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Thread: Serangoon residential site draws 15 bids

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    Default Serangoon residential site draws 15 bids

    http://www.businesstimes.com.sg/sub/...53626,00.html?

    Published October 8, 2009

    Serangoon residential site draws 15 bids

    Top bid of $221.2m comes from Intrepid Investments, a unit of Hong Leong

    By EMILYN YAP


    FIERCE competition for residential land shows no signs of abating as 15 developers submitted bids for a 99-year-leasehold site in Serangoon Avenue 3.

    This is the highest number of bids put in for government residential land so far this year. The last three tenders had drawn 12 to 13 bids each.

    The Urban Redevelopment Authority (URA) closed the tender for the Serangoon site yesterday, and the top bid of $221.2 million or $529 per square foot (psf) of gross floor area (GFA) came from Intrepid Investments Pte Ltd, a unit of Hong Leong Holdings.

    Tuas Hi-Tech Park Pte Ltd, a Far East Organization unit, came in second with a bid of $195.9 million or $468 psf of GFA. The highest offer was some 13 per cent more than this.

    The top bids for the site markedly surpassed property consultants' predictions - they had expected the numbers to fall closer to $400-$450 psf of GFA.

    Other developers which put up offers for the site include Keppel Land, Frasers Centrepoint, Times Properties and Sim Lian Land.

    The lowest bid came from Lippo Estates, at $120 million or $287 psf of GFA. The spread between the top and bottom bids was around 84 per cent.

    The results show that 'market sentiments are still very positive', says Colliers International research and advisory director Tay Huey Ying. They also reflect the attractiveness of the site, she adds.

    The plot is next to Lorong Chuan MRT Station and is close to several schools including Australian International School. It is also near Serangoon Gardens and the CTE.

    CB Richard Ellis Research executive director Li Hiaw Ho believes the site's breakeven cost will be around $900-$950 psf. This works out to a selling price of some $1,000-$1,100 psf.

    Ngee Ann Polytechnic real estate lecturer Nicholas Mak expects the breakeven cost to reach $950-$990 psf, translating to a selling price of $1,100-$1,200 psf.

    Near the site, a 99-year-leasehold condominium, The Springbloom, has seen transactions priced from $633-$706 psf, going by caveats lodged since August.

    The Serangoon area is an established residential estate and tends to draw families which would need larger apartments. But some market watchers predict that Hong Leong may work more small units into its project to achieve the estimated selling prices.

    Also, the site's proximity to the MRT station may draw some single professionals or potential landlords who would not mind smaller units, they say.

    This is the second government residential land tender to close since the authorities announced several measures to cool the property market last month. There was also aggressive bidding at the previous tender for a residential and commercial plot at the corner of Yio Chu Kang Road and Seletar Road. Twelve bids came in, and the top bid was 35 per cent more than the second.

    The Real Estate Developers' Association of Singapore said last week that it is in talks with URA to seek an increase in the supply of affordable sites outside 'hotspots'.


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    罗弄泉地铁站旁私宅地段招标火热
    李韵琳
    联合早报
    星期四, 8-10-2009

    政府针对楼市采取的一系列降温措施,看来没有浇灭发展商高价投标新地皮的热忱

    位于罗弄泉地铁站旁的一幅共管公寓地段,是降温措施宣布后,第一个招标截止的纯私人住宅地段。该地段招标反应热烈,吸引了15方人马出手,是2007年以来政府招标出售的住宅地段当中,最多发展商竞标的地段。 2007年6月,达高轩(Dakota Residences)的所在地也曾吸引15方人马竞标。

    这次出价最高的丰隆集团开出2亿2120万元的标价,即容积率每平方英尺529元,与当初“勾”地的8370万元最低保留价足足高了164%,相信是近年来差价最高的项目之一。即使是2007年和2008年,楼市高峰期期间,大多数的差价都不超过60%。

