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Thread: URA closes tender bid for Choa Chu Kang site

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    Default URA closes tender bid for Choa Chu Kang site

    http://www.channelnewsasia.com/stori...350129/1/.html

    URA closes tender bid for Choa Chu Kang site

    By Desmond Wong, Channel NewsAsia | Posted: 26 May 2008 2042 hrs


    SINGAPORE : The Urban Redevelopment Authority (URA) has closed the tender for a 53,200-square metre residential site at Choa Chu Kang Drive.

    The highest offer for the site was for S$116 million, which translates to S$203 per square foot. The offer was submitted by Tian Hock Properties.

    Li Hiaw Ho, executive director of CBRE Research said given the top bid of S$203 per square foot and an estimated breakeven cost of S$580 to S$600 per square foot, the estimated selling price could be S$650 per square foot if the project is launched in a year.

    The site at Choa Chu Kang Drive was launched for public tender in March 2008, and is on a 99-year lease.

    URA said the winner will be selected after all bids have been evaluated. - CNA /ls

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    Default Re: URA closes tender bid for Choa Chu Kang site

    http://www.businesstimes.com.sg/sub/...80916,00.html?

    Published May 27, 2008

    Bids for residential site fall short of expectations

    URA closes tender after top bid of just $203 psf ppr for the 99-yr leasehold site

    By EMILYN YAP



    A RESIDENTIAL site in Choa Chu Kang Drive has attracted a top bid of just $203 per square foot per plot ratio (psf ppr), reflecting weak sentiment in the property market.

    The Urban Redevelopment Authority (URA) yesterday closed the tender for the 99-year leasehold site, which has a maximum gross floor area of 572,600 square feet.

    The tender drew five bids - Tian Hock Properties came out tops with an offer of $116.01 million, or $203 psf ppr.

    This was 7.4 per cent higher than the next highest bid - from Sim Lian Land, at $108 million or $189 psf ppr. The lowest offer came from HHA Properties - at $80.2 million or $140 psf ppr.

    Analysts had expected bids ranging from $230 to $270 psf ppr, or $131.7 million to $154.6 million in all.

    'The lower quantum of the bid prices is a reflection of the current subdued mood in the residential market, taking into account the current cautious environment and the relatively lacklustre take-up of new projects in the first four months of the year,' said CB Richard Ellis Research's executive director Li Hiaw Ho. But five bids reflect 'fairly good interest in the site', he added.

    The director of research and advisory at Colliers International, Tay Huey Ying, noted the absence of larger developers such as Far East Organisation, saying this could be a sign of weak market sentiment.

    While the bids for this site were 'healthier compared with recent ones received for the Ten Mile Junction site', Ms Tay also feels the bids were in 'the lower range of expectations'.

    A site at Choa Chu Kang Road and Woodlands Road, where the state-owned Ten Mile Junction currently sits, recently drew a top bid of only $61 million or $162 psf ppr.

    Market observers believe that URA may nevertheless award the site. According to Ms Tay, the 'bid price is fair under current market conditions', and the project may result in a breakeven cost of about $550 psf and a selling price of $610-$620 psf.

    Mr Li also reckons the top bid for Ten Mile Junction was 'reasonably fair'. Based on the bid, he estimates a breakeven cost of $580-$600 psf, which would translate to a selling price of about $650 psf.

    URA launched the tender for the Choa Chu Kang Drive site in March and will decide on a possible award after evaluating the bids.

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    Default Re: URA closes tender bid for Choa Chu Kang site

    http://www.straitstimes.com/Money/St...ry_241481.html

    May 27, 2008

    FAIRLY LOW OFFERS

    Five bids for Choa Chu Kang tender


    A UNIT of property giant Far East Organization has put in the top bid for a condominium site at Choa Chu Kang Drive, about five minutes' walk from Choa Chu Kang MRT Station.

    Tian Hock Properties offered $116 million for the 204,514 sq ft plot, which works out to about $203 per sq ft per plot ratio (psf ppr).

    The site drew a respectable five bids when its tender closed yesterday, possibly due to the perceived strength of the mass-market condo segment, experts said. Far East's offer topped those of Sim Lian Land, Hong Leong Holdings, GuocoLand and Hiap Hoe.

    But property consultants said the bid amounts remained low, reflecting a continuing caution and lacklustre demand in the overall property market.

    Mr Li Hiaw Ho, executive director of CB Richard Ellis Research, estimated the site's breakeven cost at about $600 psf, based on the top bid. The units could be sold for $650 psf in about a year, he added.

    Homes at nearby condos such as Yew Tee Residences, Northvale and The Warren have fetched $450 to $650 psf recently, Mr Li said.

    Far East's bid yesterday came in higher than the top bid submitted last month for a similar site at the junction of Choa Chu Kang Road and Woodlands Road.

    That site, home to the Ten Mile Junction mall, drew a top bid of $61 million, or $162 psf ppr.

    FIONA CHAN

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    Default Re: URA closes tender bid for Choa Chu Kang site

    http://www.straitstimes.com/Latest%2...ry_241857.html

    May 28, 2008

    Tian Hock Properties gets residential site at Choa Chu Kang Drive with $116m bid


    THE Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Choa Chu Kang Drive to Tian Hock Properties Pte Ltd.

    The company submitted the highest bid of $116 million in the tender for the 99-year-lease site, covering 19,000 sq metres.

    This works out to $2,180 psm of the gross floor area of 53,200 metres.

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    Default Re: URA closes tender bid for Choa Chu Kang site

    http://www.businesstimes.com.sg/sub/...81223,00.html?

    Published May 29, 2008

    Tian Hock wins Choa Chu Kang Drive tender


    THE Urban Redevelopment Authority (URA) yesterday awarded the tender for a residential site at Choa Chu Kang Drive to Tian Hock Properties.

    Tian Hock Properties, a unit of Far East Organization, was top bidder for the site at $116.01 million, or $203 per square foot per plot ratio (psf ppr).

    The 99-year leasehold site has a maximum gross floor area of 572,600 sq ft.

    On Monday URA closed the tender for the site, which attracted four other bids from companies such as Sim Lian Land.

    Market watchers' estimates of the breakeven cost of a new development on the site range from $550-$600 psf, translating to a selling price of $610-$650 psf.

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