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Thread: Woodlands EC site attracts five bids

  1. #1
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    Default Woodlands EC site attracts five bids

    http://www.straitstimes.com/premium/...-bids-20121010

    Woodlands EC site attracts five bids

    Published on Oct 10, 2012

    By Amanda Tan


    A TENDER for a site in Woodlands slated for an executive condominium (EC) has drawn five bids from developers, in line with market expectations.

    The site is set to yield an estimated 447 homes spread across eight 12-storey blocks.

    This is the first site to be launched after the latest round of property cooling measures kicked in last Saturday, but property expert Ong Teck Hui said it did not affect bidding.

    Mr Ong, Jones Lang LaSalle's national director of Singapore research, said: "The bids were comparable to those fetched at an adjacent site."

    Opal Star, a unit of Frasers Centrepoint, and Binjai Holdings, a Lum Chang unit, jointly submitted the highest bid of about $150 million, or about $302 per sq ft per plot ratio (psf ppr).

    Property experts had earlier expected three to seven developers to bid for the 16,505 sq m site at the junction of Woodlands Avenue 6 and Woodlands Drive 16, with bids of between $300 and $350 psf ppr.

    The second best offer of $148 million, or $297 psf ppr, was a joint bid from Far East Civil Engineering and China Construction (South Pacific) Development.

    Last Friday, the Monetary Authority of Singapore announced that it will cap home loans at 35 years. Those seeking a loan of more than 30 years or whose loan will extend beyond them turning 65 years of age will have lower loan-to-value ratios.

    Dennis Wee Group's senior manager of training, research and consultancy, Mr Lee Sze Teck, said: "Demand for ECs should continue to be healthy... Younger first-time buyers are unlikely to be affected by the new measures because they will still qualify for a longer loan period."

    Upgraders, although affected by the age limit of 65 years, can appeal to the banks for a higher loan amount as they will have to sell their HDB flats when they take possession of the EC units.

    Still, the take-up of ECs might be slower as there are more options in the market, said Mr Lee.

    He added that the break-even price should be about $600 to $650 psf while the estimated sale price is between $680 and $730 psf.

    The site is a short drive away from Causeway Point shopping mall and major expressways. There are several schools nearby.

    A Frasers Centrepoint spokesman noted that the nearest MRT stations are the Admiralty station and the upcoming Woodlands South station.

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  2. #2
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    Default Woodlands EC site draws top bid of $150.2m

    http://www.businesstimes.com.sg/prem...1502m-20121010

    Published October 10, 2012

    Woodlands EC site draws top bid of $150.2m

    Plans made for 447 units in eight blocks of 12 storeys each, mainly 3, 4-bedroom

    By zeinab yusuf saiwalla


    DEMAND for executive condominium (EC) sites in Woodlands remains strong, with a top bid of $150.18 million, or $302 per square foot per plot ratio (psf ppr), submitted for a 99-year leasehold site there.

    That bid came from a joint venture between Fraser Centrepoint's unit Opal Star and Lum Chang's unit Binjai Holdings, which have a 70-30 per cent stake in the venture.

    The site is on Woodlands Avenue 6 and Woodlands Drive 16, next to another EC development, La Casa.

    The tender, which closed at noon yesterday, attracted five bidders - comparable to a site on Woodlands Avenue 5 sold in May which also pulled in five bidders and was sold at $318 psf ppr.

    Opal Star and Binjai Holdings' bid was 1.6 per cent higher than the next highest bid put in by the joint venture between Far East Civil Engineering and China Construction.

    That bid was $147.777 million, which translates to $297 psf ppr.

    When the tender for the site was launched in August, property consultants polled by BT had predicted that the winning bid would be in the $300-350 psf ppr range, and that 3-7 bids would be submitted. The tender outcome was thus within expectations.

    ECs are a hybrid of public and private housing, with initial-buyer eligibility and resale restrictions lifted 10 years after the completion of the project.

    A Fraser Centrepoint spokesman said yesterday that plans have been made for 447 units in eight blocks of 12 storeys each, and that the units will mainly be three- and four-bedroom ones.

    Property consultant DWG's senior manager for training, research and consultancy Lee Sze Teck estimates the project's break- even cost at $600-650 psf, and that its estimated sale price would be between $680 and $730 psf.

    Other bidders for the site were Mezzo Development ($138 million or $277 psf ppr); Verspring Properties ($134.7 million or $271 psf ppr); and CEL Property ($124.399 million or $250 psf ppr).

    Credo Real Estate executive director Ong Teck Hui described the combined Fraser Centrepoint and Lum Chang bid as a display of confidence in the demand for ECs in this north Singapore neighbourhood.

    "The top bidder for the subject site would have taken into account the adjacent site's time advantage in sales launching and so tendered a little lower to be competitive in pricing when he launches his sales," he said.

    He added that the tender bidding for the site did not seem to have been affected by the latest round of cooling measures.

    Although the bids were relatively optimistic, DWG's Mr Lee cautioned that the take-up rate may be slow, given the wide variety of options for buyers. "Developers will have to differentiate their project from others in the market in the areas of design, theme and quality," he said.

  3. #3
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    Wah, very ulu location!

  4. #4
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    Project's break even cost at $600-650 psf, and that its estimated sale price would be between $680 and $730 psf, for EC in Woodland. Abt $750+ psf was what people paid for freehold condo - oh thats few years ago.

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    Quote Originally Posted by latour
    Project's break even cost at $600-650 psf, and that its estimated sale price would be between $680 and $730 psf, for EC in Woodland. Abt $750+ psf was what people paid for freehold condo - oh thats few years ago.
    Yup , property price trending up and up even at OCR like Woodlands (which some claim 'Ulu').

    Eventually once the Thomson Line, NSE, RTS('Malaysia rail') come into being within a decade (10 years), properties in Woodlands 'lagi' hot.
    Some will lament 'missed the boat' again.

    This will then be the next popular town like 'Tampines' which was once 'ulu' too.

  6. #6
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    Breakeven about $700psf?

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