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Thread: West Coast condo site awarded to Cheung Kong-linked firm

  1. #1
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    Default West Coast condo site awarded to Cheung Kong-linked firm

    SINGAPORE : Billion Rise - a company believed to be linked to Hong Kong property giant Cheung Kong Holdings - has put in the top bid of S$110.4 million for a residential site at West Coast Crescent.

    This works out to S$305 per square foot per plot ratio for the 99-year leasehold parcel.

    Analysts expect a break-even price of between S$680 and S$720 per square foot for a new condominium on the site. The units are expected to be marketed at around S$800 per square foot.

    The next highest offer of S$108.9 million came from Tian Hock Properties, and the lowest bid was S$50 million from Scantech Development.

    All in, the Urban Redevelopment Authority received 12 offers for the land parcel.

    Consultant CB Richard Ellis said the strong response signals developers' confidence in the suburban segment despite the current lukewarm response to new projects.

    Consultant Knight Frank expects the new condominium to yield about 300 units.

    It believes the high level of interest for the site is because it is close to schools and has a good view of Clementi Park, West Coast Park and the sea.

    The site spans 12,000 square metres and has a maximum permissible gross floor area of 33,600 square metres. This means that the proposed condominium could be built up to about 36 storeys.

    The winner of the award is expected to be announced after the bids have been reviewed. - CNA/ms

  2. #2
    Unregistered Guest

    Default Re: Billion Rise puts in top bid for West Coast residential site

    Sour grapes will not be very pleased with this development.

  3. #3
    Unregistered Guest

    Default Re: Billion Rise puts in top bid for West Coast residential site

    Quote Originally Posted by Unregistered
    Sour grapes will not be very pleased with this development.
    Actually I've found another piece of news from ChannelNewsAsia's website, but since you say that the sour grapes are already not very pleased with the above development, then I shall post the news below in a colour that is not very noticeable.

    Title : HDB receives overwhelming response to Jade Spring flats in Yishun
    By :
    Date : 19 March 2008 2328 hrs (SST)
    URL : http://www.channelnewsasia.com/stori...336078/1/.html

    SINGAPORE : The Housing and Development Board (HDB) has received an overwhelming response to its second batch of Build-to-Order flats in Yishun.

    Jade Spring was launched on Tuesday, and as of 5pm on Wednesday, HDB received 771 applications for the 576 flats available.

    715 of the applications were for the four-room units.

    The prices of the two, three and four-room units range from S$77,000 to $253,000.

    Interested applicants had been given until March 31 to submit their forms.

    But following the overwhelming response, HDB has announced that it will now cut the application period and the balloting sales exercise to just two weeks - till 31 March - with immediate effect.

    Jade Springs is located at the junction of Yishun Ring Road and Yishun Avenue 11.

    It is situated near Yishun town centre, the MRT station and the upcoming Khoo Teck Puat Hospital. - CNA/ms

  4. #4
    Unregistered Guest

    Default Re: Billion Rise puts in top bid for West Coast residential site

    Quote Originally Posted by toaler
    SINGAPORE : Billion Rise - a company believed to be linked to Hong Kong property giant Cheung Kong Holdings - has put in the top bid of S$110.4 million for a residential site at West Coast Crescent.

    This works out to S$305 per square foot per plot ratio for the 99-year leasehold parcel.

    Analysts expect a break-even price of between S$680 and S$720 per square foot for a new condominium on the site. The units are expected to be marketed at around S$800 per square foot.

    The next highest offer of S$108.9 million came from Tian Hock Properties, and the lowest bid was S$50 million from Scantech Development.

    All in, the Urban Redevelopment Authority received 12 offers for the land parcel.

    Consultant CB Richard Ellis said the strong response signals developers' confidence in the suburban segment despite the current lukewarm response to new projects.

    Consultant Knight Frank expects the new condominium to yield about 300 units.

    It believes the high level of interest for the site is because it is close to schools and has a good view of Clementi Park, West Coast Park and the sea.

    The site spans 12,000 square metres and has a maximum permissible gross floor area of 33,600 square metres. This means that the proposed condominium could be built up to about 36 storeys.

    The winner of the award is expected to be announced after the bids have been reviewed. - CNA/ms
    Consensus estimates for (replacement/new) construction cost for mass market condo is now approximately 380-420 psf. Steel bar prices has doubled in the market.

  5. #5
    mr funny is offline Any complaints please PM me
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    Default Re: Billion Rise puts in top bid for West Coast residential site

    Published March 20, 2008

    Cheung Kong pips Far East in URA tender

    It offers $305psf ppr for West Coast condo plot next to Blue Horizon

    By KALPANA RASHIWALA


    (SINGAPORE) Cheung Kong Holdings-linked Billion Rise yesterday pipped Far East Organization to emerge as top bidder for a 99-year leasehold condo site facing West Coast Park and overlooking the sea.

