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Thread: Bedok mixed-use site draws top bid of $788.9m

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    Default Bedok mixed-use site draws top bid of $788.9m

    http://www.businesstimes.com.sg/sub/...02173,00.html?

    Published September 2, 2010

    Bedok mixed-use site draws top bid of $788.9m

    CapitaLand joint venture's bid is 21% more than second highest bid

    By EMILYN YAP


    THE tender of a residential-commercial site at Bedok Town Centre closed yesterday with nine bidders in the fray, most of which put up offers far exceeding expectations.

    The strong demand for the 99-year leasehold plot surprised the market somewhat, given that the government had just introduced measures to cool the residential property sector. According to consultants, developers' enthusiasm could have stemmed from the site's retail potential and its proximity to Bedok MRT station.

    A 50:50 joint venture between CapitaLand Residential Singapore and CapitaMalls Asia (CMA) submitted the top bid of $788.9 million or $841 per sq ft per plot ratio (psf ppr).

    This is 21 per cent more than the second highest bid of $650.9 million or $694 psf ppr, placed jointly by a unit of Singapore Press Holdings' Times Properties and a unit of United Engineers.

    Frasers Centrepoint followed close behind with a bid of $650 million or $693 psf ppr. Other participants in the tender include Keppel Land, Choice Homes Investments and Sim Lian.

    Market watchers had predicted bids of $500-$580 psf ppr when the site was released for sale in July.

    According to a CapitaLand spokesperson, CapitaLand Residential Singapore and CMA will leverage on CapitaLand's 'proven expertise and synergies in the retail and residential sectors to develop the site into an integrated project'.

    The project, with around 500 apartments above a shopping mall, will have direct access to Bedok MRT station and an upcoming bus interchange.

    Colliers International director Tay Huey Ying had expected the recent cooling measures to dampen developers' interest a little. But the stiff competition in this tender shows that they are 'still hungry for well-located sites, sites with strong attributes.'

    CBRE Research executive director Li Hiaw Ho added that Bedok has the biggest resident population of 294,500 individuals compared with other towns, according to the latest advance census release. This underscores huge potential for private condominiums and a mall in Bedok.

    He estimated that a mall on the site can fetch an average retail rent of $16-$18 psf per month, while apartments may go for more than $1,000 psf.

    As for the high top bid, Cushman & Wakefield managing director Donald Han felt that CapitaLand can afford to be aggressive. Not only does the group have experience developing residences and managing malls, it also has a vehicle to sell the mall to in future, he said. Besides, the developer has 'a lot of gunpowder'.

    Mr Han added that the latest tender results cannot fully reflect the impact of the government's cooling measures - the market should wait to see what results the tender of a pure residential site are like before drawing conclusions.

    Meanwhile, the collective sales market continues to gather steam. Colliers said yesterday that it brokered the sale of Melrose Court en bloc for $44 million. Including a development charge of $277,235, the land price works out to $665 psf ppr.

    Another agency Urban Front Real Estate is putting the freehold Maison Royale up for tender for at least $48 million. Owners of the project at Surrey Road had tried to sell their estate for at least $50 million in 2008.

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    http://www.straitstimes.com/Singapor...ry_573736.html

    Sep 2, 2010

    Bid for prime site exceeds expectations


    A PRIME site in Bedok New Town slated for a retail and residential development has drawn a bumper bid from two units of South-east Asia's biggest developer.

    A 50:50 joint venture between CapitaLand Residential Singapore and CapitaMalls Asia lodged an offer of $788.89 million for the land, or nearly $841 per sq ft per plot ratio (psf ppr).

    Its offer was well above analyst tips and 21 per cent above the second-highest bid of $650.89 million from a joint venture between Singapore Press Holdings' Moon Holdings and United Engineers' UED Capital Venture.

    Analysts had expected bids of $500 to $700 psf ppr. The 24,902 sq m site, which attracted nine bids, is next to an MRT station and will be integrated with a new bus interchange.

    A CapitaLand spokesman said its development will comprise about 500 apartments above a shopping mall and would have direct access to the Bedok MRT station and the upcoming bus interchange.

    Property experts noted that the site is rare and that there is a lack of retail mall space in the mature town of Bedok.

    CBRE Research's executive director, Mr Li Hiaw Ho, said the site allows for a mall with a net lettable area of up to 250,000 sq ft.

    Average retail rents for a suburban mall on this land could be $16 to $18 psf a month on a stabilised basis while condo units could possibly sell for above $1,000 psf, he said.

    JOYCE TEO

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    Quote Originally Posted by mcmlxxvi
    I have special interest in this Bedok P1 plot as I grew up in Bedok...



    Take it from a bedok boy... THIS IS IT - SUPER DUPER PRIME PLOT!

