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Thread: $516m bid for Redhill site stuns market watchers

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    Default $516m bid for Redhill site stuns market watchers

    http://www.straitstimes.com/premium/...chers-20120921

    $516m bid for Redhill site stuns market watchers

    It is highest price paid for 99-year condo site near the MRT station

    Published on Sep 21, 2012

    By Amanda Tan


    A BULLISH bid of more than half a billion dollars for a Redhill residential site has left market watchers stunned.

    The site attracted several big players but none matched the knockout price offered by a consortium comprising Wingstar Investment, Metro Australia Holdings and Maxdin.

    They lodged an offer of $516.3 million, or $960 per sq ft per plot ratio (psf ppr), for the 99-year leasehold site in Prince Charles Crescent.

    Experts had tipped a top offer of $950 psf ppr, with most expecting bids well below that.

    Wingstar is a unit of Wing Tai Holdings, which has projects like Le Nouvel Ardmore and Nouvel 18 in the posh Ardmore Park area.

    Metro Australia is owned by local firm Metro Holdings, while Maxdin is part of United Engineer's Greatearth Holding.

    Next up was a joint bid from Intrepid Investments, Verwood Holdings and Hong Realty (Private), which lodged $508.9 million, or about $947 psf ppr.

    Sherwood Development, a unit of Keppel Land, was third with a bid of $488.2 million, or $908 psf ppr. Plan Achieve was the lowest of the eight bidders with $433.2 million, or about $806 psf ppr.

    The tender for the 23,785 sq m site, which could yield about 590 units, closed yesterday.

    It was on the reserve list of the Government Land Sales programme. In July, the Urban Redevelopment Authority accepted an application from a developer to put the site on sale.

    Unlike confirmed sites which are sold regardless of interest, developers must first make a minimum acceptable bid for reserve list sites.

    Mr Nicholas Mak, SLP International's research head, noted the "substantial housing supply in the area".

    Two other residential sites - at Alexandra and Jervois roads - have been sold in the past 10 months. The sites could yield a total of about 690 units.

    Two other plots nearby that could yield a total of about 980units are on the reservelistfor this half of the year.

    "This could indicate that the Government is trying to stabilise the housing prices in the area," Mr Mak said.

    He pointed out that the winning bid for the Redhill tender is the highest land price paid for a 99-year-leasehold condominium site near the Redhill MRT station.

    It is also 9 per cent higher than the land price that Singapore Land paid for its site at nearby Jervois Road, Mr Mak noted.

    "The number of bids received shows strong interest from the developers and their optimistic sentiments towards Singapore's mid-tier private housing price," he added.

    Mr Lee Sze Teck, Dennis Wee Group's senior manager of training, research and consultancy, said the site is near the prime Jervois area, schools like Crescent Girls' School, and a short drive from town. It is also has a regular shape, which helps designers.

    He estimated the selling price of the future project to be between $1,600 and $1,650 psf.

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    Default Prince Charles Crescent site gets S$516.3m top bid

    http://www.todayonline.com/Business/Property/EDC120921-0000048/Prince-Charles-Crescent-site-gets-S$516,3m-top-bid

    Prince Charles Crescent site gets S$516.3m top bid

    04:45 AM Sep 21, 2012


    SINGAPORE - The tender for a 99-year leasehold housing site at Prince Charles Crescent attracted strong interest from eight bidders by the close yesterday, with the top bid of S$516.3 million coming from a partnership of Wingstar Investment, Metro Australia Holdings and Maxdin, according to Urban Redevelopment Authority data.

    Located near Redhill MRT Station, the site launched from the Reserve List of the Government Land Sales programme, has an area of 256,024 sq ft and is expected to yield 590 homes across a maximum gross floor area of 537,657 sq ft.

    Mr Lee Sze Teck, Senior Manager of Training, Research and Consultancy at DWG, said the top bid translated to about S$960 per sq ft per plot ratio, a mere 1.5 per cent above the second best bid. It was also 9 per cent higher than a site at Jervois Road sold to Singapore Land for S$881 psfppr in February, he noted.

    The strong bids were probably due to the uptick in interest in projects like V on Shenton and Leedon Residences in the Core Central Region, he said.