    Billion Rise's bid of $110.44 million or $305 per square foot per plot ratio (psf ppr) was just 1.4 per cent higher than the next highest offer of $301 psf ppr by Far East unit Tian Hock Properties.

    The tender for the choice plot, next to Blue Horizon condo developed by Far East, attracted 12 bids. City Developments and TID, Allgreen Properties, Frasers Centrepoint, MCL Land, Sim Lian, a Kheng Leong unit and Hoi Hup Realty were among the other bidders. Entities linked to Alpha Investment Partners and Teambuild Construction also took part in the tender.

    Yesterday's outcome was in a sharp contrast to that at a state tender last week for a landed housing plot at Jurong West when there were just two bids - both way below market expectations. The Housing & Development Board, which conducted that tender, decided not to award the site.

    On offer at yesterday's tender, conducted by Urban Redevelopment Authority, was a more appealing site near the sea and a short drive from the VivoCity shopping and entertainment complex.

    'The plot attracted an overwhelming response of 12 bids from major and mid-size developers and contractors,' said CB Richard Ellis executive director Li Hiaw Ho. 'It signals developers' confidence in the suburban segment despite the current lukewarm response to new projects.'

    Notwithstanding the wide participation in yesterday's tender, the top bid of $305 psf ppr was towards the lower end of the $260-400 psf ppr range of bids indicated by property consultants when the site was launched in January.

    Industry sources suggested that Cheung Kong's breakeven cost for the condo could be about $600-630 psf. 'It is likely that units in the proposed development will be sold at an average price of around $750-800 psf,' said Knight Frank director Nicholas Mak.

    Units at Blue Horizon next door were transacted at an average price of $740 psf in Q4 last year.

    Market watchers had expected Cheung Kong, controlled by Hong Kong tycoon Li Ka-shing, to be awarded the latest site. The last time that a company in Mr Li's stable was awarded a 99-year condo site in a state tender here was 11 years ago in early 1997, when Japura Pte Ltd placed the top bid of $456.51 psf ppr for a site in Bayshore Road, which it later developed into the Costa Del Sol condo that boasted sweeping views of Singapore's eastern shoreline.

    Costa Del Sol is in front of The Bayshore condo, which was developed by Far East. This time, the heavyweights took the competition to the West Coast.



  6. #6
    mr funny is offline Any complaints please PM me
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    Default Re: West Coast condo plot draws whopping 12 bids

    March 20, 2008

    West Coast condo plot draws whopping 12 bids

    HK-linked firm puts in top tender of $305 psf for site in attractive location

    By Joyce Teo, Property Correspondent



    COMPETITION was brisk for a 99-year leasehold condominium site in West Coast Crescent, with 12 firms defying signs of a property slowdown to lodge bids.

    The bidders included major and mid-sized developers and contractors, with a Hong Kong-linked firm emerging with the highest tender - but only just. Billion Rise, which is linked to the Cheung Kong group, bid $110.44 million for the site - $305 per sq ft (psf) of gross floor area - to pip its nearest rival by 1 per cent.

    Tian Hock Properties, which has Far East Organization chief executive Philip Ng as a shareholder, tendered $108.9 million or $301 psf. MCL Land was next with $103.5 million or $286 psf.

    The response was strong, in contrast to the weak property market sentiment. One sign of that came on Tuesday when the Government decided not to award a leasehold landed plot in Westwood Avenue in Jurong West as the bids were too low.

    Consultants pointed to differences between the two sites. They said the West Coast Crescent site's prime location had sparked the keen interest.

    It suits a mass market condo project, which would be able to better weather any sector weakness, said Knight Frank director Nicholas Mak.

    The Jurong West landed plot was in a less favourable spot and would have accommodated 99-year leasehold landed homes, which typically do not sell as well, he added.

    The West Coast Crescent site can be built up to about 36 storeys. Some high-floor units would enjoy good views of the ocean and West Coast Park as surrounding buildings are mostly low- to medium-rise, he said.

    This tender also reflects the current market situation as some bids came in relatively low. Industry sources say a few developers were trying their luck with opportunistic bids.

    The lowest bid of $50 million, from Teambuild Construction's Scantech Development, works out to just $138 psf.

    Other bidders included Sim Lian Land ($236 psf), Hoi Hup Realty ($235 psf), Frasers Centrepoint ($210 psf) and Allgreen Properties ($186 psf). City Developments' Sunny Vista Developments and TID also put in a bid of $180 psf.

    Consultants said the top bid of $305 psf will translate into an estimated break-even price of $680 psf to $720 psf for new condos. Units could be sold at between $750 and $800 psf.

    Units at nearby Blue Horizon were sold at about $750 psf in the resale market in January and February, while sub-sales of units in Varsity Park and Clementi Woods were done at $680 psf to $750 psf, according to CBRE Research.

