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Thread: Yishun Site - MCL Land

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    Still no news about this yet? I think they are installing gas pipes and electrical wirings to the site now.

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    Quote Originally Posted by azeoprop
    Still no news about this yet? I think they are installing gas pipes and electrical wirings to the site now.
    Sure? You must be kidding...

    News not out... saw an advertisement in Sat's classified that Penthouse with spectacular view at about $9xxk. Didn't call to check it out. Should be agents canvassing for buyers early.

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    A unit in Yishun would also need 900+psf - 1 million for typical 1000 sq ft place... does that mean in future, all the non-surburb places would be above 1000psf??

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    Quote Originally Posted by Condorich
    Sure? You must be kidding...

    News not out... saw an advertisement in Sat's classified that Penthouse with spectacular view at about $9xxk. Didn't call to check it out. Should be agents canvassing for buyers early.
    If u drive past lentor ave and yishun ave1, u will see alot of digging around the roads, most prob public utilities extending the supply lines to the site i guess.

    Here's the kind of view u will get:
    http://hydrop.multiply.com/photos/hi...09_Part_2%2344

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    MCL Land paid $213 500 000 for this site with an area of 290 077sqft. Any idea what will be their breakeven psf? I think buildings here are restricted in height due to seletar airport.

    http://www.mclland.com.sg/pdf/2008Ap...nouncement.pdf

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    Quote Originally Posted by azeoprop
    If u drive past lentor ave and yishun ave1, u will see alot of digging around the roads, most prob public utilities extending the supply lines to the site i guess.

    Here's the kind of view u will get:
    http://hydrop.multiply.com/photos/hi...09_Part_2%2344
    How come your picture didn't show the huge satellite dish-es? Some may be concerned about radiation for those transmissions.

    Many construction going on the roads.. dig here and there... duno why also..

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    Quote Originally Posted by azeoprop
    MCL Land paid $213 500 000 for this site with an area of 290 077sqft. Any idea what will be their breakeven psf? I think buildings here are restricted in height due to seletar airport.

    http://www.mclland.com.sg/pdf/2008Ap...nouncement.pdf
    MCL Land’s offer for 99-year plot almost 70 per cent higher than the next bid
    A YISHUN condominium site drew a higher-than-expected top bid when its tender closed yesterday, belying expectations of a property market slide.
    Developer MCL Land offered $213.5 million for the 99-year leasehold plot, which works out to about $350 per sq ft per plot ratio (psf ppr) – believed to be a new benchmark for Yishun.
    Property consultants said this could translate into the finished project selling at record prices for the area, even as home buyers are now holding out for lower prices in a subdued market.
    Mr Nicholas Mak, director of research and consultancy at Knight Frank, estimated that the end units for the Yishun project could be priced from $830 psf up to almost $900 psf.
    This would be almost double what the 99-year leasehold Orchid Park Condo down the road is fetching. Four units at the 14-year-old development have been sold there this year at an average price of $460 psf.
    MCL Land’s bid pipped four others and came in almost 70 per cent higher than the next bid, from Peak Green, at $127 million, or $208 psf ppr.
    Frasers Centrepoint, Sim Lian and Hong Kong’s Cheung Kong also tabled offers ranging from $57.7 million to $109.7 million, or $95 to $180 psf ppr – which some consultants said were ‘unrealistically low’ bids. They had predicted bids of between $200 and $300 psf ppr.
    But Mr Li Hiaw Ho, executive director of CBRE Research, said the response was ‘fairly robust’ and signalled ‘developers’ confidence in the suburban segment despite the current lukewarm response to new projects’.
    ‘Should the United States enter a mild recession and the sub-prime problems clear up, sentiment for suburban homes should improve after June, bringing demand and upward price momentum back to the market.’
    Experts described MCL Land’s offer as ‘extremely bullish’ and suggested that the developer may be short on land bank in the mass market segment.
    MCL Land said in its latest financial results that it bought some sites last year, including Holland Hill Mansions and Dynasty Court Garden 1 in Sixth Avenue. Its land bank can now yield 780 units with a total gross floor area of 1.4 million sq ft.
    The Yishun site is at the corner of Yishun Avenues 1 and 2, and is 10 minutes’ walk from Khatib MRT Station. It is next to Yishun Stadium and overlooks Lower Seletar Reservoir.
    ‘The site is good in that frontage to the reservoir is fantastic,’ said Mr Ku Swee Yong, director of marketing and business development at Savills Singapore. ‘I agree you should pay a premium for this site, but this seems to be a very significant premium.’
    Separately, HDB yesterday put two more sites up for sale through its reserve list system.
    One is a 182,986 sq ft plot at Jurong West Street 42 for executive condos, while the other is a 244,341 sq ft condo site at Chestnut Avenue in Bukit Panjang.
    HIGH BID = HIGH HOME PRICES?
    Property consultants said the higher-than-expected offer by MCL Land could translate into the finished project selling at record prices for Yishun, even as home buyers are now holding out for lower prices in a subdued market.
    Source : Straits Times – 26 Mar 2007

