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Thread: Record Bid S$1632 psf ppr at Novena White Site

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    Default Record Bid S$1632 psf ppr at Novena White Site

    http://www.businesstimes.com.sg/prem...h-bid-20121205
    SMASHING all previous records, a white site at the junction of Thomson Road and Irrawaddy Road yesterday drew a top bid of $492.5 million, or $1,631.59 per square foot per plot ratio (psf ppr).
    The bid, which was jointly put up by Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Hoi Hup JV Development Pte Ltd, topped that of eight other bidders.

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    Quote Originally Posted by leesg123
    http://www.businesstimes.com.sg/prem...h-bid-20121205
    SMASHING all previous records, a white site at the junction of Thomson Road and Irrawaddy Road yesterday drew a top bid of $492.5 million, or $1,631.59 per square foot per plot ratio (psf ppr).
    The bid, which was jointly put up by Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Hoi Hup JV Development Pte Ltd, topped that of eight other bidders.
    makes me wonder why Crystal Tower fails to enbloc at $1500 psf ppr

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    white site ??.... meaning can build small clinics and sell at $5-6Kpsf ??...

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    Quote Originally Posted by ikan bilis
    white site ??.... meaning can build small clinics and sell at $5-6Kpsf ??...
    you are right. Now I understand why this is so expensive. Developers can have all the flexibility they want - all commercial, hotel, residential or mixture.

    But land is FH or LH?

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    Quote Originally Posted by windcar
    you are right. Now I understand why this is so expensive. Developers can have all the flexibility they want - all commercial, hotel, residential or mixture.

    But land is FH or LH?
    At least 30% for hotel

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    Quote Originally Posted by windcar
    you are right. Now I understand why this is so expensive. Developers can have all the flexibility they want - all commercial, hotel, residential or mixture.

    But land is FH or LH?
    This is a Gahment state land where got sell to you FH wan ???

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    then like that 30% specialist clinics, 30% commercial retail (As pharmacy, health supplement/care etc), 30% hotel/service apartment (for patient/patient's family, visiting doctors), and remaining 10% don;t know what....

    like that even at 1.6Kpsf, developer still laughing to the bank darn shiok shiok wah....

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    Property developers getting bullish eh?

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    Quote Originally Posted by kane
    Property developers getting bullish eh?
    govt need to collect $$$ becoz downturn need to give $$$

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    Crystal Tower lousier location. This one right beside MRT & 2 shopping malls + beside in medical hub.

    Quote Originally Posted by windcar
    makes me wonder why Crystal Tower fails to enbloc at $1500 psf ppr

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    http://www.businesstimes.com.sg/arch...h-bid-20121205

    Published December 05, 2012

    White site at Novena draws record high bid

    Bid of $1,632 psf ppr put up jointly by Hoi Hup Realty, Sunway and Hoi Hup JV

    By Mindy Tan


    SMASHING all previous records, a white site at the junction of Thomson Road and Irrawaddy Road yesterday drew a top bid of $492.5 million, or $1,631.59 per square foot per plot ratio (psf ppr).

    The bid, which was jointly put up by Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Hoi Hup JV Development Pte Ltd, topped that of eight other bidders.

    "(The bid received) is 15.8 per cent higher than the winning bid of $1,409 psf ppr for a white site at Marina View (Parcel A) by MGPA in September 2007," said Lee Sze Teck, senior manager, training, research and consultancy, at DWG. "The bid could have been driven by the selling prices achieved by some strata retail and office space and the buoyant tourism industry."

    The 0.66-hectare plot, which has maximum permissible gross floor area (GFA) of 301,852 sq ft, is classified "white", which means it can be put to commercial, residential or hotel use. According to the terms set by the Urban Redevelopment Authority, a minimum 30 per cent of the GFA must be set aside for hotel use.

    When the site was triggered for sale, analysts said that they had expected keen interest in the site, given the location's proximity to Novena MRT station and several medical centres, including Tan Tock Seng Hospital, Novena Medical Centre and Mount Elizabeth Novena Hospital.

    The site is also surrounded by many existing commercial developments, such as Velocity @ Novena Square.

