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Thread: West Coast site gets $176m bid

  1. #1
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    Default West Coast site gets $176m bid

    THE top bid for a residential site opposite West Coast Park came in at $175.78 million or $461 per square foot per plot ratio (psf ppr) yesterday, falling below market expectations.
    When the government launched the tender for the 99-year leasehold site at West Coast Link/West Coast Crescent in early May, consultants predicted a top bid of $495-530 or even $560-580 psf ppr.
    While the tender did not stir things up on the price front, it did garner considerable interest with 12 developers gunning for the site. And there was a close fight among the top few bidders. Far East Organization submitted the highest bid - just 1.1 per cent above Centurion RE's offer of $456 psf ppr.
    A tie-up between Hong Leong Holdings and City Developments followed with a bid of $450 psf ppr. Other participants included MCL Land, Allgreen Properties and Tuan Sing Holdings.
    Analysts are divided over what the tender results hold for the property market. Colliers International research and advisory director Chia Siew Chuin believes that developers expect prices to soften. Her estimates put the breakeven cost at $800-840 psf and the average selling price at $900-940 psf, but projects in the area are selling for more, she said. At The Vision next door, for instance, a unit went for $1,106 psf in May.
    Savills Singapore research and consultancy associate director Alan Cheong has a different take. Far East's bid would reap a profit margin of about 27 per cent if units can be sold at current prices, he said. 'This means that the developer needs to sell only about 73 per cent of the net saleable area to break even.'
    Credo Real Estate executive director Ong Teck Hui noted that interest in the West Coast site was 'definitely keen', but bids were 'measured and not excessive'. He cited the site's amenities and sea view as attractions.
    'Developers could have become more selective,' he said. 'Mediocre sites could see a low interest level with subdued bids while more attractive sites are able to generate stronger participation with moderate bidding,' he said, projecting a breakeven cost of around $850 psf and an average selling price of around $1,000 psf.
    Far East development and planning executive director Chng Kiong Huat said that there are plans for a project comprising one tower of service apartments, a second tower of one to four-bedroom apartments, and possibly some townhouses.
    Far East owns and operates a service apartment project nearby which has seen consistently high demand, he said. 'We see a need for a service residence in this area to serve the expatriates and transient business visitors working on Jurong Island, in Jurong Port as well as in the science and technology corridor in one-north, Singapore Science Park and renowned tertiary institutions in the vicinity.'

  2. #2
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    is this the next to Vision ?

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    yes, west of vision i think.

    Quote Originally Posted by amk
    is this the next to Vision ?

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    They will launch this at 1400psf and call it The Visionary

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    Quote Originally Posted by mantrix
    They will launch this at 1400psf and call it The Visionary
    D5 cheonging to the moon...

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    Quote Originally Posted by sfwoo
    D5 cheonging to the moon...
    it will really make interlace dirt cheap

    still considering whether to make a plunge anot....

    any comments on interlace?

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    Quote Originally Posted by sfwoo
    D5 cheonging to the moon...
    perhaps some spill over effect from JL and One north. Interesting that FEO is considering a service apartment. What other service apartment do they have in that area?

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    Quote Originally Posted by devilplate
    it will really make interlace dirt cheap

    still considering whether to make a plunge anot....

    any comments on interlace?
    Interlace is really a very nice project. Wait for the top stack, they call all the units in that container PH units. It has a much better view, as it is single loading, u have view on both sides. Liew himself bought one. I offered a cheque abt same price last year, rejected saying "not launch yet". The location of Interlace is much better, and it indeed has the icon look. The facilities are also good. I prefer this architect over the D'Leedon.

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    Quote Originally Posted by Jadey
    perhaps some spill over effect from JL and One north. Interesting that FEO is considering a service apartment. What other service apartment do they have in that area?
    West Coast Village which is within the just reno West Coast/Ginza Plaza.

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    Quote Originally Posted by amk
    Interlace is really a very nice project. Wait for the top stack, they call all the units in that container PH units. It has a much better view, as it is single loading, u have view on both sides. Liew himself bought one. I offered a cheque abt same price last year, rejected saying "not launch yet". The location of Interlace is much better, and it indeed has the icon look. The facilities are also good. I prefer this architect over the D'Leedon.
    i noe wat u mean...those super level stack....i tink its a 2 level loft units rite? over my budget oredi....hehe

    i am considering the 3+1 corner single loading 270degree view units....ard 2mil i tink....

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    I dun think FEO will be contented & just sell below 1000psf on average.. most likely go beyond 1000psf on average

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    Quote Originally Posted by Rysk
    I dun think FEO will be contented & just sell below 1000psf on average.. most likely go beyond 1000psf on average
    i estimate 1k-1.3kpsf lor...

    they will sell low flr no view facing units at ard 1kpsf...den progressively to even 1.4kpsf for best units

    tats their strategy so far from wat i noticed

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    FEO - you just love them when they bid for land near to your investment/residence property. You know they going to bump up your property value.
    But for buyers - you have to pay premium.