    Offer of $350 psf per plot ratio is 68% above the next highest bid
    MCL Land yesterday offered almost 70 per cent more than its closest rival in a state tender for a 99-year condominium site at Yishun fronting Lower Seletar Reservoir and close to Singapore Orchid Country Club/Golf Course.
    The Hongkong Land subsidiary placed the highest of five bids the site drew. Its price of $213.5 million – or about $350 per sq ft of potential gross floor area – was 68 per cent higher than the next highest offer, of $127 million or $208 psf per plot ratio by Peak Properties unit Peak Green. Peak Properties is controlled by the Wee family.
    The tender drew three other bids – from Frasers Centrepoint ($109.66 million or $180 psf ppr), Sim Lian Land ($92.6 million or $152 psf ppr), and Cheung Kong Holdings unit Billion Rise, which placed what some market watchers termed a cheeky bid of $57.74 million or just $95 psf ppr.
    Asked how he felt about offering such a steep premium for the plot, MCL Land’s CEO Koh Teck Chuan said: ‘I bid at a price I’m comfortable with. I’m confident of making money on this project.’
    The breakeven cost for a new condo development on the site will be about $680 psf, and MCL Land’s bid model assumed an average selling price of $750-800 psf, he added.
    The group plans a 480-500 unit condo development 15-16 storeys high. ‘Because the site has a long frontage along the reservoir, we can design the project in such a way that almost every unit will face the reservoir,’ Mr Koh said.
    ‘We’ve studied the site. I climbed up the nearest HDB block and the view was breath-taking. I saw unobstructed views of the reservoir and greenery.
    ‘And the site is within walking distance of Khatib MRT Station. This is a nice suburban housing location.’
    Mr Koh pointed out that developers have adopted divergent strategies at state tenders lately. ‘Some are using the current lull to fish for bargains, while those who need to replenish their landbanks tend to bid at closer to market prices,’ he said.
    MCL currently does not have any 99-year leasehold residential sites in its landbank, although it has a string of freehold residential projects it hopes to launch this year or next year. These are in locations like Holland Hill (in a joint venture with Ho Bee), Balmeg Hill in the Pasir Panjang area, Upper Serangoon Road, Boon Teck Road in the Balestier vicinity, Ewe Boon Road, Sixth Avenue and Seletar Hills.
    CB Richard Ellis executive director Li Hiaw Ho said the ‘fairly robust response’ of five bids at yesterday’s tender from major and mid-size developers signals ‘developers’ confidence in the suburban segment despite the current lukewarm response to new projects’.
    Demand for the new condo on the plot at Yishun Avenue 1/2 is likely to come from HDB upgraders and those working in the northern part of Singapore, he added.
    Source : Business Times – 26 Mar 2007

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    I think can forget about those 580psf prices like caspian and mi casa liaoz....sianz.

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    Quote Originally Posted by azeoprop
    I think can forget about those 580psf prices like caspian and mi casa liaoz....sianz.
    Yes, prices had been increased even for those... and bigger units left.
    There are still units available at Caspian and Mi Casa, just that be prepared to pay more than the early birds in Mar/Apr 09.

