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Thread: New Record psf for EC land sales

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    $583psfppr.

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    https://www.propertyguru.com.sg/prop..._PGFB_linkpost

    The tender exercise for an executive condominium (EC) site at Sumang Walk in Punggol closed on Tuesday (27 Feb) after attracting 17 bids, said the Housing and Development Board (HDB).

    The top bid of $509.37 million was jointly submitted by property developers City Developments Limited and TID Residential. This works out to about $583 psf on the gross floor area (GFA).

    Qingjian Realty (Residential) was the second-highest bidder at $486 million, followed by a $450 million offer from Yanlord Singapore Residential and Soilbuild Group Holdings.

    Launched for sale on 12 December 2017, the 291,233 sq ft site has a maximum GFA of 873,698 sq ft and a plot ratio of 3.0.

    Offered on a 99-year lease, the site is expected to yield some 820 EC units.

    Dr Lee Nai Jia, head of research at Edmund Tie & Co., said the site has several attractive attributes, including its proximity to Waterway Point and the upcoming Punggol Digital District.

    “There will also be a substantial rental catchment when the Digital District is up and running. Additionally, there are not many competing EC developments in the market currently,” he said.

    Based on the land rate, he expects the breakeven price to fall between $1,000 to $1,100 psf ppr.

    “While the winning bid is considered high relative to past launch prices, the demand for the site is expected to be supported by buyers’ positive outlook of the area. Furthermore, with prices of new private homes trending upwards, the final selling price of the future EC development will be an attractive option for investment,” noted Lee.

    A decision on the award of the tender will be made after the bids have been evaluated, said HDB.

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    http://www.businesstimes.com.sg/real...punggol-ec-bid

    City Developments partners TID Residential for record Punggol EC bid
    TUE, FEB 27, 2018 - 5:59 PM
    KALPANA [email protected]@KalpanaBT
    A 99-year leasehold site in Sumang Walk in Punggol for executive condominium (EC) housing development has fetched 17 bids at a state tender that closed on Tuesday (Feb 27).

    The top bid of S$509.37 million, which works out to S$583 per square foot per plot ratio (psf ppr), came from a joint venture between City Developments' fully owned subsidiary CDL Constellation and TID Residential.

    TID Residential is a joint venture between Hong Leong Holdings and Mitsui Fudosan Co.

    The unit land rate is a new record for EC land.



    The second highest bid of S$486.0 million - or S$556.26 psf ppr - came from Qingjiang Realty (Residential); followed by a tie-up between Yanlord Singapore Residential and Soilbuild Group Holdings, which offered S$450 million for the site. Hoi Hup Realty teamed up with Sunway Developments for a S$446.6 million bid.

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    Sing Development, FEC Properties and Changi Properties joined forces, placing a bid of S$431.69 million.

    Evia Real Estate (8) teamed up with Gamuda (Singapore) for a S$426.37 million bid.

    Also taking part in the tender was MCC Land (Singapore), which bid S$413.7 million.

    The lowest bid, from Ho Bee Land unit HB Lombard, was S$373.81 million, which works out to S$427.85 psf ppr.

    The tender was conducted by the Housing & Development Board, acting as land sales agent for the state.

    A maximum of 820 residential units has been stipulated for the EC project on the Sumang Walk site.

    The 2.7 ha land parcel is adjacent to My Waterway @ Punggol.

    ECs are a public-private hybrid form of housing with initial buyer eligibility and resale conditions that are lifted 10 years after an EC project has been completed.

    The strong turnout at Tuesday's tender is a reflection of the market being starved for new EC sites for some time. The Sumang Walk site was the only EC plot that was offered for sale in the Government Land Sales (GLS) Programme for the whole of last year.

    For the first-half 2018 GLS Programme, three EC sites will be on offer: a plot in Canberra Link in the Sembawang area on the confirmed list, and two land parcels through the reserve list: one along Tampines Avenue 10 and the other along Anchorvale Crescent in the Sengkang area.

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    Default Re: New Record psf for EC land sales

    The first executive condominium (EC) site in the "forest town" Tengah has been awarded to Taurus Properties SG for $400,318,000, the Housing Board announced on Thursday (June 3).

    This translates to $603 per square foot per plot ratio (psf ppr) for the 99-year leasehold site - a record land rate for an EC site under the government land sales (GLS) programme.

    The bid smashed the previous record of $583 psf ppr garnered by the Sumang Walk EC site in Punggol, which was awarded in March 2018, noted PropNex head of research and content Wong Siew Ying.

    It is also higher than the $576 psf ppr achieved for the EC site in Yishun Avenue 9 that was awarded last November, she added.

    "We anticipate that the potential selling price of the new Tengah EC could hover around $1,190 to $1,250 psf," said Ms Wong, noting that the site's proximity to the Jurong Innovation District may attract home buyers to the project.

    Located in Tengah Garden Walk - a road that has yet to be built - the site is around 22,020 sq m and has a maximum gross floor area of 61,659 sq m.

    It is within walking distance of three MRT stations on the future Jurong Region Line and also close to Tengah's future car-free town centre.

    Taurus Properties SG, a wholly-owned subsidiary of City Developments Limited and joint venture partner MCL Land, said it would develop around 620 residential units in total with generous landscaping.

    These units will be spread across 12 blocks of up to 14 storeys each, it added.

    Proposed future developments in the vicinity include a bus interchange, sports centre, community club and a polyclinic.

