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Thread: Cooling property market takes a seat at SLA auction

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    Default Cooling property market takes a seat at SLA auction

    http://www.straitstimes.com/Latest%2...ry_251877.html

    June 26, 2008

    SLA offers 8 infill sites for residential homes


    THE Singapore Land Authority (SLA) on Thursday launched another eight infill sites for residential use.

    They include a 1,400 sq m site in Ridout Road, District 10, within the Good Class Bungalow area.

    Some of the other sites are located within prime residential areas such as Holland Road and Carmichael Road. There is also a site at Upper East Coast Road, within walking distance of the popular Siglap and East Coast food haunts.

    The sites, to be offered through a public auction on Aug 21 at M Hotel, can be developed for detached, semi-detached and terrace houses. They will be sold with fresh 99-year leases.

    This will be the second time that SLA is offering such sites for public auction.

    Last November, six infill sites were sold for over $30 million.

    'Infill' sites are pockets of state land located in the midst of an established landed housing estate that have either been left untouched by nearby development, or are formerly used for public purposes that have since been phased out.

    Assistant Chief Executive, Land Operations Group, Mr Simon Ong said: 'We were very encouraged by the strong response at the last auction. It attracted niche or boutique developers with expertise in building unique houses and 'dream homes'.

    'This time, we have identified and released more sites and offering them through public auction for wider participation. The appeal of such sites is that they can be customised to suit the buyer's needs. This is also aligned with SLA's mission to optimise the use of vacant State land.'

    For more information, please log on to http://www.spio.sla.gov.sg and http://www.sla.gov.sg/Land_Sales/ls_index.htm

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    Default SLA to auction 8 infill sites for residential developments

    http://www.channelnewsasia.com/stori...356484/1/.html

    SLA to auction 8 infill sites for residential developments

    Posted: 26 June 2008 1107 hrs


    SINGAPORE: The Singapore Land Authority (SLA) has launched another eight infill sites for residential use.

    They will be offered through a public auction on August 21. The sites will be sold with fresh 99-year leases.

    This will be the second time the SLA is offering such sites for public auction. In November last year, six infill sites were sold for over 30 million Singapore dollars.

    As in the previous auction, a site within the Good Class Bungalow area is also being offered. It has a land area of about 1,400 sq m in Ridout Road, District 10.

    Possible developments for the other sites include detached, semi-detached and terrace houses.

    Some of the other sites are located within prime residential areas such as Holland Road and Carmichael Road. There is also a site at Upper East Coast Road, within walking distance of the popular Siglap and East Coast food haunts.

    'Infill' sites are pockets of State land located in the midst of an established landed housing estate that have either been left untouched by nearby development, or are formerly used for public purposes that have since been phased out.

    SLA's assistant chief executive for land operations group, Mr Simon Ong, said: "We were very encouraged by the strong response at the last auction. It attracted niche or boutique developers with expertise in building unique houses and 'dream homes'.

    "This time, we have identified and released more sites and offering them through public auction for wider participation. The appeal of such sites is that they can be customised to suit the buyer's needs. This is also aligned with SLA's mission to optimise the use of vacant State land."

    - CNA/ir

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    Default For sale: 8 infill sites for housing use

    http://www.businesstimes.com.sg/sub/...85370,00.html?

    Published June 27, 2008

    For sale: 8 infill sites for housing use


    THE Singapore Land Authority (SLA) said yesterday that it would sell eight infill sites for residential use. The sites will be offered at a public auction on Aug 21 at M Hotel in Anson Road. They will be sold with fresh 99-year leases.

    The auction comes after one in November 2007 at which six infill sites were sold for more than $30 million.

    'We were very encouraged by the strong response at the last auction,' said Simon Ong, assistant chief executive of SLA's land operations group. 'It attracted niche or boutique developers with expertise in building unique houses and dream homes.'

    The latest sites include some in prime areas such as Holland Road, Carmichael Road and Upper East Coast Road.

    As at the previous auction, a Good Class Bungalow site is being offered. Proposed developments for other sites include a two-storey bungalow and a pair of three-storey semi-detached houses.

    'The appeal of such sites is that they can be customised to suit the buyer's needs,' said Mr Ong. 'This is aligned with SLA's mission to optimise the use of vacant state land.'

    The developer's packet for the sites can be bought from the SLA at $52.50 or found online at www.sla.gov.sg. Interested parties can register for the auction outside the Shenton Room of M Hotel, from 2pm on Aug 21. The auction starts at 3pm.