    Mr Lee estimated the breakeven for the Prince Charles Crescent development at S$1,400 to S$1,450 psf, adding that the selling price could range from S$1,600 to S$1,650 psf, similar to sub-sale prices of Ascentia Sky.

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    hdb next to mrt 1 million...so whats the big deal..

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    Quote Originally Posted by radha08
    hdb next to mrt 1 million...so whats the big deal..
    anyway its the same clowns...i.e market watchers who will be rushing to buy...

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    For example, a land area of 40,518 square feet with a plot ratio of 1.4 can be developed into apartments with a maximum floor area of 56,725 square feet. If the purchase price of the land is $77.33 million, then the per square foot per plot ratio price is $77.33m/(40,518 x 1.4) = $1,363 psf ppr.

    The wife and I finally managed to find time to visit the sales gallery of Terrasse on Thursday. This is a leasehold project by MCL Land, who had acquired the site via a GLS tender in May 2010 for $456psf ppr.

    http://sgproptalk.blogspot.fr/2011/0...se-review.html

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    how do u like terrasse?

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    why you buy terrasse ?? It is expensive rite ?

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    https://www.facebook.com/groups/322528331167719/

    34 member now.

    TERRASSE 1,308,500 1,421 Strata 921 psf @ $456psf ppr of land value

    When I buy it was expensive.

    The Terrasse MCL Land (Serangoon) Pte Ltd S$110.5 m May 2014

    http://www.keonghong.com/major_projects.html
    Last edited by Arcachon; 22-09-12 at 17:08.

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    456 + 242.8 = 698.8 - 921 = 222.2


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    Quote Originally Posted by blackapple
    why you buy terrasse ?? It is expensive rite ?
    Do you think it is expensive?

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    Quote Originally Posted by Arcachon
    Do you think it is expensive?
    Like you mention it was expensive and now it should be fair value..

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    Quote Originally Posted by blackapple
    Like you mention it was expensive and now it should be fair value..
    Money have lost it value over time when US QE unlimited.

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    Can someone tell me why is Wing Tai buying this at record price when their boss just said property over supply?

    http://www.stproperty.sg/articles-pr...i-boss/a/69237

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    Quote Originally Posted by speculator
    Can someone tell me why is Wing Tai buying this at record price when their boss just said property over supply?

    http://www.stproperty.sg/articles-pr...i-boss/a/69237
    Easy. Buy 1 lot Wing Tai and face to face ask him during AGM.

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    Quote Originally Posted by speculator
    Can someone tell me why is Wing Tai buying this at record price when their boss just said property over supply?

    http://www.stproperty.sg/articles-pr...i-boss/a/69237
    QE unlimited, low rate till 2015.

    http://www.winknews.com/Call-for-Act...d#.UF2c343iaEw

    Do you understand QE? If you don't than you will not understand Wing Tai buying at record price.
    Last edited by Arcachon; 22-09-12 at 19:15.

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    Quote Originally Posted by Arcachon
    QE unlimited, low rate till 2015.

    http://www.winknews.com/Call-for-Act...d#.UF2c343iaEw

    Do you understand QE? If you don't than you will not understand Wing Tai buying at record price.
    even a 3 year old knows what is QE. I was making a sarcastic remark.
    Do you know what is sarcasm. If you don't please look up dict.

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    Quote Originally Posted by speculator
    even a 3 year old knows what is QE. I was making a sarcastic remark.
    Do you know what is sarcasm. If you don't please look up dict.
    So sorry to misunderstood you, my apology.

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    This gong gong tai tai may be in for trouble if the reason for bidding so high just becoz of QE 3.
    When the east giant & kaki able to find something to replace the dollar then...
    Gold may be safer in such uncertain environment. Just a personal opinion.

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    Quote Originally Posted by 3C
    This gong gong tai tai may be in for trouble if the reason for bidding so high just becoz of QE 3.
    When the east giant & kaki able to find something to replace the dollar then...
    Gold may be safer in such uncertain environment. Just a personal opinion.
    do you understand chinese, if yes you might want to watch this video about gold.

    http://www.youtube.com/watch?v=pzmFDdtRPmc

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    Quote Originally Posted by Arcachon
    So sorry to misunderstood you, my apology.

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