Well...they just want to find a quiet place to live. Must respect them indeed.Originally Posted by hyenergix
Newbie
Well...they just want to find a quiet place to live. Must respect them indeed.
Newbie
....ah no diff from us....we all also climb the money tree.....the higher the money the more respected also...? ..of course when financial crisis comes....it how one stay on the tree that gets the real respect, less financially agile individuals will fall and even break their neck in the process....just a matter of context....
Newbie
SINGAPORE: The Urban Redevelopment Authority has awarded the tender for the residential site at Chestnut Avenue to S P Setia International.
The site attracted 12 bids, with S P Setia International submitting the highest bid at S$180 million.
The 1.87-hectare land parcel which was offered for sale on a 99-year lease could yield about 380 housing units.
Newbie
Probably they should wait a little longer
Newbie
why leh?
Newbie
recalled:
Source: Business Times, 26 Aug 2009
Leng Beng lays down marker with Chestnut bid
EVEN as the dust settles on Hong Leong Group’s top bid at last week’s tender for a 99-year condo site at Chestnut Avenue, a discussion in some circles now centres on whether Hong Leong overpaid for the site.
As expected, Housing & Development Board said yesterday evening it has awarded the site to Sunny Vista Developments (a subsidiary of City Developments) and Hong Realty.
The two companies are part of the Hong Leong Group and teamed up to place the top bid of $143.68 million, which works out to a much-higher-than-expected land cost of $280 psf per plot ratio (psf ppr).
Some rival developers believe Hong Leong’s breakeven cost may be around the $600 psf mark and its projected average selling price near the $700 psf level. Sources, however, suggest the group may have been eyeing a much higher average price, in the high-$800 psf range, when it cast its bid.
That would set a benchmark for a 99-year leasehold condo in the area.
Hong Leong Group executive chairman Kwek Leng Beng said in a written reply to BT: ‘We can see potential in an area where some others may not… We are very familiar with this locality… There is now a lack of good and affordable residential developments in the vicinity. We are confident that there is a vibrant market there.’
The tender attracted 13 bids and marked the first time in about a year that the government had sold land for private residential development. Clearly, developers are famished for land after a stretch of strong housing sales over the past six months. The Chestnut Avenue plot in the Bukit Panjang area was on the government’s reserve list when it was triggered for release after a successful application by a developer that undertook to bid at least $62 million or about $121 psf ppr.
Here are some indicators of Hong Leong’s bullishness. Its bid was 2.3 times the minimum price. Seven of the 13 bids were bunched in the $169-182 psf ppr range; the winning bid was 54 to 66 per cent above this.
Hong Leong’s bid was 11.3 per cent higher than the next highest offer of $251.60 psf ppr placed by rival Far East Organization. The site is not near an MRT station but one advantage of its location is that units on the upper floors of a condo on the site will enjoy views of the nature reserve next to Upper Peirce Reservoir. Hong Leong’s new project on the site is expected to be profitable, but it remains to be seen just how high a price it will be able to achieve.
The aggressive winning bid has set the stage for toppish bids at next month’s tender for a ‘hotter’ site at Dakota Crescent next to an MRT station, fronting Geylang River and much closer to the city. It will also raise pressure on other reserve list sites that are triggered. In other words, land prices are set to escalate. Ditto for the prices at which developers later market new projects on these sites.
Mr Kwek insists that the outcome of the Chestnut Avenue tender shows the reserve list system – where the government launches a site for tender only upon successful application by a developer – is working well. ‘The property market has still not fully recovered yet and although the economy is improving, it has not recovered too,’ he added.
Last October, the government suspended sales of sites on the confirmed list, where sites are launched for tender according to scheduled dates. Instead, it has offered sites solely through the reserve list; this market-led approach was thought to be suitable amid the housing sales slump at the time.
However, in the first seven months of this year, developers sold a stunning 10,017 private homes – more than double the 4,264 units they sold in the whole of 2008. This has enabled developers to flex their muscles. Prices of mass-market condos today are about 10-15 per cent higher than the lows of Jan-Feb 2009, according to one developer’s estimate.
One reading of last week’s tender result is that some developers do not believe the pace of land sales from the reserve list will be fast enough for them to replenish their mass-market housing landbanks – despite the fact that three such sites had already been triggered in the one month preceding last week’s tender close. And the likes of Mr Kwek thus need to bid aggressively to get their hands quickly on some much-needed land.
