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Thread: Tender for condo site at Punggol reflects developer cautiousness

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    Red face Tender for condo site at Punggol reflects developer cautiousness

    The $323 psf ppr reported top bid for the land parcel released in June is similar to the top bids received by some executive condominium sites last year and in the first half of 2011, says an expert.

    http://sbr.com.sg/residential-proper...r-cautiousness

  2. #2
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    to me its a fantastic result!

    tat plot of land super ulu till the max with all 4 corners BLOCKED

    oh ya...luckily got punggol plaza nearby....hehe

    http://www.hdb.gov.sg/fi10/fi10297p....ation+Plan.jpg

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    wah even more ex than pasir ris 298 psf ppr not ulu
    Affordable means small

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    http://property.st701.com/resources/...gol-Field-Walk

    "Analysts also noted that the top bid of $323 psf ppr offered for this site is around 20 per cent lower than the top bid of $406 psf ppr achieved for a nearby residential plot at the corner of Punggol Central and Punggol Walk, which was sold to Sim Lian Group in December 2010.

    Based on a land cost of $323 per sq ft ppr, units at the new site could breakeven at about $660-680 psf and sell at around $860-900 psf, Colliers' Ms Chia said."

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    Quote Originally Posted by land118
    Based on a land cost of $323 per sq ft ppr, units at the new site could breakeven at about $660-680 psf and sell at around $860-900 psf, Colliers' Ms Chia said."
    Can't be 900 lah! Max 750 to 800. Such ulu until dun know what to say place building cost can be controlled within 300.
    U know forestque although ulu, at least got some nature reserve nearby

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    Quote Originally Posted by amk
    Can't be 900 lah! Max 750 to 800. Such ulu until dun know what to say place building cost can be controlled within 300.
    U know forestque although ulu, at least got some nature reserve nearby
    6-9mths later may worth 900psf leh...bubble bubble

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    i think the analyst got her numbers wrong too......

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    Quote Originally Posted by solsys
    i think the analyst got her numbers wrong too......
    Analysts super bullish..., pushing prices...

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    Another analyst estimates:

    http://www.h88.com.sg/article/Punggo...rs+eight+bids/

    "This 99-year leasehold site with a max gross floor area of 524,952 sqft will have an estimated 550 units. With the winning bid of $169.5m, it works out to $323psf ppr. So potentially it would mean a selling price of around $760 to $830 psf"

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    I guess will be similar in pricing to Boathouse residences, from 800psf. Boathouse bid was $320psf ppr.

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    Quote Originally Posted by azeoprop
    I guess will be similar in pricing to Boathouse residences, from 800psf. Boathouse bid was $320psf ppr.
    This sounds more realistic, but prices might inch further up due to inflation. News just announced that inflation will remain elevated for a prolonged period beyond the next two quarter that will see higher inflation figures, above 5%.

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    Quote Originally Posted by solsys
    This sounds more realistic, but prices might inch further up due to inflation. News just announced that inflation will remain elevated for a prolonged period beyond the next two quarter that will see higher inflation figures, above 5%.
    Boathouse has not much upgraders in the vicinity because the place is super ulu, hence the lower psf.

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    Default 8 bids for condo plot at Punggol Field Walk

    http://www.businesstimes.com.sg/sub/...93540,00.html?

    Published September 2, 2011

    8 bids for condo plot at Punggol Field Walk

    By UMA SHANKARI


    A CONDOMINIUM housing plot at Punggol Field Walk drew a higher than expected eight bids at the close of the state tender yesterday.

    But analysts said that despite the good participation, the bid amounts signal developers' caution.

    The top bid of $169.6 million or $323 per square foot per plot ratio (psf ppr) for the 99-year leasehold site came from Capital Development and ZACD Investments. Both companies are owned by individual shareholders.

    Bidding was tight and the top four bids were in close range, with a tender bid price gap of just 6 per cent between the top and fourth highest bids.

    The tender for the site, which can yield about 550 units, was launched on June 29. Then, analysts estimated that the plot could fetch as much as $420 psf ppr.

    The bid prices show future pricing of suburban condominiums is consolidating, said Li Hiaw Ho, executive director at CB Richard Ellis.

    Added Chia Siew Chuin, Colliers International's director of research & advisory: 'The tender bids received reflect a more cautious market outlook and possibly some level of opportunistic bidding.'

    Credo Real Estate executive director Ong Teck Hui said that two factors could have led to cautious bidding.

    'The recent financial market turmoil has led to increased uncertainties,' he said.

    'In addition, the Punggol, Sengkang and Upper Serangoon area is getting more crowded with some 2,600 units coming from several new projects... Some of these projects are near MRT stations and will provide stiff competition for buyers.'

    Analysts also noted that the top bid of $323 psf ppr offered for this site is around 20 per cent lower than the top bid of $406 psf ppr achieved for a nearby residential plot at the corner of Punggol Central and Punggol Walk, which was sold to Sim Lian Group in December 2010.

    Based on a land cost of $323 per sq ft ppr, units at the new site could breakeven at about $660-680 psf and sell at around $860-900 psf, Colliers' Ms Chia said.

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    Default Cautious round of bids for Punggol condo site

    http://www.straitstimes.com/Money/St...ry_708624.html

    Published on Sep 2, 2011

    Cautious round of bids for Punggol condo site

    By Cheryl Lim


    ECONOMIC uncertainty has led to a more cautious round of bids for a condominium site in Punggol.

    Eight contenders - including heavyweights like Frasers Centrepoint and Hong Leong - vied for the 99-year leasehold plot at Punggol Field Walk.

    A $170 million bid jointly submitted by Capital Development and ZACD Investments topped the list. ZACD's shareholders include Ms Sim Kain Kain and Mr Yeo Choon Guan, former directors of property consultancy SLP International.

    The bid works out to $323 per sq ft per plot ratio (psf ppr) - about 20 per cent lower than the top bid of $363 million, or $406 psf ppr, for a similar plot at Punggol Central and Punggol Walk bought by the Sim Lian Group last December.

    Mr Ong Teck Hui, head of research and consultancy at Credo Real Estate, said a crowded property market in Punggol could also be to blame. '(There are) some 2,600 units coming on from several new projects. These include Boathouse Residences, A Treasure Trove, The Luxurie... Some are near MRT stations and will provide stiff competition for buyers.'

    Analysts said the cautious sentiment was expected given the turmoil in global markets. But they were surprised at the number of developers fighting for what they deemed a 'mediocre suburban site'.

    Many said this could signify developers are still upbeat about the prospects of mass market homes despite recent policy changes that now make public housing a more affordable option for more buyers.

    The site has a plot ratio of 3.4 and can be built up to maximum floor area of 524,952 sq ft. An estimated 550 units can be built on this plot of land.

    Punggol Plaza retail outlets are nearby but a new mall and other amenities are being built at Punggol Central, two LRT stations away, said Mr Li Hiaw Ho, executive director at CB Richard Ellis.

    Homes at nearby executive condo project RiverParc Residence are selling at a median price of $694 psf, leading analysts to speculate that units at this condo will likely be priced above $800 psf.

    The winning submission will be announced at a later date.

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