    Just look at what Horizon Residences did for those lucky investors in Peak@Balmeg also in D5.

    Quote Originally Posted by devilplate
    i estimate 1k-1.3kpsf lor...

    they will sell low flr no view facing units at ard 1kpsf...den progressively to even 1.4kpsf for best units

    tats their strategy so far from wat i noticed

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    Quote Originally Posted by amk
    Interlace is really a very nice project. Wait for the top stack, they call all the units in that container PH units. It has a much better view, as it is single loading, u have view on both sides. Liew himself bought one. I offered a cheque abt same price last year, rejected saying "not launch yet". The location of Interlace is much better, and it indeed has the icon look. The facilities are also good. I prefer this architect over the D'Leedon.
    Was thinking of Interlace but just find that the location is really not very good leh.

    Amenities not within walking distance and MRT station also quite far off...

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    I like Reflections - most iconic and very near to the city.

    Quote Originally Posted by amk
    Interlace is really a very nice project. Wait for the top stack, they call all the units in that container PH units. It has a much better view, as it is single loading, u have view on both sides. Liew himself bought one. I offered a cheque abt same price last year, rejected saying "not launch yet". The location of Interlace is much better, and it indeed has the icon look. The facilities are also good. I prefer this architect over the D'Leedon.

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    Quote Originally Posted by Jonathan0503
    Was thinking of Interlace but just find that the location is really not very good leh.

    Amenities not within walking distance and MRT station also quite far off...

    Never like project that is next to highway. And with such design, I would be concern how the highway noise will resonate through and between the buildings. Also the connectivity to AYE towards the city is not very ideal.

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    Quote Originally Posted by Jadey
    Never like project that is next to highway. And with such design, I would be concern how the highway noise will resonate through and between the buildings. Also the connectivity to AYE towards the city is not very ideal.
    Anyone knows if the interlace showroom is open today? Wana go down take a look…

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    Quote Originally Posted by Wild Falcon
    I like Reflections - most iconic and very near to the city.
    I like tOo but no amenities And mrt nearby.

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    Impossible to see below S$1k psf for that area unless market tanks in the next few months.

    If FEO comes out with the SOHO, townhouse concept, confirm premium pricing as I don't think vicinity has such concept yet.

    Seletar has one, Woodlands has one..... West side not yet...

    Look at the pricing of this concept, they can make profit easily and market to the richer segment, and especially so with townhouses and SOHO.

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    FEO going for D5 now? How many projects FEO has in D5? Horizon residences and this one… what else?

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    Good for everyone.
    Quote Originally Posted by rattydrama
    FEO going for D5 now? How many projects FEO has in D5? Horizon residences and this one… what else?

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    Quote Originally Posted by DC33_2008
    Good for everyone.
    I guess all sea view and water view plots they are keen......

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    Indians like water body. There will be a high demand with people with deep pockets.
    Quote Originally Posted by rattydrama
    I guess all sea view and water view plots they are keen......

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    Quote Originally Posted by devilplate
    i estimate 1k-1.3kpsf lor...

    they will sell low flr no view facing units at ard 1kpsf...den progressively to even 1.4kpsf for best units

    tats their strategy so far from wat i noticed
    Yeah.. tats their strategy..
    One of tat is Vista Res.. transacted ard 1kpsf in 2009.. now ardy reached 1.5kpsf

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    Can sell from bottom up with biggest discounts But reduced as they go higher floors or can sell from top down with no discount, followed by more and more discounts. Either way, transactions up, value holds.

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    Quote Originally Posted by kingkong1984
    Can sell from bottom up with biggest discounts But reduced as they go higher floors or can sell from top down with no discount, followed by more and more discounts. Either way, transactions up, value holds.
    if sell from higher floors down with increasing discount, transaction volume may go up, but with price falling due to more discounts, value definitely goes down

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    Quote Originally Posted by SpinCity
    if sell from higher floors down with increasing discount, transaction volume may go up, but with price falling due to more discounts, value definitely goes down
    Possible right? Two ways, property wave go up and down. When best units launched first, u know it's going down.

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    Quote Originally Posted by kingkong1984
    Possible right? Two ways, property wave go up and down. When best units launched first, u know it's going down.
    You are probably rite.. cos till now price is still climbing..

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    Really? Volume still climbing? If both go hand in hand, then u have another signal.

    But if only price go up without volume... It's another sign altogether.

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    If both price & volume keep climbing.. that is the dangerous part.. both hand clap & the game will end faster..
    If price climb slowly (regardless of volume).. it can last quite a period of time..

    If the STI can climb with volume continuously.. yes it will climb much faster.. but the fall will be just a round the corner..
    Last edited by Rysk; 26-06-11 at 18:09.

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