    In addition, there are 12 plots of land zoned for education institutions within Tengah, and all are within 2km of the EC site.

    Existing primary schools within a 2km radius include Shuqun Primary School and Princess Elizabeth Primary School.

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    Default Re: New Record psf for EC land sales

    The first executive condominium (EC) site in the "forest town" Tengah has been awarded to Taurus Properties SG for $400,318,000, the Housing Board announced on Thursday (June 3).

    This translates to $603 per square foot per plot ratio (psf ppr) for the 99-year leasehold site - a record land rate for an EC site under the government land sales (GLS) programme.

    The bid smashed the previous record of $583 psf ppr garnered by the Sumang Walk EC site in Punggol, which was awarded in March 2018, noted PropNex head of research and content Wong Siew Ying.

    It is also higher than the $576 psf ppr achieved for the EC site in Yishun Avenue 9 that was awarded last November, she added.

    "We anticipate that the potential selling price of the new Tengah EC could hover around $1,190 to $1,250 psf," said Ms Wong, noting that the site's proximity to the Jurong Innovation District may attract home buyers to the project.

    Located in Tengah Garden Walk - a road that has yet to be built - the site is around 22,020 sq m and has a maximum gross floor area of 61,659 sq m.

    It is within walking distance of three MRT stations on the future Jurong Region Line and also close to Tengah's future car-free town centre.

    Taurus Properties SG, a wholly-owned subsidiary of City Developments Limited and joint venture partner MCL Land, said it would develop around 620 residential units in total with generous landscaping.

    These units will be spread across 12 blocks of up to 14 storeys each, it added.

    Proposed future developments in the vicinity include a bus interchange, sports centre, community club and a polyclinic.

    In addition, there are 12 plots of land zoned for education institutions within Tengah, and all are within 2km of the EC site.

    Existing primary schools within a 2km radius include Shuqun Primary School and Princess Elizabeth Primary School.

  7. #7
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    Default Re: New Record psf for EC land sales

    Quote Originally Posted by NSEWC View Post
    The first executive condominium (EC) site in the "forest town" Tengah has been awarded to Taurus Properties SG for $400,318,000, the Housing Board announced on Thursday (June 3).

    This translates to $603 per square foot per plot ratio (psf ppr) for the 99-year leasehold site - a record land rate for an EC site under the government land sales (GLS) programme.

    The bid smashed the previous record of $583 psf ppr garnered by the Sumang Walk EC site in Punggol, which was awarded in March 2018, noted PropNex head of research and content Wong Siew Ying.

    It is also higher than the $576 psf ppr achieved for the EC site in Yishun Avenue 9 that was awarded last November, she added.

    "We anticipate that the potential selling price of the new Tengah EC could hover around $1,190 to $1,250 psf," said Ms Wong, noting that the site's proximity to the Jurong Innovation District may attract home buyers to the project.

    Located in Tengah Garden Walk - a road that has yet to be built - the site is around 22,020 sq m and has a maximum gross floor area of 61,659 sq m.

    It is within walking distance of three MRT stations on the future Jurong Region Line and also close to Tengah's future car-free town centre.

    Taurus Properties SG, a wholly-owned subsidiary of City Developments Limited and joint venture partner MCL Land, said it would develop around 620 residential units in total with generous landscaping.

    These units will be spread across 12 blocks of up to 14 storeys each, it added.

    Proposed future developments in the vicinity include a bus interchange, sports centre, community club and a polyclinic.

    In addition, there are 12 plots of land zoned for education institutions within Tengah, and all are within 2km of the EC site.

    Existing primary schools within a 2km radius include Shuqun Primary School and Princess Elizabeth Primary School.
    the selling price quoted last June for the tengah EC is probably no longer valid. There are now hardly any units left for sale at < 1200psf unless Sing Holdings decides to sell some units at below 1200psf for North Gaia. This tengah plot is likely to be sold at higher psf than the quoted psf.

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    Default Re: New Record psf for EC land sales

    Quote Originally Posted by bargain hunter View Post
    the selling price quoted last June for the tengah EC is probably no longer valid. There are now hardly any units left for sale at < 1200psf unless Sing Holdings decides to sell some units at below 1200psf for North Gaia. This tengah plot is likely to be sold at higher psf than the quoted psf.
    Yes you are right! Gotta wait and see what North Gaia selling price will be... because current EC stocks only left last 20 units for Provence and Parc Greenwich... basically Sing Holdings don have to sell "low" which means any upcoming ECs doesnt have to sell low too since their land cost is already much higher

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    Default Re: New Record psf for EC land sales

    Quote Originally Posted by NSEWC View Post
    Yes you are right! Gotta wait and see what North Gaia selling price will be... because current EC stocks only left last 20 units for Provence and Parc Greenwich... basically Sing Holdings don have to sell "low" which means any upcoming ECs doesnt have to sell low too since their land cost is already much higher
    no choice, since I can't qualify for EC, just have to buy Sing Holdings' stock instead to benefit from this launch. hahaha.

  10. #10
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    Default Re: New Record psf for EC land sales

    Total EC supply down to 15 units (3 at Provence Residence and 12 at Parc Greenwich)

  11. #11
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    Default Re: New Record psf for EC land sales

    Latest EC supply total 441 units for North Gaia at Yishun Close. In another 2mths, Copen Grand - the first and newest EC at Tengah Garden Walk will be launching.

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