    [email protected]

  7. #7
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Asian Stocks Fall, Led by Commodity Producers; BHP Tumbles

    By Chua Kong Ho and Shani Raja

    March 20 (Bloomberg) -- Asian stocks fell, led by commodity producers, after oil, copper and gold prices plunged amid concern a global slowdown will reduce demand for raw materials.

    BHP Billiton Ltd., the world's largest mining company, tumbled the most in more than 20 years in Sydney and Zhongjin Gold Corp. plunged to a four-month low in Shanghai. PetroChina Co., the country's biggest oil producer, declined in Hong Kong after posting less-than-estimated profit as drilling costs rose.

    ``The U.S. is still the biggest contributor to global growth, so any slowdown will have implications for commodity prices,'' said Jason Teh, who helps manage the equivalent of $5.3 billion at Investors Mutual Ltd. in Sydney. ``It's going to be a one-way street for resources today.''

    The MSCI Asia Pacific excluding Japan Index fell 2.5 percent to 425.65 as of 11:51 a.m. in Hong Kong, snapping a two-day, 3.6 percent advance. About four stocks fell for each that rose. The benchmark has slumped 20 percent this year, poised for its worst quarter in more than six years, on concern the U.S. will sink into a recession amid mounting losses tied to the country's subprime mortgage industry.

    Australia's S&P/ASX 200 Index lost 3.1 percent, the most in two weeks, in shortened trading, while Hong Kong's Hang Seng Index dropped 3.5 percent. Japan's markets are closed for a holiday today, in addition to Indonesia, the Philippines and Malaysia. Other markets, including Hong Kong, will close tomorrow for Easter holidays until March 25.

    ``People are nervous about the long weekend,'' said Ivan Leung, who helps manage $400 billion as Hong Kong-based chief investment strategist at JPMorgan Private Bank. ``If you're expecting any surprise, it's likely to be a negative one.''

    Commodity Producers

    A measure of raw materials producers tumbled 6 percent today, the most in two months. BHP, also Australia's largest oil producer, lost 8.3 percent to A$33.87, the most since October 1987. Rio Tinto Group, the world's third-largest mining company, fell 7.7 percent to A$116.29.

    A measure of six metals traded on the London Metal Exchange, including copper and nickel, dropped 2.8 percent. Zinc fell by the exchanged-imposed daily limit of 4 percent in Shanghai. Gold futures plunged the most since June 2006 to $945.30 an ounce in New York. Crude oil fell the most since August to $104.48 a barrel, after a government report showed U.S. demand dropped.

    Zhongjin Gold tumbled 8.3 percent to 89.98 yuan, its lowest since Dec. 20. Jiangxi Copper Co., China's No. 2 producer of the metal, plunged 9.8 percent to HK$13.60 in Hong Kong, its weakest since August. Newcrest Mining Ltd., Australia's largest gold producer, dived 13 percent to A$31.30.

    PetroChina dropped 6.6 percent to HK$9.19, the lowest level since May. Profit for 2007 climbed 3.7 percent to 63.8 billion yuan ($9.03 billion), lower than the median estimate of 72.2 billion yuan in a Bloomberg News survey.

  8. #8
    Unregistered Guest

    Default Re: Billion Rise puts in top bid for West Coast residential site

    Quote Originally Posted by mr funny
    Published March 20, 2008

    Cheung Kong pips Far East in URA tender

    It offers $305psf ppr for West Coast condo plot next to Blue Horizon

    By KALPANA RASHIWALA


    (SINGAPORE) Cheung Kong Holdings-linked Billion Rise yesterday pipped Far East Organization to emerge as top bidder for a 99-year leasehold condo site facing West Coast Park and overlooking the sea.

    Billion Rise's bid of $110.44 million or $305 per square foot per plot ratio (psf ppr) was just 1.4 per cent higher than the next highest offer of $301 psf ppr by Far East unit Tian Hock Properties.

    The tender for the choice plot, next to Blue Horizon condo developed by Far East, attracted 12 bids. City Developments and TID, Allgreen Properties, Frasers Centrepoint, MCL Land, Sim Lian, a Kheng Leong unit and Hoi Hup Realty were among the other bidders. Entities linked to Alpha Investment Partners and Teambuild Construction also took part in the tender.

    Yesterday's outcome was in a sharp contrast to that at a state tender last week for a landed housing plot at Jurong West when there were just two bids - both way below market expectations. The Housing & Development Board, which conducted that tender, decided not to award the site.

    On offer at yesterday's tender, conducted by Urban Redevelopment Authority, was a more appealing site near the sea and a short drive from the VivoCity shopping and entertainment complex.

    'The plot attracted an overwhelming response of 12 bids from major and mid-size developers and contractors,' said CB Richard Ellis executive director Li Hiaw Ho. 'It signals developers' confidence in the suburban segment despite the current lukewarm response to new projects.'

    Notwithstanding the wide participation in yesterday's tender, the top bid of $305 psf ppr was towards the lower end of the $260-400 psf ppr range of bids indicated by property consultants when the site was launched in January.

