submitted the top bid of S$543 million or S$8,332.87 per sqm (psm) based on gross floor area (GFA)

    The 99-year leasehold land parcel, sized at 18,618 sqm or 200,404 sq ft, has a maximum permissible GFA of 65,163.9 sqm or 701,424 sq ft. The site, which went up for tender on Feb 23, can yield about 780 units.

    Mr Li Hiaw Ho, executive director of CBRE Research, said: "The top bid of S$543 million or S$774 per sq ft (psf) per plot ratio reflects the developer's confidence in this site because of its city-fringe location and proximity to an MRT station. The bid translates to a break-even cost of around $1,200 per sq ft."

    Mr Li added that units in Nin Residence, a condominium within the vicinity and near to Potong Pasir MRT Station, were sold at S$1,000 psf to S$1,400 psf in January to March this year.

    "We expect units in this new project to be launched at around $1,350 psf - $1,400 psf," he added.

    Mr Li said recent land tenders have attracted less than 10 bids - a conservative figure in light of the oncoming land supply.

    "This is probably because they are aware that 12 more residential sites, and more from the Reserve List if they are triggered, will be supplied by the government by June this year," said Mr Li.

    The Bendemeer land tender received a total of eight bids, with the lowest bid coming from Allgreen Properties at S$363.88 million.

    The site is situated walking distance away from Boon Keng MRT Station along the Northeast Line and right beside Bendemeer Primary School.

    Other schools near the site are St Andrew's Junior and Secondary School, as well as St Andrew's Junior College. Nearby shopping facilities include City Square, Serangoon Plaza and Mustafa Centre.

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    It will launch soon. It has to launch earlier than the 999LH and freehold sites nearby.
    Yee ha! Did I tickle your funny bone?


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    Quote Originally Posted by mr funny
    http://www.todayonline.com/Business/Property/EDC110408-0000382/UE-wins-land-site-on-Bendemeer-Road-with-S$543-million-bid

    UE wins land site on Bendemeer Road with S$543 million bid

    by Jo-ann Huang

    04:46 AM Apr 08, 2011


    "We expect units in this new project to be launched at around $1,350 psf - $1,400 psf," he added.
    This is expensive. No?

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    There will be larger proportion of smaller units to make it more affordable for nearby HDB upgraders like starting from $650k.
    Quote Originally Posted by mygeemeel
    This is expensive. No?

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    Quote Originally Posted by DC33_2008
    There will be larger proportion of smaller units to make it more affordable for nearby HDB upgraders like starting from $650k.
    Airstream part 2?

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    KBW is doing nothing about it. Follow MBT: Let market decides.
    Quote Originally Posted by azeoprop
    Airstream part 2?

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