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    Default Show Room

    The site office has just been setup. The show room construction has started. Any knows the floor plans?

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    Mr Nicholas Mak, director of research and consultancy at Knight Frank, estimated that the end units for the Yishun project could be priced from $830 psf up to almost $900 psf.
    I think this estimate is more accurate. Land cost $350, building cost $300, plus $200 profit.

    MCL has never done any 99y project. Interested to see what it will offer for this one.

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    Ok.. The reservoir view looks nice..
    but doesn't the hdb around also get the same view for less?

    But ok lah.. i dont mind staying there .. ..

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    Quote Originally Posted by amk
    MCL has never done any 99y project. Interested to see what it will offer for this one.
    Sims Residences and Rio vista were 99yr project by MCL land

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    Quote Originally Posted by taggy
    Sims Residences and Rio vista were 99yr project by MCL land
    wAHahaha.. that was funny...
    he sounded like an expert in MCL's development...

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    not expert, but after viewing a few projects, u will sure be able to name a few projects from each big developer.

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    I would say this project should at most be priced like waterfront key level. around 700 to 800psf, even so, this kind of pricing is unheard off in Yishun area. The best comparasion will be Rosewood Suites, Livia and [email protected] which are similar in terms of distance from city.

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    Quote Originally Posted by azeoprop
    I would say this project should at most be priced like waterfront key level. around 700 to 800psf, even so, this kind of pricing is unheard off in Yishun area. The best comparasion will be Rosewood Suites, Livia and [email protected] which are similar in terms of distance from city.
    Wah! Becoming a real estate expert liao.
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

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    Quote Originally Posted by amk
    I think this estimate is more accurate. Land cost $350, building cost $300, plus $200 profit.

    MCL has never done any 99y project. Interested to see what it will offer for this one.
    99 years lease for $850 psf, I can get a unit near town. Some more so far from town, I will need to spent more on my petrol bill and time.

    Anything more than $580 psf will have problem selling now.

    Market now have soften, prices will start to fall...

    Buyers are getting smarter now, after so many bad press and warning on the property market.

    Those who bought at the high price during the recent launches may have problem selling next time.

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    Quote Originally Posted by Honesty
    99 years lease for $850 psf, I can get a unit near town. Some more so far from town, I will need to spent more on my petrol bill and time.

    Anything more than $580 psf will have problem selling now.

    Market now have soften, prices will start to fall...

    Buyers are getting smarter now, after so many bad press and warning on the property market.

    Those who bought at the high price during the recent launches may have problem selling next time.
    I don't think they will be priced as such... there are pent up demand in Yishun and should be able to take the price... no new land parcels sold.

    Current or ex (Lilydale owners, Orchid Park, Yishun Sapphire, Yishun Emerald, The Sensoria, Euphony Gardens, Seletaris, Northwood etc) plus HDB upgraders within Yishun and people out of Yishun may want to buy or invest in it... so that is the customer base. The take up rate will depend on the pricing of the developer. IMHO, it is going to be at least $650 psf on average or above... and quite likely to be around $850 psf to $1000 psf....wait for the launch and we will know. If it is below $650 psf ... it is quite attractive.

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    Default Lower Seletar Reservoir view posted by someone


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    Quote Originally Posted by Honesty
    99 years lease for $850 psf, I can get a unit near town. Some more so far from town, I will need to spent more on my petrol bill and time.

    Anything more than $580 psf will have problem selling now.
    hey want to bet with me ? $850 against $580 ?

    disclaimer: I do not work for MCL, neither do I have any privileged information regarding this project.

    btw thanks taggy for the correction of MCL's 99y projects.

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    Quote Originally Posted by Condorich
    I don't think they will be priced as such... there are pent up demand in Yishun and should be able to take the price... no new land parcels sold.