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    Default SLA to auction off eight vacant plots for homes

    http://www.straitstimes.com/Money/St...ry_252157.html

    June 27, 2008

    SLA to auction off eight vacant plots for homes

    By Joyce Teo, Property Correspondent


    THE Government has put a further eight small plots of vacant land on sale, some in prime districts like Ridout Road, near Peirce Road.

    These infill sites have been popular with buyers who want to build their homes from scratch - but the catch is that the sites are on 99-year leases, and some of them are oddly shaped.

    They are either in landed estates that have been left untouched by nearby developments, or are plots once used for public purposes, housing possibly parks, sub-stations or even septic tanks.

    The plot in Ridout Road would be ideal for a good-class bungalow. These large bungalows have a minimum land area of 15,070 sq ft.

    Another site is in Upper East Coast Road, near Woo Mon Chew Road in the Siglap area.

    The Singapore Land Authority (SLA) will auction the eight sites at M Hotel on Aug 21.

    Mr Simon Ong, the SLA's assistant chief executive of the land operations group, said: 'The appeal of such sites is that they can be customised to suit the buyers' needs.'

    Mr Teo Jing Kok, the SLA's deputy director of land sales, said that normally, a family that wants to design and build a home would have to buy a piece of land along with the existing building, which they have to demolish before they can redevelop the site.

    'Often, after paying so much for the building, most landowners are tempted to keep the existing building or parts of it and retrofit their dream design into the existing form.'

    But with a vacant infill site, they would be able to freely customise the design of the entire home, said Mr Teo.

    He added that some bidders of previous infill sites were experienced investors who said the sites made good investment properties as the land cost was lower.

    'Since the upfront investment is lower, the yield of the investment is higher for such 99-year properties,' said Mr Teo.

    An auction for six infill sites late last year attracted fairly brisk bidding and ended with sale prices ranging from $1.3 million to $12.1 million.

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    http://www.businesstimes.com.sg/sub/...92872,00.html?

    Published August 19, 2008

    SLA sees good interest for infill sites ahead of auction


    THE Singapore Land Authority (SLA) yesterday said that it has received about 100 enquiries for the eight infill sites it launched for residential use on June 26. The sites will be auctioned off on Aug 21.

    'There has been especially strong interest in the good class bungalow site at Ridout Road and sites in the eastern region of Upper East Coast Road and Tanah Merah Kechil Road,' SLA said. 'These sites received the most number of enquiries.'

    Other sites include bungalow plots in Namly Avenue, Braddell Road and Glasgow Road.

    Over 30 auction packets were sold for these sites, with quite a number downloaded from SLA's website. Interested parties include individuals, niche developers, architects and contractors, SLA said. This is the second time that SLA is offering such sites for sale through public auction.

    In November 2007, six infill sites were sold for some $30.6 million in all. Then, some of the 99-year leasehold residential land parcels went for bargain prices.

    A 16,690 sq ft good class bungalow (GCB) site at Eng Neo Avenue was picked up by a buyer at the starting auction price of $6 million - which works out to $360 per square foot (psf).

    And another GCB plot, also on Eng Neo Avenue, was sold for $12.1 million - significantly above the starting price of $9.5 million. But the 29,200 sq ft site was still considered a good buy as it went for $414 psf.

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    http://www.businesstimes.com.sg/sub/...93384,00.html?

    Published August 22, 2008

    Cooling property market takes a seat at SLA auction

    Only four of eight in-fill sites launched for residential use were eventually sold

    By EMILYN YAP


    (SINGAPORE) The wait-and-see attitude that buyers have adopted in the cooling property market was evident at a Singapore Land Authority (SLA) auction yesterday.

    Some 200 individuals and small developers packed a room at M Hotel, but there were only a handful of bidders. Only four of eight in-fill sites launched for residential use were eventually sold, for a total of $13.81 million.

    In-fill sites are pockets of state land in established landed housing estates that have been left untouched by nearby development or were once used for public purposes. All eight sites came with fresh 99-year leases.

    'The response today was very cautious,' said auctioneer and executive director (auctions) at Knight Frank, Mary Sai. SLA conducted a similar auction for six sites last November but sold all the plots then.

    Those at yesterday's auction told BT that opening prices were higher than expected. 'I think a lot of people were surprised - that's why there was not much bidding,' said retiree Anthony Tan Ho Peng.

    Mr Tan won the bidding for a 4,720 sq ft three-storey bungalow plot in Glasgow Road for $710,000 or $150.40 per sq ft. Bidding started at $680,000, whereas Mr Tan had expected an opening price of $550,000.

    According to SLA, the Chief Valuer decides reserve prices for sites, which cannot be awarded if bids are too low.