    Industry sources suggested that Cheung Kong's breakeven cost for the condo could be about $600-630 psf. 'It is likely that units in the proposed development will be sold at an average price of around $750-800 psf,' said Knight Frank director Nicholas Mak.

    Units at Blue Horizon next door were transacted at an average price of $740 psf in Q4 last year.

    Market watchers had expected Cheung Kong, controlled by Hong Kong tycoon Li Ka-shing, to be awarded the latest site. The last time that a company in Mr Li's stable was awarded a 99-year condo site in a state tender here was 11 years ago in early 1997, when Japura Pte Ltd placed the top bid of $456.51 psf ppr for a site in Bayshore Road, which it later developed into the Costa Del Sol condo that boasted sweeping views of Singapore's eastern shoreline.

    Costa Del Sol is in front of The Bayshore condo, which was developed by Far East. This time, the heavyweights took the competition to the West Coast.


    WOW THE LOWEST BID REFLECTS THE MARKET STATE. 138PSF ONLY? IS IT?

  9. #9
    Unregistered Guest

    Default Re: Billion Rise puts in top bid for West Coast residential site

    Quote Originally Posted by mr funny
    Published March 20, 2008

    Cheung Kong pips Far East in URA tender

    It offers $305psf ppr for West Coast condo plot next to Blue Horizon

    By KALPANA RASHIWALA


    (SINGAPORE) Cheung Kong Holdings-linked Billion Rise yesterday pipped Far East Organization to emerge as top bidder for a 99-year leasehold condo site facing West Coast Park and overlooking the sea.
    .......................................................
    Notwithstanding the wide participation in yesterday's tender, the top bid of $305 psf ppr was towards the lower end of the $260-400 psf ppr range of bids indicated by property consultants when the site was launched in January.

    .....................................................................
    Well the text in red says it all.

  10. #10
    Unregistered Guest

    Default Re: Billion Rise puts in top bid for West Coast residential site

    Quote Originally Posted by Unregistered
    Well the text in red says it all.
    Still within the range. That says it all. There are still buyers and not what the sour grapes have been shouting, CRASH CRASH. If really crash, lower range also cannot get, u know.

  11. #11
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Leading Economic Indicators in U.S. Probably Fell in February

    By Courtney Schlisserman

    March 20 (Bloomberg) -- The index of U.S. leading economic indicators fell for a fifth month in February, reflecting mounting signs that a recession has begun, economists said before a report today.

    The Conference Board's gauge, which points to the direction of the economy over the next three to six months, fell 0.3 percent last month, according to the median forecast in a Bloomberg News survey. The last time the index dropped for as many months was in 1990, when the economy was shrinking.

    The leading index dropped as building permits, stock prices and consumer sentiment sank and first-time claims for jobless benefits jumped. Federal Reserve policy makers this week said risks to growth remain even after lowering the benchmark interest rate and making billions of dollars available to banks and securities firms to try to stabilize financial markets.

    ``A losing streak of five months is usually reserved for recessionary periods,'' said Jonathan Basile, an economist at Credit Suisse Holdings in New York. ``Once the labor market cracks, like it did last month, it shows the cycle is starting to turn down.''

    The Conference Board, a New York-based non-profit research group, is scheduled to issue the report at 10 a.m. local time. The 58 estimates in the Bloomberg News survey ranged from a 0.7 percent decline to an increase of 0.2 percent.

    Reports so far this month signal the leading index will keep falling. A report from the Labor Department due at 8:30 a.m. in Washington is forecast to show that initial jobless claims rose to 360,000 last week, according to the median survey projection.

    Rising Claims

    Applications for unemployment benefits last month averaged 359,200, compared with 326,500 in January, according to Labor Department figures.

    A 10:00 a.m. report from the Fed Bank of Philadelphia is forecast to show manufacturing in the region contracted for a fourth month in March.

    Seven of the 10 components of the leading index are known ahead of time: stock prices, jobless claims, building permits, consumer expectations, the yield curve, supplier delivery times and factory hours. The Conference Board estimates the remaining three: new orders for consumer goods, new orders for non-defense capital goods and the money supply.

    Building permits for February fell 7.8 percent to an annual pace of 707,000, the lowest level in more than 16 years, the Commerce Department said on March 18.

    The Reuters/University of Michigan index of consumer expectations dropped to the lowest level since 1992 last month and a preliminary reading for March, issued last week, showed the measure is still declining.

    Spending Cools

    Americans are spending less as pessimism grows. AnnTaylor Stores Corp., the clothing retailer geared toward women ages 25 to 55, last week reported a fourth-quarter loss and said same- store sales may decline in 2008.

    The deteriorating economy had a ``major impact'' on store traffic, Chief Executive Officer Kay Krill said in a March 14 conference call.