    本地楼市自今年三月有起色以来,新私宅项目大多热卖,不少发展商的土地库几乎耗尽,因此接二连三地“政府备售地段来补仓


    位于罗弄泉地铁站旁的一幅共管公寓地段,是降温措施宣布后,第一个招标截止的纯私人住宅地段。

    过去三个月以来,四个被“勾”出的政府备售地段都吸引了至少12方人马竞标。

    政府自去年11月冻结了售地计划以来,第一幅被“勾”出,于7月份公开招标的策士纳路99年地契共管公寓地段,有13人马出手,最后由丰隆集团与城市发展以1亿4368万元,即容积率每平方英尺280元来拿下,标价比最低保留价格高了132%。

    第二幅地段位于达高打弯和第三幅地段位于杨厝港路及实里达路交界处综合性商住地段,则分别获13和12方人马竞逐。

    市场人士指出,这反映出发展商非常“饥渴”,只要是潜质的地段都宁可杀错不可放过

    几乎所有的大型发展商都参与了四幅地段的竞标。昨天招标截止的这个实龙岗三道地段,出手第二高的远东机构开出1亿9588万元,比丰隆集团的开价低了13%。吉宝置业、星狮地产、森联集团、MCL地产、和美、职总安居、国浩置地和力宝等发展商也都榜上有名。

    以丰隆集团的出价计算,分析师指出,标价比他们预想得还要高,建起来的公寓将不便宜,单单本钱就要大约950元,也就是说,发展商或许得以每平方英尺1100元左右的价格推出这个项目。

    可能将建设小型单位

    资深房地产分析师麦俊荣原本预计最高投标将介于1亿元至1亿3000万元,但实际标价却高了一倍

    他说:“这样的售价将比这一带的99年地契和永久地契转售单位在过去三个月所取得的转售价来得高。要取得这样的高尺价,发展商看来计划建设较多的小型单位。这一带以1000平方英尺左右的三卧房式单位为主。丰隆集团也许计划发展700至800平方英尺的较小面积三卧房式单位,或推出这一带少有的一和二卧房式单位。这么一来,这幅地段可发展340至420个单位。”

    世邦魏理仕执行董事李晓和指出,多个发展商竞夺该地段是因为看上它位于地铁站旁边,与澳洲学校和南洋初级学院毗邻,东北部最大的购物中心nex、实龙岗地铁转换站和中央高速公路都不远。

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    Possible $1,100 psf for Serangoon Aveune 3 condo
    ZH Yeo
    H88
    Thursday, 8 October 2009, 15:44



    Developers seem to be exceedingly confident in the residential market, with 15 bids submitted for the 99-year leasehold site in Serangoon Ave 3. The land parcel is located next to Lorong Chuan MRT and adjacent to Nanyang JC.

    The top bid for the land parcel is by Intrepid Investments Pte Ltd (a unit of Hong LEong Holdings) - at $529 psf for a total of $221.2 mil. CB Richard Ellis Research says that the breakeven cost is probably around $950 psf to $990 psf - making selling prices to be about $1,000 psf to $1,100 psf.

    Nearby 99-year leasehold The Spingbloom recently transacted at $633 psf to $706 psf. This is an incredible 35% less. Chances are prices might even be higher than those predicted.

    Will you pay $1,100 psf for a condo there?

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    there will still be people buying at 1100 psf for sure. the pull of the foreign school and mrt will be great, much like woodleigh. moral of the story, for those still waiting for 1980 prices... wake up. it can only go higher and higher, and it's only LH for most newly released land parcels.

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    Quote Originally Posted by xtink
    there will still be people buying at 1100 psf for sure. the pull of the foreign school and mrt will be great, much like woodleigh. moral of the story, for those still waiting for 1980 prices... wake up. it can only go higher and higher, and it's only LH for most newly released land parcels.
    Nowadays it looks like any Tom, Dick and Harry 99-year leasehold development can sell above $1,000 psf, as long as it is near an MRT, or even if not near an MRT.

    $1,000 psf seems like the new floor, similar to Ang Pows nowadays cannot be less than $10 otherwise people will say you are too cheapskate.

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    http://www.straitstimes.com/Money/St...ry_439515.html

    October 8, 2009 Thursday

    Popular condo site draws 15 bids

    Top bid for Serangoon land parcel higher than expected at $221m

    By Joyce Teo


    DEVELOPERS have again shown how hungry they are for land.

    Hong Leong Holdings has topped the tender for a popular condominium land parcel at Serangoon Avenue 3, which attracted a whopping 15 bids at its close yesterday.