    "The highest bid of $1,632 psf ppr is more achievable with medical suites rather than residential use, in addition to the hotel component, especially taking into account Novena as a growing medical hub," said Ong Teck Hui, national director, research and consultancy, at Jones Lang LaSalle.

    "The strong bidding also factors in the ultra-convenience with the MRT station below and the shopping and eating facilities at Novena Square and other amenities nearby," he added.

    Assuming the site is awarded to Hoi Hup, the company intends to embark on its first hotel project, and build a 3.5 to 4-star hotel. The remaining 70 per cent of GFA will be dedicated to commercial facilities and medical suites.

    "Majority of the commercial space will be medical suites, but I think we need some shops on the ground floor," said a spokesman from Hoi Hup. "We will also have a linkway between Novena MRT and the basement, which will be lined with shops."

    The site was earlier triggered for sale by public tender after a developer offered a bid of at least $211.3 million for the site, which translates to $700 psf ppr.

    The second highest bid was jointly put up by CapitaLand Commercial's Swift One and Swift Two, and Ascott Holding's Taipan Trustee. It came in at $444.9 million, or $1,474 psf ppr.

    Other bidders include a joint bid by Far East Civil Engineering, Far East Orchard, and Sekisui House, at $393.3 million, or $1,303.07 psf ppr; and UOL and Singland's United Venture Investment (Thomson) Pte Ltd, at $363.3 million, or $1,203.57 psf ppr.

    The lowest bid was put up by UEM Land Berhad, at $340.5 million, or $1,128 psf ppr.

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    Default Novena white site attracts top bid of $493m

    http://www.straitstimes.com/archive/...-493m-20121205

    Novena white site attracts top bid of $493m

    Highest-ever submission for such a site; offers driven by buoyant tourism sector

    Published on Dec 05, 2012

    By Esther Teo, Property Reporter


    A BULLISH top bid of almost $500 million was lodged for a mixed-use site next to Novena MRT station in a nine-cornered contest yesterday.

    The bid of $492.5 million - or $1,632 per sq ft (psf) per plot ratio (ppr) - is the highest ever submitted for a white site, which can accommodate a variety of uses.

    It easily beat the old record of $1,409 psf ppr lodged for a white site at Marina View by MGPA in September 2007.

    Experts say the generally high bids could have been driven by the good sale prices for some strata-titled retail and office spaces, and the buoyant tourism industry.

    The top offer came from a consortium comprising Hoi Hup Realty, Sunway Developments and Hoi Hup JV Development, whose shareholders include Straits Construction and Hoi Hup Realty.

    CapitaLand units Swift One, Swift Two and Taipan Trustee came in second with a $444.9 million bid. Other bidders included Far East Orchard, Sim Lian Group, Guthrie and UEM Land, which placed the lowest bid of $340.5 million, or $1,128 psf ppr.

    The 6,677 sq m plot on the corner of Thomson and Irrawaddy roads has a maximum gross floor area of 28,043 sq m, at least 30 per cent of which must be allocated for a hotel.

    The rest can be for residential, office or retail and complementary commercial uses, the Urban Redevelopment Authority said.

    Hoi Hup told The Straits Times that, apart from the mandated 30 per cent hotel use, the remaining space will be for medical suites and shops, the latter to be in the basement and first storey.

    Mr Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group, noted that the Novena area has not seen a new supply of office space for some time.

    Demand for strata-titled office space in the fringe central business district area has typically been strong, which has likely attracted developers, he added.

    Mr Ong Teck Hui, Jones Lang LaSalle Real Estate's national director of research and consultancy, said the top bid indicated that medical suites, rather than homes, were likely to be built.

    Novena is a growing medical hub. Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute and Mount Elizabeth Novena Hospital are all in the vicinity.

    "As a hotel-cum-residential site, a top bid of around $1,300 to $1,400 psf ppr would have been expected," Mr Ong added.

    "The strong bidding also factors in the ultra-convenience with the MRT station below and the shopping and eating facilities at Novena Square and other amenities nearby."

    The reserve list site was put up for sale in October after a developer committed to bid not less than $211.3 million for the land parcel.

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