    ``Downside risks to the economy remain,'' Fed policy makers said in a March 18 statement announcing the central bank lowered its target for the benchmark rate by three-quarters of a point to 2.25 percent. The Fed has cut the rate by three percentage points since September.

    On March 16, the central bank also lowered the rate on direct loans to banks and said it will provide up to $30 billion to JPMorgan Chase & Co. to help finance the purchase of Bear Stearns Cos. after a run on the fifth-largest U.S. securities dealer.

    More Funding

    Less than a week earlier, the Fed said it would make up to $200 billion in Treasuries available through weekly auctions in exchange for other securities that for the first time will include those backed by mortgages issued by private lenders.

    Companies are counting on gains overseas as the U.S. economy slows. General Electric Co. Chief Executive Officer Jeffrey Immelt told investors on March 13 that demand for the company's products from infrastructure projects and growth in Europe, Asia and Africa is helping offset any drag from a slump in the U.S.

    ``I still believe in the strength of the global economy now, but the U.S. consumer is in a tougher patch,'' Immelt said in a forum on the company's Web site.

  12. #12
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    We need more bad news.

  13. #13
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    We need more bad news.
    We had been receiving bad news non-stop since the start of sub-prime.... Since the start of 08, it's been nothing but bad news so far...

  14. #14
    Unregistered Guest

    Default Re: Billion Rise puts in top bid for West Coast residential site

    Quote Originally Posted by Unregistered
    Consensus estimates for (replacement/new) construction cost for mass market condo is now approximately 380-420 psf. Steel bar prices has doubled in the market.
    Ya lor. Read the Business Times article today below.

    The price of steel has almost doubled in the past 15 months and "poised to keep rising this year".

    Very soon, the price of the steel inside our condos will be worth more than the condo itself.

    Business Times - 20 Mar 2008

    Stress test for builders as steel price soars

    It has almost doubled in 15 months and is poised to keep rising this year



    By UMA SHANKARI

    (SINGAPORE) The price of steel has almost doubled since January 2007 and this could come in the way of the construction industry's quest to reduce its dependence on concrete.

    In Singapore, industry players report that the price of both steel reinforcement bars (rebars) and structural steel has gone up by around 80-100 per cent over the past 15 months. This comes on the back of higher global demand and hikes in the costs of the raw materials used to make the metal.

    The development is a setback for the construction industry, which was veering towards using more steel to reduce dependence on concrete, which is more prone to supply-side shocks.

    'In the last 15 months, steel prices (steel rebars and structural steel) have gone up by about 80 per cent,' said Jackson Yap, chief executive of United Engineers.

    Brandon Lye, assistant vice-president for Sembawang Engineers and Constructors, similarly said that steel prices have doubled over the past 18 months.

    Data provided by industry regulator Building and Construction Authority (BCA) shows that the price of 20mm-high tensile steel was $752.50 a tonne in January 2007.

    But by January 2008, the price had climbed to $1,235.46 a tonne - a rise of some 64 per cent. The price continued to climb in February and March, industry players said.

    On the back of this, the proportion of steel cost against total construction cost has gone up from about 10 per cent to 15 per cent over the same period, Mr Yap said.

    One reason for the steel price hike is increasing global demand, said Bernard Chung, second vice-president of the Singapore Structural Steel Society.

    Macquarie Research's data shows that global steel consumption rose from 1.24 billion tonnes in 2006 to 1.33 billion tonnes in 2007. Demand is expected to continue growing in 2008 - Macquarie Research forecasts global steel demand of 1.43 billion tonnes for this year.

    Mr Chung said the demand is being driven by developing economies such as Brazil, Russia, India and China. He said that these four countries alone accounted for about three-quarters of demand growth between 1997 and 2006.

    Similarly, Macquarie Research said that China accounted for 62 per cent of world demand growth from 2000 to 2007.

    Steel prices have also been pushed up by large rises in the costs of raw materials, industry players said.

    'The cost of components used to make steel - iron ore, scrap, coking coal, coke, freight and electricity - have also gone up,' Mr Chung said.

    Macquarie Research said that steel mills are expected to pass through large rises in raw material costs in 2008, which could add around US$150 per tonne to steel costs. Add this to price increases brought on by surging demand, and the overall price of steel could climb even more this year, analysts said.

    In Singapore, increases in the price of steel could impact the industry's move towards using more steel for building.

    BCA, for example, has been encouraging more extensive use of steel for construction since Indonesia banned the export of concreting sand in January 2007. Land sand is used to make concrete.

    'Rising steel prices will slow down the drive towards the use of more steel for sustainable construction,' said United Engineers' Mr Yap.

    BCA, however, pointed out that the prices for both ready-mixed concrete and steel have increased by about 60 per cent, which means that the situation has not changed that much in terms of cost competitiveness.

    'However, steel is more readily available from many sources as compared to sand and granite,' a BCA spokeswoman said.

    And where faster 'time-to-market' is required, developers will still continue to use steel, Mr Yap said.