    The timing of the auction - coinciding with the Hungry Ghost Festival or the seventh month of the lunar calendar - could have affected interest. But Ms Sai reckons this was not the main reason. 'Market sentiment is still weak,' she said. And high construction costs could be another concern.

    While the auction did not generate heated competition throughout, one parcel received considerable attention. A 15,461 sq ft good class bungalow plot in Ridout Road attracted 34 bids, which drove the opening price of $7.31 million up steadily.

    BreadTalk chairman George Quek eventually won the site for $8.96 million or $579.50 psf - the highest psf price of the four sites sold. Mr Quek told reporters that the land will be for his own use.

    A three-storey bungalow parcel in Namly Avenue went for $2.63 million or $338.40 psf to Martha Lim. The 31-year-old CEO of Lim Seng Kok Contractor may also keep the 7,771 sq ft site for her own use.

    A plot in Tanah Merah Kechil Road was sold for $1.51 million or $346.60 psf.

    As for the unsold sites, SLA will work with the Chief Valuer to re-assess their prices. 'If we lower the reserve price, we could release (the site) subsequently,' said SLA's deputy director of land sales, Teo Jing Kok. Alternatively, 'if the feedback is that maybe the site is not popular and there are other in-fill sites, then we will release other sites'.

    According to Mr Teo, SLA could hold one or two land auctions a year if market conditions remain steady.

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    http://www.straitstimes.com/Money/St...ry_270710.html

    August 22, 2008 Friday

    Bidders subdued at auction of 8 plots

    Only four residential 'infill' sites sold in auction held by SLA

    By Joyce Teo, Property Correspondent


    AN AUCTION of eight small plots of state land yesterday attracted 50 registered bidders and many more onlookers but only half the sites were sold.

    The subdued response reflects the mood in the property market, said observers, and is in contrast to a similar auction last November when all six plots offered were sold after brisk bidding.

    Yesterday's sale was the second held so far by the Singapore Land Authority (SLA), which is offloading residential 'infill' sites with fresh 99-year leases.

    These are vacant pockets of state land located in the midst of established landed housing estates. They were either left untouched by nearby developments or were once used for public purposes.

    Knight Frank auctioneer Mary Sai, who conducted the auction, said potential bidders were very cautious: 'We heard the interest there but when they heard the starting bid, they refrained from bidding.'

    Ms Sai said the bidders likely did not expect the opening price to be so high while site constraints and high construction costs might be dampening interest.

    Take a site in Upper East Coast Road. It opened with a bid of $2.47 million or $334 per sq ft (psf) but there were no takers. It was reintroduced later at a starting bid of $2.1 million and attracted some bids but they failed to meet the reserve price and it was passed.

    SLA's reserve price, which is set by the chief valuer and not revealed to bidders, is slightly below the opening bid.

    But there were some bright spots. The biggest plot on the list - a 15,461 sq ft good-class bungalow site in Ridout Road - was the most hotly contested property with 34 bids lodged by three hopefuls.

    BreadTalk founder and chairman George Quek and his wife clinched the site with a bid of $8.96 million or $579.55 psf. This was 22.6 per cent above the opening bid of $7.31 million or $473 psf.

    This site is right next to Mr Quek's home and the family had been renting a portion of it for use as a garden for over two years.

    Mr Quek said he will combine the land with his own.

    The lowest-priced lot sold was a 4,720 sq ft site in Glasgow Road, near Rosyth Road, which is suitable for a three-storey bungalow. Mr Anthony Tan, 62, bought it for $710,000 or $150.40 psf - close to the starting bid of $680,000 or $144 psf.

    'It's where my wife used to live and my daughter was born,' said the retiree. He will build a single- storey house on the site but will continue to stay in his Serangoon Gardens house.

    A 4,357 sq ft corner plot in Tanah Merah Kechil Road began with a bid of $1.36 million or $312 psf before going to Mr Ng Kim Hoe for $1.51 million or $347 psf. He had only one competitor.

    Ms Martha Lim, 31, who runs her family business Lim Seng Kok Contractor, bought a 7,771 sq ft Namly Avenue plot for $2.63 million or $338 psf.

    The bidding opened at $2.55 million. Ms Lim said she may keep the site for her own use or redevelop it for sale.

    Yesterday, there were some bargain hunters among the crowd of about 200 at M Hotel. Others such as a resident in Ridout Road were there to see if the plot in the street sold.

    SLA may release the unsold sites again after researching price levels.

    Its deputy director of land sales, Mr Teo Jing Kok, said yesterday that the agency would work with the chief valuer to see if the prices are too high.

    And there will be more of such auctions to come, he said. 'We are looking at one or two land sale auctions a year, assuming there's no downturn.'

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