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Thread: Developer commits to bid at least $82m for Upper Thomson Rd plot

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    Default Residential plot for sale

    ANOTHER Government land parcel has been triggered for sale, after a developer commited to bid not less than $82 million for an Upper Thomson Road plot, said the Urban Redevelopment Authority on Wednesday.

    A tender for the site will be launched in two week's time, it said.

    The 2.08 ha plot is near Lower Peirce Reservoir Park and Bishan Park. It can generate a maximum gross floor area of 43,781 sq m.

    Under the reserve list, a site will be put up for tender after a developer indicates interest by committing to a minimum bid that is acceptable to the Government.

    Developers have been showing strong interest in purchasing sites, with recent tenders attracting an overwhelming number of bids.


    http://www.straitstimes.com/Breaking...ry_433356.html

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    Default Developer commits to bid at least $82m for Upper Thomson Rd plot

    http://www.straitstimes.com/Breaking...ry_433356.html

    Sep 23, 2009

    Residential plot for sale

    By Joyce Teo, Property Correspondent


    ANOTHER Government land parcel has been triggered for sale, after a developer commited to bid not less than $82 million for an Upper Thomson Road plot, said the Urban Redevelopment Authority on Wednesday.

    A tender for the site will be launched in two week's time, it said.

    The 2.08 ha plot is near Lower Peirce Reservoir Park and Bishan Park. It can generate a maximum gross floor area of 43,781 sq m.

    Under the reserve list, a site will be put up for tender after a developer indicates interest by committing to a minimum bid that is acceptable to the Government.

    Developers have been showing strong interest in purchasing sites, with recent tenders attracting an overwhelming number of bids.

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    http://www.channelnewsasia.com/stori...006686/1/.html

    Developer commits to bid at least $82m for Upper Thomson Rd plot

    By Ng Baoying, Channel NewsAsia | Posted: 23 September 2009 1351 hrs


    SINGAPORE: The government has accepted an application from a developer to put up a residential site at Upper Thomson Road for public tender.

    The land parcel is near Lower Peirce Reservoir Park and Bishan Park. With a site area of about 2.08 ha, the land parcel can generate a maximum permissible gross floor area of 43,781 sqm.

    It is being offered under the Reserve List of the Government Land Sales programme.

    Under the Reserve List system, the government will put up a Reserve List site for public tender if it receives an application from a developer who commits to bid for the site at or above a minimum price which is acceptable to the government.

    The Urban Redevelopment Authority (URA) said the developer has committed to bid a price of not less than S$82m for the land parcel.

    The land parcel is the first to be up for tender since the government announced measures to rein in speculation in the property market two weeks ago.

    But analysts said that the anti-speculation measures are not likely to dampen developers' enthusiasm for choice sites. They expect strong demand for the parcel put up for tender, as developers take the opportunity to land bank.

    Property consultant Nicholas Mak said: "Upper Thomson Road will still attract developer interest because it's quite an established residential area, and the site itself has its attractions.

    "For example, it has the potential (for a developer) to build a high-rise condo (there) that can offer great view of the country club across the road and some landscapes and features."

    Donald Han, managing director of Cushman & Wakefield, said: "Despite the government's stabilisation measures introduced two weeks ago, the market still has legs to run, certainly, confidence coming from the developers still hungry for land-banking process. In particular, this site will cater to HDB upgraders. It's well connected, has excellent views of Pierce Reservoir, (is) near the park."

    Analysts said the number of bids in this tender will likely be lower than the record 13 seen in recent tenders for sites at Dakota Crescent and Chestnut Avenue.

    They expect bids for the Thomson site to come in at between S$180 million and S$190 million.

    Donald Han said: "You'll end up (having) a break-even price of about close to S$700, S$720 per square foot. So for developers to make money - 10 to 12% profit - we're looking at selling this at about S$820, about S$850 per square foot."

    This compares well with other developments in the area, such as [email protected] which sold at about S$900 per square foot.

    Going forward, however, analysts said demand for land could come down.

    That's because developers will find themselves having a wider range of sites to choose from when the government brings back its Confirmed List in the first half of next year.

    Nicholas Mak said: "Going ahead, especially going into next year, developers are going to have a wider range of choices of sites. And the government will also be introducing, restarting the confirmed list. Which means we will have a series of sites in the market for sale based on a certain schedule."

    The Confirmed List has been suspended since the start of the year, due to poor market conditions. Sites under the Confirmed List are released for tender at a pre-determined date, without the need for the sale to be triggered by a bid.


    - CNA/ir

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    Hmmm ... like that is compare well meh? Comparing a LH agst FH (i.e. Meadows)?

    <Donald Han said: "You'll end up (having) a break-even price of about close to S$700, S$720 per square foot. So for developers to make money - 10 to 12% profit - we're looking at selling this at about S$820, about S$850 per square foot."

    This compares well with other developments in the area, such as [email protected] which sold at about S$900 per square foot.>

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    nowadays the developer is looking at 20-30% profit, so shld be $840-$910psf

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    At $840-$910psf, I rather buy next door freehold Flame Tree Park. Last transacted price is less than $800psf.

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    Default Bids of $300-425 psf ppr seen for Upper Thomson plot

    http://www.businesstimes.com.sg/sub/...51668,00.html?

    Published September 24, 2009

    Bids of $300-425 psf ppr seen for Upper Thomson plot

    Another site at Meyer Road offers bite-size option, with $65m price tag

    By KALPANA RASHIWALA


    DEVELOPERS hungry for land were offered two plum residential sites yesterday. One is a 99-year leasehold plot at Upper Thomson Road, opposite the Singapore Island Country Club's Island Golf Course, which boasts views of Lower Peirce Reservoir.