    The top bid, made through Intrepid Investments, came in higher than expected at $221.2 million, or $529 per sq ft (psf) of gross floor area. It is about 13 per cent ahead of the second highest bid of $195.9 million, or $468.3 psf of gross floor area, from Far East Organization's Tuas Hi-Tech Park.

    The high offer price is 164 per cent above the trigger bid of $83.7 million, or about $200 psf of gross floor area. This is the minimum bid submitted by a developer to trigger a site for sale from the Government's reserve list.

    Analysts had mostly expected the 1.38ha plot next to Lorong Chuan MRT station to draw bids of between $350 psf and $450 psf.

    Some had expected fewer bidders and more cautious bids after the Government announced on Sept 14 that it was introducing measures to calm the housing market, including upping land supply.

    But, according to Ngee Ann Polytechnic real estate lecturer Nicholas Mak, the number of bidders and bullish top bids 'indicate that the government measures have not dented developers' appetite for attractive development sites'.

    The Serangoon plot is near the Australian International School and can generate a maximum permissible gross floor area of 38,857 sq m.

    Other developers in contention for the site included Keppel Land, Frasers Centrepoint, Sim Lian Land and MCL Land.

    There were three tie-ups, including Sing Holdings and Kim Eng Holdings' Strategic Acquisitions, according to the tender results released by the Urban Redevelopment Authority.

    China's Qingjian Realty and Singapore Press Holdings' Times Properties also joined the bidding.

    'Developers are clearly keen to replenish their land bank as they believe the market is strong enough to absorb any new supply,' said Colliers International executive director (investment sales) Ho Eng Joo.

    Property experts say most developers are running low on their supply of mass-market land, even if they still have high-end land supply. And now that confidence has returned to the mass and mid-tier markets, they are eager to dip in.

    Experts estimate the top bid will translate into a likely break-even price of $900 psf to $950 psf, and a possible selling price of between $1,000 psf and $1,100 psf.

    Nearby, deals at the 999-year leasehold The Chuan and the freehold Goldenhill Park have been clinched at $830 psf to slightly more than $1,000 psf.

    Units at the 99-year leasehold The Springbloom were selling at $600 psf to $700 psf, pointed out CBRE Research. It expects to see demand coming from HDB upgraders living in five-room and executive flats in nearby Hougang and Serangoon. These flats, it said, have been selling for $350,000 to $550,000 per unit.

    In total, four sites have been triggered and put up for sale since July after a long lull, and all have attracted more than 10 bids each and a top bid exceeding expectations.

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    Quote Originally Posted by jlrx
    Nowadays it looks like any Tom, Dick and Harry 99-year leasehold development can sell above $1,000 psf, as long as it is near an MRT, or even if not near an MRT.

    $1,000 psf seems like the new floor, similar to Ang Pows nowadays cannot be less than $10 otherwise people will say you are too cheapskate.
    Maybe we should forget about condo's floor price and instead examine the EC's floor price that will also support the condo's prices?

    If a 5-year-old EC is sold at $637 psf, what should a "normal" condo be selling at?

    Quote Originally Posted by The Edge

    Prices of Nuovo EC cross $600psf on 'Centro-effect'
    The Edge
    Monday, 5 October 2009

    There’s been a spurt in sales at Nuovo in Ang Mo Kio recently, after the executive condominium (EC) crossed the five-year minimum-occupation period. Seven units changed hands from Sept 4 to 11, according to caveats lodged with URA Realis. In 2006 and 2008, there was only one transaction each, and two deals in 2007. Owners who sold recently are taking advantage of the “Centro-effect”, caused by the launch of giant property developer Far East Organization’s 329-unit Centro Residences in Ang Mo Kio Avenue 8. Units there have been sold at an average of $1,179 psf from its launch in August to Sept 11, according to figures from URA Realis. Between Sept 4 and 11, an 893 sq ft unit sold for $1.07 million, or $1,199 psf.

    Given that it’s a private condominium, Centro Residences doesn’t have the same restrictions that Nuovo, an EC, has. Under HDB rules, owners of ECs are only allowed to sell their units to Singapore citizens or permanent residents five years after the project receives Temporary Occupation Permit (TOP), which, for the 297-unit Nuovo, was in 2004. It’s only 10 years after TOP that units in ECs can be traded like any other private condominium in the resale market, with sales to foreigners allowed as well.