    Copyright 2007 Singapore Press Holdings Ltd. All rights reserved.

  15. #15
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    We had been receiving bad news non-stop since the start of sub-prime.... Since the start of 08, it's been nothing but bad news so far...
    "We" means the "sour grapes" who do not have money to invest in properties but bought stocks instead, and who saw their networth (already miniscule) dropped by 28% when the STI plunged from 3905.07 on 10 Oct 2007 to 2,808.53 this afternoon.

    On the other hand, the URA residential properties index showed that property prices have held steady. In fact, the Rest of Central Region (RCR) even rose 14.2%.

  16. #16
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    "We" means the "sour grapes" who do not have money to invest in properties but bought stocks instead, and who saw their networth (already miniscule) dropped by 28% when the STI plunged from 3905.07 on 10 Oct 2007 to 2,808.53 this afternoon.

    On the other hand, the URA residential properties index showed that property prices have held steady. In fact, the Rest of Central Region (RCR) even rose 14.2%.
    eh please lar dont mislead people with ur 14.2%.. it's the median transacted prices in all of Rest of Central Region and not comparing prices within individual projects..

  17. #17
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    eh please lar dont mislead people with ur 14.2%.. it's the median transacted prices in all of Rest of Central Region and not comparing prices within individual projects..
    What is your point? Is it going up or coming down? Answer me.

  18. #18
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    eh please lar dont mislead people with ur 14.2%.. it's the median transacted prices in all of Rest of Central Region and not comparing prices within individual projects..
    Since when did I say that it's comparing the prices within individual projects?

    I'm just quoting the statistics published by URA.

    Similarly when I quoted the 28% fall when the STI plunged from 3905.07 on 10 Oct 2007 to 2,808.53, that's an average of the index stocks and does not represent any particular individual company's share price.

    If everytime when I make a posting, I must dissect all the individual stock quotes and individual project transactions, then my posting will be hundreds of pages long.

    The same applies for the Dow Jones Industrial Average, the URA residential price index ... they're all averages, but they do give a rough idea of how the general market is moving.

  19. #19
    Unregistered Guest

    Wink Re: West Coast condo plot draws whopping 12 bids

    welcome billion rise to west coast

    indeed, a designer development will add to the relaxing ambience of this part west coast

    lucky it is billion rise

  20. #20
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    Since when did I say that it's comparing the prices within individual projects?

    I'm just quoting the statistics published by URA.

    Similarly when I quoted the 28% fall when the STI plunged from 3905.07 on 10 Oct 2007 to 2,808.53, that's an average of the index stocks and does not represent any particular individual company's share price.

    If everytime when I make a posting, I must dissect all the individual stock quotes and individual project transactions, then my posting will be hundreds of pages long.

    The same applies for the Dow Jones Industrial Average, the URA residential price index ... they're all averages, but they do give a rough idea of how the general market is moving.
    So the early estimate indicates an increase of 14.2% for RCR lah.

    Anyway, it's an estimate. Don't get too excited over it. The actual figure could be 10-30% higher or lower.

  21. #21
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    billion rise has sharp eyes ... this part of west coast is happening indeed

  22. #22
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    billion rise has sharp eyes ... this part of west coast is happening indeed
    Yes, not only sharp. he has sharpest eyes in property that make him the richest chinese in the world.

  23. #23
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    Yes, not only sharp. he has sharpest eyes in property that make him the richest chinese in the world.
    Most of the richest people in Asia made their money in properties.

    In fact property magnates make up bulk of the top 10 richest men in both Singapore.

    Forbes Singapore 2007

    1. Ng Teng Fong (USD 6.7 billion) - Properties (Far East)
    2. Khoo Teck Puat's Family (USD 5.7 billion) - Banking (StanChart)
    3. Wee Cho Yaw (USD 3.3 billion) - Banking (UOB) & Propeties (UOL)
    4. Zhong Sheng Jian (USD 2.5 billion) - China Property Developer (Yanlord Land)
    5. Kwek Leng Beng (USD 1.1 billion) - Properties (CDL & Hong Leong)
    6. Kuok Khoon Hong (USD 960 million) - Commodities (Palm Oil)
    7. Peter Lim (USD 830 million) - Commodities (Palm Oil)
    8. Lee Seng Wee (USD 650 million) - Banking (OCBC) & Properties (Bukit Sembawang)
    9. Denis Jen (USD 600 million) - Textiles and Shopping Mall Owner
    10. Chew Hua Seng (USD 595 million) - Education (Raffles Education)

    So out of the top 10 richest men in Singapore, 3 are pure property tycoons, 2 are banking cum property, 1 is textile cum property, 1 is in banking, 2 are in commodities, and 1 in education.

    What does that tell us?

    The successful people don't really produce much things. They ride either the properties or commodities boom. OCBC's founder Lee Kong Chian was known as the "Rubber and Pineapple King" during his time.

