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Thread: Just 2 bids for Ten Mile Junction site

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    Default Just 2 bids for Ten Mile Junction site

    Published April 4, 2008

    Just 2 bids for Ten Mile Junction site

    Kheng Leong unit offers $162.40 psf ppr; Sim Lian Land, $121.60 psf ppr

    By ARTHUR SIM


    THE public tender for an unusual development site at Choa Chu Kang Road and Woodlands Road has closed with just two bids received.

    The site, on which the state-owned Ten Mile Junction currently sits, received a bid of $61 million or about $162.40 per square foot per plot ratio (psf ppr) from Peak Green Pte Ltd.

    The company is understood to be linked to Kheng Leong, the privately owned property group controlled by the family of banker Wee Cho Yaw.

    The second, lower bid of $45.68 million, or $121.60 psf ppr, was put in by Sim Lian Land.

    Earlier estimates had put the value of the site at between $200 psf ppr and $250 psf ppr.

    Savills Singapore director of marketing and business development Ku Swee Yong said that he was surprised by the lower-than-expected bid, but added that rising construction costs may have been a factor.

    Recently, a development site at Jurong West was not awarded because the highest bid received was considered to be too low by the government.

    But while Mr Ku did not know if the higher bid for the Ten Mile Junction site would top the reserve price for the site, he said: 'I think the site should be awarded.'

    'This area is very local and I believe the household incomes are lower,' he added.

    Knight Frank director of research and consultancy Nicholas Mak noted that the current bid is one of the lowest in recent years.

    'The previous time when land tender bids of below $200 psf ppr were submitted was in the period from 2000 to 2002.

    'But during that period, the government did sell some of the sites at prices below $200 psf ppr.'

    On whether the Ten Mile Junction site would be awarded, Mr Mak said that it depended on whether market conditions were the same as those during 2000-2002. 'There is a 50/50 chance,' he added.

    The site, which has a residential potential gross floor area of 254,394 sq ft, could have between 200 and 240 apartments.

    The existing commercial GFA is 121,191 sq ft.

    CB Richard Ellis Research executive director Li Hiaw Ho said that if the site were awarded, the breakeven price for the newly developed residential project will be around $400 psf. This will translate to a possible selling price of about $500 psf.

    Units in Yew Tee Residences, a new 99-year leasehold project and Maysprings, the development closest to the subject site, were transacted at $520-550 psf, he noted.

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    Default Re: Just 2 bids for Ten Mile Junction site

    April 4, 2008

    TENDER FOR RESIDENTIAL PLOT

    Ten Mile Junction site draws top bid of $61m


    THE top bid for a unique 99-year leasehold site in Choa Chu Kang has come in at $61 million, which experts say is within expectations.

    The residential site at the junction of Choa Chu Kang Road and Woodlands Road attracted only two bids, with Peak Green, a unit of Peak Properties, which is controlled by the United Overseas Bank's Wee family, leading the way.

    Its bid of $61 million values the site at $162 per sq ft (psf) per gross floor area. Sim Lian Land's offer was well back at $45.68 million.

    The site has an existing three-storey commercial development - the Ten Mile Junction mall - and was the first residential site above a Light Rapid Transit station offered for sale by the Urban Redevelopment Authority (URA). It has a gross floor area of 254,394 sq ft for residential use, for either flats or service apartments. The mall has a fixed gross floor area of 121,191 sq ft.

    The URA said the tender will be awarded once the bids are evaluated.

    Knight Frank director of research and consultancy Nicholas Mak said the price was within expectations given the location and nearby amenities.

    CBRE Research executive director Li Hiaw Ho said that if the site is awarded to Peak Green, the breakeven price will be around $400 psf. This will translate into a possible selling price of about $500 psf for apartments on the site.

    NICHOLAS FANG

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by mr funny
    April 4, 2008

    TENDER FOR RESIDENTIAL PLOT

    Ten Mile Junction site draws top bid of $61m


    THE top bid for a unique 99-year leasehold site in Choa Chu Kang has come in at $61 million, which experts say is within expectations.

    The residential site at the junction of Choa Chu Kang Road and Woodlands Road attracted only two bids, with Peak Green, a unit of Peak Properties, which is controlled by the United Overseas Bank's Wee family, leading the way.

    Its bid of $61 million values the site at $162 per sq ft (psf) per gross floor area. Sim Lian Land's offer was well back at $45.68 million.