    However, the owners of Nuovo should be delighted at transaction prices in the range of $477 to $637 psf, as they are the highest achieved since the property was launched at end-2001. Prices at that time were hovering at $400 psf.

    For instance, a 1,119 sq ft unit on the ninth floor went for $710,000, or $634 psf. This is a gain of 52% for the original owner, who had purchased it from developer City Developments Ltd (CDL) for $467,276 in 2002. A larger unit on the 17th floor went for $1.2 million, or $477 psf. The 2,594 sq ft condominium was purchased for $812,746 in 2001.

    Other condominiums along Ang Mo Kio Avenue 9 have also benefited from the Centro effect, with a unit at Far Horizon Gardens, a condominium completed in the 1980s, changing hands in the resale market at $508 psf last month, the highest price psf achieved in the project this year.

    Sellers are also benefiting from the recovery in the residential sector, which saw a marked 15.9% jump in the 3Q residential price index — the largest q-o-q increase seen in the index since 1981, according to URA’s 3Q flash estimate last week. As a result of this big increase, the 3Q price index is now 5.1% below that in 4Q2008 even though it registered a total decline of 18.1% in the first two quarters of 2009. The residential price index is more or less at the levels seen in 2Q2007.

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    Rental in the Lorong Chuan area has been mainly catered to families who has kids studying in the international schools. There are already an ample supply of condos/apartments in that vicinity.
    I know a friend who lives in goldenhill park as owner-occupier for the last 5 yrs and is now looking to rent it out. He told me that he found it very difficult to find a tenant because the 99LH in that vicinity were obviously a much cheaper alternative for the expat there. With this upcoming project, he felt that it would add even greater pressures on his expected rental yield.
    At the selling price of between 1000-1100psf for this new upcoming condo, the developer has obviously already factored in the potential investment values/ rental yields that otherewise buyers would enjoy. Unless you are a die-hard for the MRT proximity, I personally think this is definitely too high a price for own stay in that area. As for rental, the high selling price itself and the 99 LH condos in the vicinity cwould definitely makes it a lot less attractive.
    Wondering who is the ultimate winner of all this ? developer ? Govt ? Or the condo buyers ? Sometimes can't help but to think that this is all like a time-share resort investment that had seen its hey-day some years ago.

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    Good insights!

    Think as a developer, behave like a developer and win like a developer.

    Scenario 1 (Tradditional Model)
    1. Developer intends to buy a plot of land
    2. Developer intends to sell all units
    3. Developer work out his sums, maximum that he can bid to be profitable.
    4. Developer bids for the land
    5. Developer won the bid
    6. Developer decides the unit pricing based on the project number of units that he can sell.
    7. Developer plays landlord to tenants for those units that could not be sold or keep them empty.
    8. Developer competes with residents for tenants.

    Scenario 2 (New Model)
    1. Developer intends to buy a plot of land
    2. Developer intends to play landlord and sell some of the units
    3. Developer works out his breakeven price
    4. Developer decides the unit pricing based on the projected number of units that he can sell.
    5. Developer mark up the earlier pricing and factor in the rental gain so residents could not compete with them (difference)
    6. Developer work out his sums, maximum he can bid to be profitable.
    7. Developer bids the land
    8. Developer won the bid

    Note the difference and you are wiser... the way forward is to see if the projects are
    1. Priced to sell - leading to sold out.
    2. Priced too high to sell - leading to tenants.

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    Serangoon Aveune 3 condos top $600 psf
    The Edge
    Monday, 16 November 2009

    Serangoon Avenue 3 area came into focus last month when Hong Leong Holdings won a land parcel there in a government tender with a bid of $221 million, which works out to $529 psf ppr. Property consultants expect the breakeven price for the future condominium project to be between $900 and $950 psf. Hong Leong says it intends to develop the site into a 400- unit condo, which is targeted for launch in 1H2010.

    The proposed project has ignited the interest of some homebuyers and investors, and there was a flurry of activity in some of the condos along Serangoon Avenue 3 in the week of Oct 16 to 23. 5 units changed hands in the resale market in Amaranda Gardens, Chiltern Park and The Sunnydale.