    Current or ex (Lilydale owners, Orchid Park, Yishun Sapphire, Yishun Emerald, The Sensoria, Euphony Gardens, Seletaris, Northwood etc) plus HDB upgraders within Yishun and people out of Yishun may want to buy or invest in it... so that is the customer base. The take up rate will depend on the pricing of the developer. IMHO, it is going to be at least $650 psf on average or above... and quite likely to be around $850 psf to $1000 psf....wait for the launch and we will know. If it is below $650 psf ... it is quite attractive.
    MCL will most probably emphasise on the following points in its marketing

    a) Beautiful 180 degree reservoir view with the nearest building in front 4-5 kilometres away (can see fireworks & all the tall buidings in financial district including upper half of Singapore Flyer).
    b) Directly in front of brand new water sports park
    c) 8 minutes walk to MRT
    d) Nearest brand new condo to the upcoming Seletar Aerospace Centre (10000 employees) and Khoo Teck Phuat Hospital.
    e) Very easy access to SLE/CTE (not a single traffic light all the way till outskirts of Orchard - only one manually operated pedestrian crossing light - 19 minutes drive to Orchard during off-peak which is just as fast or faster than driving from the 1200psf Centro and many locations nearer town with numerous traffic lights)
    f) 8 minutes walk to NTUC and Sheng Siong

    My guess - average price around 800-850psf with the best units hitting 950psf.

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    Quote Originally Posted by Condorich
    I don't think they will be priced as such... there are pent up demand in Yishun and should be able to take the price... no new land parcels sold.

    Current or ex (Lilydale owners, Orchid Park, Yishun Sapphire, Yishun Emerald, The Sensoria, Euphony Gardens, Seletaris, Northwood etc) plus HDB upgraders within Yishun and people out of Yishun may want to buy or invest in it... so that is the customer base. The take up rate will depend on the pricing of the developer. IMHO, it is going to be at least $650 psf on average or above... and quite likely to be around $850 psf to $1000 psf....wait for the launch and we will know. If it is below $650 psf ... it is quite attractive.
    MCL will most probably emphasise on the following points in its marketing

    a) Beautiful 180 degree reservoir view with the nearest building in front 4-5 kilometres away (can see fireworks & all the tall buidings in financial district including upper half of Singapore Flyer).
    b) Directly in front of brand new water sports park
    c) 8 minutes walk to MRT
    d) Nearest brand new condo to the upcoming Seletar Aerospace Centre (10000 employees) and Khoo Teck Phuat Hospital.
    e) Very easy access to SLE/CTE (not a single traffic light all the way till outskirts of Orchard - only one manually operated pedestrian crossing light - 19 minutes drive to Orchard during off-peak which is just as fast or faster than driving from the 1200psf Centro and many locations nearer town with numerous traffic lights)
    f) 8 minutes walk to NTUC and Sheng Siong

    My guess - average price around 800-850psf with the best units hitting 950psf.

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    Saw the number listed there... 62218111

    Call to register if keen.

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    Quote Originally Posted by azeoprop
    I think can forget about those 580psf prices like caspian and mi casa liaoz....sianz.
    Yishun's housing prices had always been cheap, not much appreciation. At 750psf to 800psf to buy a 99 leasehold, own stay still okie, buy and stay and forget about it. If thinking of resales for profit, investment, etc, think can forget about it.

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    Quote Originally Posted by wqmai
    Yishun's housing prices had always been cheap, not much appreciation. At 750psf to 800psf to buy a 99 leasehold, own stay still okie, buy and stay and forget about it. If thinking of resales for profit, investment, etc, think can forget about it.
    Fair point... and quite true...

    Self stay... location matters and even if the price is high... will buy for the sake of it... as long as it is within reach.

    For investment... you have to set a higher and more stringent set of criteria. Location is very very important.

    Anyway, anything will make money.. just how much or how little you make. The art of it is to buy at the right time... even HDB's in subsurbs will make money... why not for private... buyers who get HDBs after the 97/98 crash will be making money generally.

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    Default Show Room

    Show Room will be completed in Oct. And it is a 2-storey show room. Not sure whether they are going to build a Penthouse Show Room.

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    So i guess they will launch right after the hungry ghost month... The first major condo project in Yishun since Northwoods and Lilydale.

    The only setback of this plot is the heavy traffic and mrt noise.

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    I hope MCL dun do like FEO's Silversea.... gloss up an otherwise attractive project to be something "mid market".. although I think nowadays $850 is like a norm

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