Here’s a possible signal he may have inadvertently sent to the authorities, who are keen to assure the home buying public there is enough supply of private homes and land: please expedite the release of more land.
There may be a case now for government to transfer a few of the nicer sites from the current reserve list to the confirmed list, and start launching them soon. It could also replenish the reserve list.
But selling land only through the reserve list – where government waits for a developer to apply for a site and undertake to bid at a minimum price acceptable to the state before it launches the site – can take some time.
It may be opportune for government to take the unprecedented step of restarting confirmed list land sales midway through the current suspension for H2 2009.
Time is of the essence now as developers run out of land to build entry-level private condos on. And keeping the dream of upgrading to a private condo within reach of HDB upgraders is an important part of the Singapore housing story.
Newbie
it's just my "few-ling" that the px will fall..why leh?
Junior
treehouse and foresque were properly space-out.
bedok residences, my manhattan and jurong point
were so clamp, the blocks squeezing one another
like army parade. many just couldn't bother, they
want fast returns.
Newbie
fewling...nothing more than fewling...hahaha....just like your perception of Foresque's sale is slow despite more than 90% units launched being sold....I think FEO, Capital Land and CDL should hire you as their CEO.....it's just my "few-ling" that the px will fall..
Newbie
hahaha..
Newbie
...you do have a sense of humour...wondering why you seems to marginalizing this area now.....you seems pretty interested in the Foresque...enough to kick start the thread for it.......has the price gone beyond your reach and you are now hoping that if you wish hard enough or 'fewl' hard enough, the price will fall within your reach?hahaha..
Newbie
wow!!!
Newbie
FEW...LING WOR!!
Junior
price will drop when people stays on the moon.it's just my "few-ling" that the px will fall..
Exalted
bro...sunset liao la
Junior
uur.... sunrise again.
Newbie
Hahaha....! not moon lah..it's marsuur.... sunrise again.
Junior
for those who fear price drop, get telok blangah area, best feng shui in singapore.it's just my "few-ling" that the px will fall..
woa... 5 big elements. pocket thick thick.
Newbie
Residential site tender draws massive 22 bids
SINGAPORE - A government land tender for a residential site drew a massive 22 bids, despite tough new measures to cool the housing market.
The Urban Redevelopment Authority (URA) said the site at Chestnut Avenue/Almond Avenue attracted a top bid of S$70.8 million from a company called SCB Terraform.
The next highest bid of S$67.8 million came from SK Land Pte Ltd.
CT Projects Pte Ltd put in the third highest bid of S$65.9 million.
The remaining 19 bids range from S$25 million to S$64 million.
The site measures 12,893.4 square metres. Located in the relatively popular Upper Bukit Timah area, it was offered for sale on a 99-year lease.
The top bid works out to S$5,494 per square metre of built-up space.
Under the latest property market-cooling measures, buyers of private properties in Singapore will have to fork out an Additional Buyer's Stamp Duty (ABSD) of between 3 per cent and 10 per cent over and above the existing Buyer’s Stamp Duty.
The new measure does not affect permanent residents buying their first home and Singaporeans buying their first and/or second home.
Foreigners are the hardest hit. They have to pay a hefty ABSD of 10 per cent on any purchase of a residential property in Singapore.
Exalted
Developers submitted their bids before yday announcement? Lol
Landed housing.....
Last edited by devilplate; 08-12-11 at 19:13.
Newbie
From URA in Sept-11:
Condo: Tree House
Price: S$860,000
Area: 861 sqf (believe its 2+S)
Unit $: S$999 psf
Newbie
developers must be cursing themselves now for bidding so high..haha..
Exalted
Only one cursing....the other 21 all say wah lau damn HENG ARGH!!!developers must be cursing themselves now for bidding so high..haha..
Senior
Once the government has awarded, does it mean that the developer cannot pull out of the deal?
Newbie
haha..nice one..sibei heng ar!!
Exalted
I also wana know....can developer forfeit anot ar? Hehehe
Newbie
can lah..kena black mark by garment lor..
Newbie
.....do note that this land is for landed?.... so the policy do not really affect the market segment as much since only Singaporean can purchase.
Newbie
btw, for condo valuation, do they take neighbor landed pty price into account?
Newbie
...I doubt so, its not advantageous for Condo to lump with landed as PSF for landed tends to be lower.
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