    Reservoir view: The Upper Thomson Road plot can be built up to 20 storeys

    The 224,303 square foot plot, which was triggered for release from the government's reserve list, can be developed into a condo of up to 20 storeys with about 400 units.

    The land parcel's minimum price is $82 million or $174 per square foot of potential gross floor area, although property consultants expect top bids to come in much higher - at $300 to $425 psf per plot ratio (psf ppr). They reckon a new condo on the site could fetch an average selling price of about $800-1,000 psf.

    The second offering is a 28,167 sq ft freehold plot put on the market through a collective sale of The Meyer Place in District 15. The reserve price is said to be $65 million, which works out to about $1,150 psf ppr including an estimated $3 million development charge.

    The site is zoned for residential use and has a 2.1 plot ratio under Master Plan 2008.

    The Meyer Place was completed in the early 1990s and comprises a total 28 apartments - 24 units in a 13-storey block and four in a conservation house that was once the residence of the late rubber tycoon Tan Lark Sye, who set up Nanyang University.

    Cushman & Wakefield managing director Donald Han, whose firm is marketing The Meyer Place, describes the property as a 'bite-sized offering in a prized location'.

    'Sites costing less than $100 million provide a comfortable entry level for developers and there are already a few foreign developers evaluating the property,' he added.

    The tender for The Meyer Place closes on Oct 28.

    The Urban Redevelopment Authority (URA) said yesterday that it would launch the tender for the Upper Thomson Road site in about two weeks. The tender period will be about four weeks.

    This is the fifth site that can be developed into private housing to have been triggered from the government's reserve list since July.

    'Developers see there's demand out there that can be satisfied. Of course, location becomes very important,' said DTZ executive director (consulting) Ong Choon Fah.

    The property consultancy group's South-east Asia research head, Chua Chor Hoon, predicts top bids of $300-350 psf ppr for the plot, with a likely average selling price of $850-900 psf for the project. 'It's a pretty attractive site, with lots of greenery, and it's near Ai Tong School,' she added.

    URA said that the proposed residential development on the land parcel can be built up to 20 storeys. However, part of the development fronting Upper Thomson Road will be subject to a building height control of four storeys.

    Knight Frank chairman Tan Tiong Cheng predicts that a new condo on the site could sell at an average price of about $900-1,000 psf, and forecasts land bids of $350-400 psf ppr for the site, resulting in a breakeven cost of around $800 psf.

    'The plot is in an established residential area. Residents in the new development can walk to Bishan Park and Lower Peirce Reservoir Park. There are eating facilities nearby, for instance, at Thomson Plaza,' he said.

    UOL's Meadows @ Peirce, a freehold project along Upper Thomson Road, is selling at an average price of about $900 psf but it is further from town than the latest URA plot.

    CB Richard Ellis executive director Li Hiaw Ho said that URA's site will be hotly contested and probably draw over 10 bids. The winning bid is likely to be in the $375-425 psf ppr range, he added. 'The developer could probably launch a new project at $800-850 psf.'

    Market watchers suggest that developers may continue to apply for the release of more sites in the H2 2009 reserve list, notwithstanding the fact that the government last Monday said that it would restart land sales in the confirmed list in the first half of 2010 and also enhance supply in the reserve list for the same period.

    Developers that have exhausted mass to mid-range sites in their landbanks may find it opportune to buy a site now, as they will have a headstart in terms of launching projects over those who manage to buy sites only next year.

    Analysts say that private housing demand from genuine investors and owner-occupiers is expected to remain firm in the face of low interest rates, ample liquidity and brightening economic horizon.

    Reserve list sites are launched only upon successful application by a developer that commits to a minimum bid price acceptable to the government. On the other hand, confirmed list sites are released according to a pre-stated schedule.

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    http://www.straitstimes.com/Money/St...ry_433628.html

    Sep 24, 2009 Thursday

    Another residential plot triggered for sale

    Developer commits to bid at least $82m for Upper Thomson Rd site

    By Joyce Teo


    A PLOT in Upper Thomson Road has been triggered for sale after an unnamed developer committed to bid at least $82 million for the site.

    The bid - it works out to $174 per sq ft per plot ratio - comes less than a fortnight after government measures to rein in the property market and indicates that developers are still keen to chase residential sites.

    The 2.08 ha plot, which is near Lower Peirce Reservoir Park and Bishan Park, has been available on the reserve list since April last year.

    It could go for tender only if a developer indicated interest by committing to a minimum bid acceptable to the Government.

    A tender for the site will now be launched in two weeks, said the Urban Redevelopment Authority (URA) yesterday.

    Experts say the plot, which can generate a maximum gross floor area of 43,781 sq m, has plenty of appeal, even though it is not near an MRT station.

    CBRE Research executive director Li Hiaw Ho said it is likely to sell at between $375 psf and $425 psf per plot ratio.

    The developer could probably launch the new project at $800 psf to $850 psf, he added.

    Mr Li said units in Clover By The Park, a fairly new 99-year leasehold condo in Bishan, were recently relaunched at $750 psf on average.

    Two other new freehold launches in the vicinity - Tresalveo at Marymount Terrace, and Meadows @ Peirce at Upper Thomson Road - were launched at around $975 psf and $900 psf respectively, he added.

    Mr Li expects the Upper Thomson Road site - which has a full view of the Island Golf Course and Lower Peirce Reservoir - to be hotly contested, considering the strong showing at recent tender exercises.

    But property consultant Nicholas Mak said the top bids could range from $310 psf to $350 psf. This takes into account the recent deals at nearby condos, including Bishan Park Condo, which were done at between $550 psf and $655 psf.

    Bids will be moderated because the Government will be making more land available in the next six months, he said.

    Developers have been keen to buy land amid the recovery in the private homes market, with recent government tenders attracting higher-than-expected top bids and plenty of bidders.

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