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Thread: Plum Bukit Timah plot up for sale

  1. #1
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    Default Plum Bukit Timah plot up for sale

    Plum Bukit Timah plot up for sale

    NOV 1, 2017

    Several developers said to be eyeing District 10 reserve list site known as Fourth Avenue

    Grace Leong



    A plum 99-year leasehold residential site in posh Bukit Timah Road has been put on the market at a minimum price of $448.8 million.

    The reserve list plot known as Fourth Avenue was triggered for sale when a developer offered the minimum price.

    The Urban Redevelopment Authority (URA) said yesterday the tender will be launched at a later date.

    The 18,532 sq m district 10 site, which is near two good-class bungalow estates, appears to have drawn strong interest, with as many as 15 developers expected to throw their hats into the ring.

    It has a land area of 1.9ha and a maximum permissible gross floor area of 33,358 sq m, so it could yield 455 units.

    ZACD Group executive director Nicholas Mak said: "The land rate of $1,249.92 psf ppr (per sq ft per plot ratio) for Fourth Avenue is very close to the trigger bid of $1,250 psf ppr for the site of the former Zouk in Jiak Kim Street."

    Edmund Tie & Company research head Lee Nai Jia said there has been much interest in the site, as it is near the Sixth Avenue MRT station and good schools.

    "Based on current market conditions, we expect the winning land bid to be around $567 million ($1,580 psf ppr)," he added.

    A Toh Tuck Road site tender near the Bukit Timah housing district attracted a record 24 bids in April, with Malaysian developer SP Setia securing the 99-year leasehold plot for $265 million, or $939 psf ppr.

    Two other land parcels were also put up for tender under the Government Land Sales programme yesterday.

    A site in Chong Kuo Road was launched for sale under the confirmed list, while one in Cuscaden Road was made available for application under the reserve list.

    These two sites could yield about 250 residential units, the URA said yesterday.

    The tender for the 4,282.9 sq m Chong Kuo Road site will close at noon on Jan 30. It is timed with the tender closing for two other residential sites - in Handy Road, which will be launched for sale this month; and the Sumang Walk executive condominium plot, which will go on the market next month.

    The 99-year leasehold site in Chong Kuo Road has a maximum building height of five storeys, which translates to a permissible gross floor area of 5,997 sq m. It is near Sembawang Country Club and Orchid Country Club.

    There is a maximum building height of 100m and a permissible gross floor area of 16,024 sq m for the 99-year leasehold parcel in Cuscaden Road.

    The 5,722.6 sq m site is near Orchard Road, the upcoming Orchard Boulevard MRT station and the Botanic Gardens.

    Mr Ong Teck Hui, JLL's national director for research and consultancy, said the two sites are unlikely to slow the collective sale bandwagon as there is still pent-up demand. He believes the Chong Kuo Road site will likely attract smaller firms, with the top bid expected to be "between $570 psf ppr and $650 psf ppr".

    "The Cuscaden parcel, if triggered, will be a test of sentiments in the upper prime market. It could fetch a top bid of $1,600 psf ppr to $1,800 psf ppr," he said.

    ZACD's Mr Mak said that if the Cuscaden site is launched for sale by tender in the next two months, the estimated land price would range from $250 million to $270 million ($1,450 psf ppr to $1,565 psf ppr).

    "Due to the limited new supply of private non-landed residential units in the vicinity, this tender would draw strong interest from many developers," he said.


  2. #2
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    Default Sembawang site for sale by public tender under GLS Confirmed List

    Sembawang site for sale by public tender under GLS Confirmed List

    Tender for a site at Fourth Avenue under Reserve List will be launched soon

    NOV 01, 2017

    LYNETTE KHOO


    THE government has launched the public tender for the sale of a site at Chong Kuo Road under the Confirmed List of the second-half 2017 Government Land Sales (GLS) programme. It will also be launching the tender for a site at Fourth Avenue under the Reserve List soon.

    That trigger for the Fourth Avenue site, which consultants viewed as a very attractive site, followed an application lodged by a developer to bid for the site at no less than S$448.8 million.

    Separately, another land parcel under the Reserve List along the upscale Cuscaden Road in prime district 9 is now open for application. It will be triggered for tender when the Urban Redevelopment Authority (URA) receives a minimum acceptable bid.

    JLL national director for research and consultancy Ong Teck Hui reckoned that these sites are unlikely to dent demand for collective sale sites as there is still pent-up demand for sites by developers.

    "Moreover, the Chong Kuo Road site is a small play providing modest revenue while the Cuscaden parcel involves higher risk relative to sites in fringe or suburban locations," he said.

    Lee Nai Jia, who heads research at Edmund Tie & Company, noted that the land parcel at Fourth Avenue is very attractive as it is next to the Sixth Avenue MRT and close to reputable schools.

    "There has been much interest in the site, and we have anticipated the site - together with the Jiak Kim site - to be triggered in February," Dr Lee said. "Based on the current market conditions, we expect the winning land bid to be around S$567 million (S$1,580 per sq ft per plot ratio). We expect about eight to 10 bids for the site."

    [IMG]www.businesstimes.com.sg/sites/default/files/image/2017/11/01/BT_20171101_LKURANEW_3155869-page-001.jpg[/IMG]

    More bullish projections for this site came from ZACD Group executive director Nicholas Mak, who is expecting a hot contest by 10 to 15 bidders, with the top bid coming in at S$500-550 million (S$1,392-1,532 psf ppr).

    Though Mr Mak viewed the site at Chong Kuo Road in Sembawang as being the least attractive among the six parcels under the Confirmed List since there may be future competing sites nearby, he still expects its tender to draw about seven to 10 bids, and a top bid of S$38.7-42 million (S$600-650 psf ppr).

    [IMG]www.businesstimes.com.sg/sites/default/files/image/2017/11/01/BT_20171101_LKURA1B_3155849-page-001.jpg[/IMG]

    The tender for the site at Chong Kuo Road will close on Jan 30, 2018. URA said this is "batched with" the tender closing for two other residential sites at Handy Road and Sumang Walk (executive condominium) under the Confirmed List, which will be launched for sale in November and December 2017 respectively.

    Mr Mak perceived the "batching" approach as a sign that the government is trying to encourage more prudent bidding. This strategy may work for bidders with limited resources and can only bid for one of the sites. "Such strategy would not stop a very focused bidder to submit a super bullish bid for a site that he is very determined to acquire."

    Still, there is the possibility of URA "batching" the tender closing date of the Fourth Avenue site with the Jiak Kim Street GLS site on Dec 5. The site at Jiak Kim Street was earlier triggered for sale under the Reserve List after a developer offered the minimum price of S$689.35 million.

    Consultants noted that the location of the Cuscaden Road site is the most upscale among sites in the Reserve List. If triggered, it will be "a test of sentiments in the upper prime market", Mr Ong said. "So far, most of the collective sales have been in the fringe and suburban markets where demand from buyers is more assured. The site is near the future Orchard Boulevard MRT station, and surrounded by abundant amenities. It could fetch a top bid of S$1,600 to S$1,800 psf ppr."

    Dr Lee is similarly expecting a winning bid of S$1,650 psf ppr (about S$284.6 million) for the Cuscaden Road site if it is triggered for sale.

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