    The poor engineer or technician who churns our disk drives at the Tuas factory probably takes about 100,000 years (or 1000 lifetimes assuming each lifetime is 100 years) to earn what these tycoons are worth.

    I have experienced the same thing myself. The amount of money I made speculating in properties over the past two years is equal to the amount of money I made since I started work.

    Should I feel happy or sad? A bit of both.

  24. #24
    Reuters Guest

    Default Wall Street Surges On Hopes Of Easing Credit Crunch


    Wall St surges on hopes of easing credit crunch
    Justin Grant
    Reuters
    Thursday, 20 March 2008, 4:38 PM U.S. EDT


    Traders work on the floor of the New York Stock Exchange 18 March 2008. - Photo: Brendan McDermid, Reuters

    Stocks jumped on Thursday, capping a tumultuous week, on optimism that giving Fannie Mae and Freddie Mac a bigger role in the mortgage market will ease a credit crunch that claimed Bear Stearns as its biggest victim.

    Stocks closed out their best week in nearly two months on the strength of financial shares, which bore the brunt of investors' wrath since the credit crisis unfolded last summer. The benchmark Standard & Poor's 500 gained 2.4% for the day and rose 3.2% for the week.

    Fannie Mae and Freddie Mac delivered eye-popping gains for a third session, each rising more than 50% since Monday. Meanwhile, major banks such as Bank of America, JPMorgan and Citigroup rose between 8% and 10% each on Thursday, while the Dow Jones index of home building stocks soared 8.3%.

    Industrial heavyweight General Electric helped lead the Dow higher with a 5.3% gain to $37.49 after Merrill Lynch raised its rating on the stock as a safe bet in a slowing economy.

    A second day of plunging oil and gold prices helped ease fears of inflation getting out of control, spurring gains across the board. Energy-sensitive sectors such as airlines and consumer discretionary companies gained about 3%.

    Financial "stocks are moving inversely to what's been going on in the commodities markets with commodities prices falling in the last couple of days," said Matt Kaufler, portfolio manager and equity analyst at Clover Capital Management, in Rochester, New York.

    "And the overarching assumption to all of this being that the worst of it is likely behind us."

    The Dow Jones industrial average (.DJI) gained 261.66 points, or 2.16 percent, to 12,361.32. The Standard & Poor's 500 Index (.SPX) climbed 31.09 points, or 2.39 percent, to 1,329.51. The Nasdaq Composite Index (.IXIC) rose 48.15 points, or 2.18 percent, to 2,258.11.

    Fannie Mae rose 11.7% to $34.30, while Freddie Mac climbed 9% to $32.58 after Keefe, Bruyette & Woods upgraded them, saying recent government actions will help the mortgage giants in stabilizing the ailing housing market.

    Crude oil fell 70 cents to $101.84 a barrel, after earlier sliding to a session low below $99 a barrel. That pullback in oil prices alleviated worries about the effect of high energy costs on consumers and businesses.

    Shares of Wal-Mart Stores Inc, the world's largest retailer, rose 4.8% to $53.23.

    Stocks had rallied early in the day after a survey from the Philadelphia Federal Reserve Bank showed factory activity in the U.S. Mid-Atlantic region shrinking for the fourth consecutive month in March, but by slightly less than the median forecast.

    Helping the Nasdaq were shares of Intel Corp, up 3.1% to $21.75 after the chip maker raised its quarterly dividend by 10%, while Apple Inc rose 2.8% to $133.27.

    Shares of Nike Inc jumped 8.8% to $67.27 after the company posted a third-quarter profit that handily beat estimates.

    Markets will be closed for Good Friday. The U.S. bond market closed early on Thursday.

    Trading was extremely heavy on the New York Stock Exchange, with about 2.77 billion shares changing hands, well above last year's estimated daily average of roughly 1.9 billion, while on Nasdaq, about 2.68 billion shares traded, above last year's daily average of 2.17 billion.

    Advancing stocks outnumbered declining ones on the NYSE by about 3 to 1 and by about 2 to 1 on Nasdaq.

  25. #25
    Unregistered Guest

    Post Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    Since when did I say that it's comparing the prices within individual projects?

    I'm just quoting the statistics published by URA.

    Similarly when I quoted the 28% fall when the STI plunged from 3905.07 on 10 Oct 2007 to 2,808.53, that's an average of the index stocks and does not represent any particular individual company's share price.

    If everytime when I make a posting, I must dissect all the individual stock quotes and individual project transactions, then my posting will be hundreds of pages long.

    The same applies for the Dow Jones Industrial Average, the URA residential price index ... they're all averages, but they do give a rough idea of how the general market is moving.
    Good one. Totally agree!

