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

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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

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

    Sour grapes will not be very pleased with this development.

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    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

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    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.

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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.



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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]

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    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.

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    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?

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    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.

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    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.

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