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Thread: Handy Road residential site may fetch $60-70m

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    Default Handy Road residential site may fetch $60-70m

    Singapore
    Published February 1, 2007

    Handy Road residential site may fetch $60-70m

    99-yr leasehold site is within prime property district

    By UMA SHANKARI


    MARKET watchers estimate a 3,580 square metre Handy Road residential site offered by the Urban Redevelopment Authority (URA) could fetch $60-70 million.

    The 99-year leasehold site has a 2.8 plot ratio, giving a maximum gross floor area of about 10,000 sq m. At $60-70 million, the price would be $556-648 per square foot per plot ratio (psf ppr). 'We expect the tender price to be around $600 psf ppr,' said Li Hiaw Ho, executive director of property firm CB Richard Ellis's research unit.

    'The selling price for the residential project that is eventually built will average between $1,200 and $1,300 psf.'

    The land right next to the site - on which 8 @ Mount Sophia is being built - was sold in 2002 for less than $300 psf ppr. 8 @ Mount Sophia was launched in March 2005 at more than $700 psf. For this site, the maximum building height is 10 storeys.

    The latest Handy Road site is one of two residential parcels transferred to the confirmed list from the reserve list under the government's land sales programme for the first half of 2007. The other, at Choa Chu Kang/Woodlands roads, is scheduled for launch in June.

    The Handy Road site is within the prime residential district, next to shopping and entertainment amenities such as Plaza Singapura, The Atrium @ Orchard and The Cathay.

    'It offers future residents a variety of lifestyle opportunities and amenities such as shopping, dining, cinema, theatres and performance venues,' URA said. Another selling point is that Dhoby Ghaut MRT station is next door.

    The tender closes at noon on March 28. The successful tenderer will have the option of developing the site for full residential use or residential use with a commercial element on the first floor.

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    Default URA puts up site near Dhoby Ghaut station for sale

    Feb 1, 2007

    URA puts up site near Dhoby Ghaut station for sale

    Consultants expect strong interest in tender for Handy Road site

    By Joyce Teo, Property Correspondent


    A SLIVER of land at Handy Road not much bigger than half a football pitch will further test the strength of the recovery of properties in the Orchard Road area.

    The 3,584 sq m site is next to Frasers Centrepoint's 8 @ Mount Sophia, behind The Atrium @ Orchard and near Dhoby Ghaut MRT Station.

    Experts expect it to attract keen interest given the buoyant market and its location.

    Property consultants said the land, which has been launched for tender by the Urban Redevelopment Authority (URA), could fetch between $600 and $890 per sq ft (psf) per plot ratio.

    This means a project on the 99-year leasehold site could fetch prices of $1,200 to $1,600 psf. With a plot ratio of 2.8, the site can accommodate a 10-storey building with a maximum gross floor area of 10,034 sq m.

    Commercial space is allowed on the first floor of the residential development.

    Mr Li Hiaw Ho of CB Richard Ellis said the expected land price of $600 psf would be more than double the $280 psf of Frasers Centrepoint's 8 @ Mount Sophia site.

    Units at 8 @ Mount Sophia were sold at up to $900 psf about two months ago, said Mr Li.

    But considering the strong recovery in the high-end market and the robust interest in Orchard Road properties, prices at the Handy Road development could reach $1,200 to $1,300 psf, he said.

    Colliers International's Mr Ng Eng Joo and Savills Singapore's Mr Ku Swee Yong both believe the price of the new project could go as high as $1,500 or $1,600 psf.

    'The site could be developed to around 150 units and these could be leased out to students or professors,' said Mr Ku.

    The value in that area has been rising, particularly with the investment from Far East Organization and Lend Lease in the commercial space in the Somerset stretch, and the collective sales around it, he said.

    At the other end of Orchard Road, the site of the most coveted spots, new luxury projects such as Orange Grove Residences and Cuscaden Royale have sold relatively well before their launch.

    The Handy Road site is one of two residential blocks transferred from the reserve list to the confirmed list for the first half of this year.

    It was first made available in 2004 but there were no takers in a flat market.

    Unlike those on the reserve list, sites on the confirmed list are tendered out according to a pre-stated schedule without the need for developers to indicate their interest via a bid.

    The tender will close on March 28.




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    WOAHAHAAHHEHEHEHEHEHEHEHEH

    It will be over S$1600 psfppr, likely to hit S$2000.

    Just watch.


    Oppps, I mean the current tender at Handy Parcel B ...not this one ..LOL

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    Was at Nomu viewing a unit some years back. Nomu is about $1,900psf onwards but BIG difference is that it is a freehold (used to be carpark of Cathay). Issue with Handy road is the height limit as it is close to Istana? Not much view there but the location is superb however the ERP enabled traffic leading to Plaza Sing is a nightmare.

    Challenging land to build due to its topography.

    2 cents,
    PropVestor

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