    The site has an existing three-storey commercial development - the Ten Mile Junction mall - and was the first residential site above a Light Rapid Transit station offered for sale by the Urban Redevelopment Authority (URA). It has a gross floor area of 254,394 sq ft for residential use, for either flats or service apartments. The mall has a fixed gross floor area of 121,191 sq ft.

    The URA said the tender will be awarded once the bids are evaluated.

    Knight Frank director of research and consultancy Nicholas Mak said the price was within expectations given the location and nearby amenities.

    CBRE Research executive director Li Hiaw Ho said that if the site is awarded to Peak Green, the breakeven price will be around $400 psf. This will translate into a possible selling price of about $500 psf for apartments on the site.

    NICHOLAS FANG

    Hahaha, 500psf??? Those people living in Maysprings & The Linear better start lowering their expectations hor...

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    Default Property fever here starting to cool

    Friday, April 4, 2008

    Property fever here starting to cool


    More signs of Singapore's property market slowing: Tenders for a plot of government development land have closed, attracting one of the lowest bids in recent years.

    The residential site bordering Choa Chu Kang Road and Woodlands Road on offer attracted just two bids. The highest offer came from an arm of Peak Properties, which is controlled by the Wee family. It offered $61 million, which works out to just $162 per sq ft (psf) per plot ratio.

    Knight Frank research head Nicholas Mak said: "The current bid is one of the lowest in recent years."

    The low point came last month when just $78 psf was offered for land in Westwood Avenue. This was rejected by the Urban Redevelopment Authority (URA).

    The last time residential land bids fell below $200 psf was between 2000 and 2002, at the height of Singapore's decade-long property slump. It is not yet known whether the URA will accept the Peal Properties' offer.

    The Choa Chu Kang Road site can be potentially used to develop up to 240 condominium units or serviced apartments.

    This tender may serve as a good benchmark for another nearby site in Choa Chu Kang Drive. Bids for this site close in May. Prices of completed units in nearby Maysprings condominium recently transacted at an average price of $530 to $630 psf.

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    Default Re: Just 2 bids for Ten Mile Junction site

    ITS ALL HAPPENING FASSSSSSSSSSSSSSTTTTTT!!!!

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Hahaha, 500psf??? Those people living in Maysprings & The Linear better start lowering their expectations hor...
    Come on, don't be so critical.
    An excellent example is Jurong. For the past few years, lots of people are denouncing Lakeshore. Now, it's going to be a different story. These group of people will start eating their words for saying that Lakeshore is not worth a buy. Look how things change so suddenly and quickly with the wave of the magic wand....

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Come on, don't be so critical.
    An excellent example is Jurong. For the past few years, lots of people are denouncing Lakeshore. Now, it's going to be a different story. These group of people will start eating their words for saying that Lakeshore is not worth a buy. Look how things change so suddenly and quickly with the wave of the magic wand....
    Would have been better to grow rice there. Atleast can cut imports. Without food how to wave magic wand.

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    Default Re: Just 2 bids for Ten Mile Junction site

    Quote Originally Posted by Unregistered
    Would have been better to grow rice there. Atleast can cut imports. Without food how to wave magic wand.
    Wowww....No one has ever thought of having padi fields in Jurong but you did. You are a real genius. I am so proud that you are a fellow citizen.

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    Default Re: Just 2 bids for Ten Mile Junction site

    Sorry. Jurong is not "successful" yet. Just an announcement, prior masterplans also got a lot of promises, but none materialise. Not forgetting this is 10-15 years later. Do you want to gamble that far? If you want to buy for stay, you should choose a place you are comfortable with today, not 10 years later.
    Quote Originally Posted by Unregistered
    Come on, don't be so critical.
    An excellent example is Jurong. For the past few years, lots of people are denouncing Lakeshore. Now, it's going to be a different story. These group of people will start eating their words for saying that Lakeshore is not worth a buy. Look how things change so suddenly and quickly with the wave of the magic wand....

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    Default Re: Just 2 bids for Ten Mile Junction site

    I remember there used to be a Maysprings thread, and the people there were so excited about how much this bid will "increase" the value of their Maysprings apartment at Bukit Panjang. Quite amusing.

    Quote Originally Posted by Unregistered
    Hahaha, 500psf??? Those people living in Maysprings & The Linear better start lowering their expectations hor...

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