  26. #26
    Reuters Guest

    Default Japan's Nikkei Up 1.8% As Banks, Brokers Gain


    Japan's Nikkei Up 1.8% As Banks, Brokers Gain
    Aiko Hayashi
    Reuters
    Tokyo, Japan
    Friday, 21 March 2008

    Japan's Nikkei average jumped 1.8% on Friday, closing higher for a third straight session as investors snapped up financial shares such as Mitsubishi UFJ Financial Group amid hopes that U.S. measures to cope with the credit crunch will stabilise markets and support the economy.

    But commodity-related shares, such as gold and copper producer Sumitomo Metal Mining Co Ltd and trading company Mitsubishi Corp, weighed on the market after a tumble in commodity prices, while electronics conglomerate Toshiba Corp slipped after cutting its profit forecasts.

    The two largest U.S. home financing companies, Fannie Mae and Freddie Mac, won regulatory approval on Wednesday to pump $200 billion more into troubled U.S. mortgage markets, easing fears about the credit crunch that has claimed Bear Stearns as its biggest victim.

    Akihito Yamanoi, general manager at AIG Global Investment Corp's (Japan) equity investment department, said investors simply picked up shares seen as oversold, encouraged by a series of measures to tackle the credit problems and by a temporary halt in the fall of the dollar and stock prices.

    "Tremendous worries about the financial system have receded for the time being after investors saw the U.S. steps, helping the U.S. and Japanese financial sectors," he said.

    "But further gains will likely be limited for a while as there still isn't much optimism in the market as even with those measures, the U.S. real economy won't pick up right away and already-shrunk funds won't come back immediately."

    The benchmark Nikkei average ended up 1.8%, or 222.13 points, at 12,482.57.

    For the holiday-shortened week, the Nikkei gained 2%, but it is still down more than 11% from the recent high hit in late February.

    The broader TOPIX index was up nearly 2%, or 23.74 points, to finish at 1,220.04.

    Trade was thin on the Tokyo exchange's first section, with 1.8 billion shares changings hands, compared with last week's daily average of 2.4 billion.

    Advancing stocks beat declining ones by nearly 7 to 1.

    Shares of Mitsubishi Heavy Industries Ltd jumped 6.3% to 437 yen after the Nikkei business daily reported that Japan's biggest heavy machinery maker is preparing to go ahead with plans to launch a 150 billion yen ($1.5 billion) regional jet project.

    Financial Gain

    Financial shares rose with top Japanese bank Mitsubishi UFJ gaining 4.6% to 892 yen.

    No. 2 Mizuho Financial Group climbed 4.7% to 404,000 yen and Sumitomo Mitsui Financial Group, Japan's third-biggest bank, jumped 5.9% to 718,000 yen.

    Nomura Holdings Inc, Japan's largest brokerage, added 2.5% to 1,588 yen.

    Among stocks that were sold off, Sumitomo Metal Mining shares tumbled 9.7% to 1,741 yen and zinc smelter Toho Zinc dropped 5.4% to 509 yen.

    In New York, gold finished almost 3% lower on Thursday as investment funds cashed in bullion for cash to cover losses in other financial markets. Spot gold bottomed at $904.65 -- a level last seen on Feb. 18. Other metals dropped sharply following gold's decline.

    Among trading houses, which have stakes in metals mines overseas, Mitsubishi was down 5.8% at 2,745 yen and Mitsui & Co Ltd lost 7% at 1,949 yen.

    Elsewhere, Toshiba dropped 1.9% to 677 yen after cutting its annual pretax profit outlook by 29% on Wednesday, hit by falls in prices of NAND flash memory chips and the cost of pulling out of next-generation DVDs.

    Sony Corp also lost ground, dropping 1.7% to 4,170 yen after its cellphone venture with Ericsson said first-quarter earnings could fall by more than half due to slowing market growth of mid to high-end phones.

  27. #27
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    cheung Kong is capable of pre-marketing at least 30-50% of units for their West Coast project in HK/Macau.

  28. #28
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Only one site tendered. Not much of an indication for anything. Just a one-off blip to the current situation which is - no buyers in the market. I foresee another delayed launch.

  29. #29
    Unregistered Guest

    Default Re: West Coast condo plot draws whopping 12 bids

    Quote Originally Posted by Unregistered
    Only one site tendered. Not much of an indication for anything. Just a one-off blip to the current situation which is - no buyers in the market. I foresee another delayed launch.
    Wow! You can "foresee"?

    You must have made a lot of money from the property market, just like this fellow here ...


  30. #30
    Unregistered Guest

    Default Re: Billion Rise puts in top bid for West Coast residential site

    Quote Originally Posted by Unregistered
    Ya lor. Read the Business Times article today below.

    The price of steel has almost doubled in the past 15 months and "poised to keep rising this year".

    Very soon, the price of the steel inside our condos will be worth more than the condo itself.

    Should that happen, then we can forget about en bloc sale, and simply tear down the building for the steel, sell the steel and invest the money, convert the land to a farm (with URA's permission), and wait until new technology brings the cost of construction down so that our children or grandchildren can rebuild the condo then.

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