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Thread: Ophir/Rochor Rd white site for sale

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    Default Ophir/Rochor Rd white site for sale

    http://www.businesstimes.com.sg/sub/...85880,00.html?

    Published July 1, 2008

    Ophir/Rochor Rd white site for sale

    But developers are not expected to bid bullishly

    By ARTHUR SIM


    A 2.7 hectare prime white site at Ophir/Rochor Road has been offered for sale by the Urban Redevelopment Authority (URA) - but developers are not expected to bid bullishly.

    The site, in the new Beach Road/Ophir-Rochor Corridor, has been put on the confirmed list of the first-half 2008 Government Land Sales (GLS) programme.

    And according to URA, it is a 'natural extension from the established convention, office, hotel hub at Marina Centre'.

    But given current quiet market conditions and rising construction costs, property analysts say that developers are unlikely to bid strongly. Bids are expected to range between $600 and $900 per square foot per plot ratio (psf ppr).

    Cushman and Wakefield managing director Donald Han believes the site does not compare with a 'super prime' Beach Road site awarded in September 2007 for $1,068.6 psf ppr.

    He also said that with a North Bridge Road site already identified as part of the second-half GLS programme, 'developer and investor interest in the Ophir/Rochor Road site could be diverted'.

    The new 'corridor' will be a 24/7 mixed-use area comprising integrated office, hotel, retail, entertainment and residential projects, according to URA.

    'New developments in the Beach Road/Ophir-Rochor Corridor will inject vibrancy and activities into this part of the city and form a new office cluster for financial and business institutions that will complement the existing financial district at Raffles Place and Marina Bay,' it says.

    The first development site for sale in the 'corridor' will have a maximum permissible gross floor area (GFA) of about 160,000 sq m, (1,722,224 sq ft). At least 40 per cent of the total GFA is for office use, with at least 15 per cent for hotel and hotel-related uses. The remaining GFA can be for office, hotel or other complementary commercial and residential use.

    CBRE Research executive director Li Hiaw Ho said that if awarded, the office development is likely to be ready in 2013 and could offer city-fringe office occupiers an option to 'upgrade or expand into a higher-grade quality building without moving into the CBD'.

    Mr Li said that occupancy rates in the Beach Road/City Hall area remain strong at 93.3 per cent.

    Although the market is subdued, sites on the confirmed list are generally expected to sell faster compared to those on the reserve list.

    DTZ Debenham Tie Leung executive director Ong Choon Fah reckons the Ophir/Rochor Road site could appeal to developers who want to position a project 'differently'.

    'Not everybody wants to be in Marina Bay,' she said.

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    Default Govt puts up Bugis plot for sale in quiet market

    http://www.straitstimes.com/Money/St...ry_253308.html

    July 1, 2008

    Govt puts up Bugis plot for sale in quiet market

    Appeal of 2.7ha site, near new Bugis MRT station, expected to draw bids over $1b

    By Joyce Teo, Property Correspondent


    THE vacant U-shaped plot in Bugis used by art circus troupe Cirque du Soleil three years ago was put up for sale yesterday with a price expected in excess of $1 billion.

    The prime 2.7ha site in front of Parkview Square could house a 40-storey office building, about 500 hotel rooms, as well as shops and homes.

    There will also be direct basement level connections to the new Bugis MRT station that is being built to accommodate the upcoming Downtown Line.

    The plot is designated a white site, meaning it can be used for different functions, such as residential or commercial.

    Property consultants believe the white site's size, location and transport links will make it particularly appealing.

    'Some developers will find it attractive as it is very big, which allows for various development and architectural options,' said Knight Frank's director of research and consultancy, Mr Nicholas Mak.

    But the cautious mood in the property market is likely to affect demand and bids, the consultants said.

    They expect the 99-year leasehold white site to fetch anything from $1 billion to $1.4 billion, or between $600 and $813 per sq ft (psf) of potential gross floor area.

    A white site in nearby Beach Road was awarded to a City Developments-led consortium for $1.689 billion, or $1,068.6 psf of potential gross floor area, last September when the property market was buzzing.

    'The Beach Road site is pricier as it is closer to the financial hub, and thus more attractive,' said a market watcher. 'Besides, the market is so much quieter now, compared with last year.'

    Mr Mak said the Bugis plot could have fetched a similar price if it was launched during last year's property boom.

    This is the first land parcel offered for sale in the Ophir-Rochor corridor, a new growth area that the Government hopes to turn into a commercial hub.

    The Ophir-Rochor corridor, which is seen as a natural extension of the established convention, office, hotel hub at Marina Centre, is expected to become a busy mixed-use cluster, said the Urban Redevelopment Authority (URA) yesterday.

    Flanked by Kampong Glam and Beach Road, the area will also complement the financial district at Raffles Place and Marina Bay, URA said.

    This planning vision dictates that at least 40 per cent of the total gross floor area of the U-shaped plot must be set aside for office use, while hotel and hotel-related uses should occupy at least 15 per cent.

    The rest of the total gross floor area of about 160,000 sq m or 1.72 million sq ft can be used for more offices, hotel space, or shops and homes.

    The URA, which unveiled plans for the Ophir-Rochor area last year, marketed the area's first available sale site at an annual global property event at Cannes in March this year.

    CBRE Research executive director Li Hiaw Ho said an office development on the site should be built by 2013 and could offer city fringe office occupiers an option to upgrade or expand into a higher-grade building without moving into the Central Business District.

    The tender closes on Dec 3.

    [email protected]



    Buyers wanted

    # The prime 2.7ha site in front of Parkview Square can house a 40-storey office building, about 500 hotel rooms, as well as shops and homes.

    # It is the first land parcel offered for sale in the Ophir-Rochor corridor, a new growth area that the Government hopes to turn into a commercial hub.

    # The site can be used for different functions, such as residential or commercial.

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