    Amaranda Gardens

    At the freehold condo Amaranda Gardens, developed by Keppel Land and completed in 2004, a 1,162 sqft unit changed hands for $1.048 million, or $901 psf, according to a caveat lodged with URA Realis. The owner had purchased the unit when it was launched in 2001 for just $730,688 ($629 psf), which translates into a 43% capital gain for the seller.


    Chiltern Park

    The 500-unit Chiltern Park, located on Serangoon Avenue 3 and off Lorong Chuan, saw three units changing hands at prices ranging from $617 to $721 psf, and that has set the tone for the area. The 99-year leasehold project was developed by First Capital Corp (now GuocoLand) in 1995. It is located opposite Nanyang Junior College and near St Gabriel’s Primary School, the Australian International School in Lorong Chuan as well as the temporary campus of the Stamford American School.

    The development is popular with families with schoolgoing children, says Knight Frank property agent Kenneth Yeo. He says Chiltern Park is also just a short drive to New Tech Park in Serangoon Gardens and one stop along the Circle line from the Serangoon MRT station and bus interchange, which will be integrated with the new shopping mall, nex, in Serangoon Central.

    A 1,571 sqft unit on the seventh floor of Chiltern Park was sold for $980,000 on Oct 21. The owner had purchased it in 2007 for $610,000, hence, reaping a gain of 60.6% in 2 short years. Prior to that, the unit had changed hands for $590,000 in 2002 and at the peak of the market in 1996, it was transacted for $1.08 million. Another 936 sqft unit on the 5th floor went for $675,000, or $721 psf. The owner had purchased the unit in 2007 for $608,000, or $649 psf, hence seeing an 11% appreciation over the last 2 years. Most recently, a 1,572 sqft unit on the 4th floor of one of the three towers was sold for $970,000, or $617 psf.


    The Sunnydale

    The Sunnydale, a 99-year leasehold condominium developed by MCL Land and completed in 2001, saw a sole transaction. A 1,345 sqft 3rd-floor unit sold for $900,000 ($669 psf). The previous owner purchased it in a resale for $620,000 ($461 psf) in 2003, hence making a gain of 45%.

    Property agents like Yeo note that transactions have slowed this month, and it could be the effect of the recent measures taken by the government to cool the property market, such as the removal of the interest absorption scheme and interest-only home loans for new launches, and also the record number of land parcels released in the recent government land sales programme. This should be good news for genuine homebuyers.

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    Soon Serangoon Area can hit above $1000/sqft

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    Quote Originally Posted by DuffyDuck
    Soon Serangoon Area can hit above $1000/sqft
    Maybe the figure in consideration is $1,200 psf - not $1,100 psf?

    Maybe this Serangoon Avenue 3 project want to join Centro Residences, Trevista, Hundred Trees, Meadows @ Pierce and Upper Thomson Road project in the OCR $1,200+psf Club?

    Quote Originally Posted by Reporter, 1 week ago
    Quote Originally Posted by H88, 1 week ago

    Upper Thomson land parcel sees 6 bids
    H88
    Thursday, 5 November 2009, 18:40

    ..........

    They sound so conservative now. Going by Knight Frank's Tan Tiong Cheng estimate of adding $400psf to the bid amount as a breakeven cost, which makes it $933psf, and then adding $100-$200 psf as profit, that works to about $1,033 to $1,133 psf as a potential selling price.

    ..........
    Quote Originally Posted by URA, 1 week ago
    Private Residential Units Sold in the Month of September 2009

    Project Name ...... Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Meadows @ Peirce . OCR ........ 338 .......................... 14 ..............................
    1,273 ............ 868 ............... 715
    Err ... $1,133 psf is no fight for Meadows' high of $1,273 psf leh.

    If Cheung Kong are serious about joining the OCR $1,200+ psf Club, they need to go above $1,200 psf lah.

    Meadows has already joined. Now Centro, Trevista, 100 Trees, Serangoon Avenue 3 and Meadows are just waiting for Cheung Kong's Upper Thomson Road.

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    Guess soon we will see $5000/sqft in some specific area

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