    PS: I grew up in one of the blocks opp the adventure park...
    See my earlier post. Definitely gonna hit 1300-1400psf. Centro watch out!!!

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    Quote Originally Posted by Property_Owner
    Next to MNR track lei.... But guess price ya...abt 1200psf up.

    I also guess above 1200psf

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    I am still waiting for the fengshui site in AMK central to be released.

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    Quote Originally Posted by mr funny
    THE tender of a residential-commercial site at Bedok Town Centre closed yesterday with nine bidders in the fray, most of which put up offers far exceeding expectations.
    These nine property developers must have missed the postings in this forum.

    Some of the BEARS here have already declared victory in their victory speeches (or posts) that the government cooling measures would be the nails in the coffin of the property market.

    Do property developers come to this forum at all?

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    some bears r claiming victory while others r worried no more firesales

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    Quote Originally Posted by Property_Owner
    I also guess above 1200psf
    dun nid to guess....1bedder sure above 1200psf

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    Does Capitaland make MM units? Seems like even their so called studios or 1 bedder are large around 600ish

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    xebay11 is offline New Launch Project Specialist
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    Estimated breakeven level for the mixed-use site at S$1,250-1,300psfppr. Assuming a gross rent of S$13psf pm for retail space and an average selling price (ASP) of S$950psf for residential developments, the overall development value works out to about S$1,500psf, implying a margin of close to 20%.

    Analyst: Vikrant Pandey/Vijay Natarajan





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    Quote Originally Posted by xebay11
    Estimated breakeven level for the mixed-use site at S$1,250-1,300psfppr. Assuming a gross rent of S$13psf pm for retail space and an average selling price (ASP) of S$950psf for residential developments, the overall development value works out to about S$1,500psf, implying a margin of close to 20%.

    Analyst: Vikrant Pandey/Vijay Natarajan




    Agreed. The commercial component of the plot definitely contributed to the high bids. Given the lack of comparable malls in the area or within a couple of mrt stops, and CapMalls track record, this mall is sure to be a success (e.g. Junction 8). Hence their high bid to ensure that they get the plot of land.

    They can probably sell the residential units at 800psf and still make great profits in the long run from the mall. But will they? Of course not. They will sell the residential unit at the best price they can get, almost definitely 1000psf and above. At least some consolation in that it is not Far East, because then they will price it at 1400-1500psf and in addition, you get a crappy FEO mall.

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    Default Spillover Effect

    Will there be a spillover effect to the areas in the vicinity such as Kembangan which is just 1 MRT stop away ?

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    Quote Originally Posted by propertychap
    Will there be a spillover effect to the areas in the vicinity such as Kembangan which is just 1 MRT stop away ?
    nothing comparable over at kembangan.....attracts different target group of buyer/investor

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by devilplate
    nothing comparable over at kembangan.....attracts different target group of buyer/investor
    Well, Kembangan ppl will have Katong Mall too.

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    This site really very prime location. You see the people flow through bedok MRT station you know already. Bedok is a very busy MRt station. Plus it is walking distance to a whole bunch of eating places and food courts. And its literally right next to the MRT station and bus interchange.

    Not even the HDB flats there are so close to the MRT station! lol

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    Quote Originally Posted by xebay11
    Well, Kembangan ppl will have Katong Mall too.
    err...tot tat is nearer to tembeling/joo chiat?

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    Quote Originally Posted by Eldenfirefly
    This site really very prime location. You see the people flow through bedok MRT station you know already. Bedok is a very busy MRt station. Plus it is walking distance to a whole bunch of eating places and food courts. And its literally right next to the MRT station and bus interchange.

    Not even the HDB flats there are so close to the MRT station! lol
    this site will appeal to those 'lazy to walk'....everything is just a lift away

    centris at Jurong 9xxpsf....this one cfm 1kpsf up

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    Quote Originally Posted by jlrx
    These nine property developers must have missed the postings in this forum.

    Some of the BEARS here have already declared victory in their victory speeches (or posts) that the government cooling measures would be the nails in the coffin of the property market.

    Do property developers come to this forum at all?
    Small boy, Property developer do not read this forum because they have other source of information. All posting in this forums are unreliable source of information and their credibility is questionable.

    You must be naive to make your investment based on all the bullshit information in this forum.

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    Quote Originally Posted by smartinvest
    Small boy, Property developer do not read this forum because they have other source of information. All posting in this forums are unreliable source of information and their credibility is questionable.

    You must be naive to make your investment based on all the bullshit information in this forum.
    i tink u got the wrong intention of jlrx's posting

    btw, u r indrectly saying u r a bullshitter as well?

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by devilplate
    err...tot tat is nearer to tembeling/joo chiat?
    Kembangan ppl are in btw KM and Bedok.

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    Need to qualify as "OCR prime location"?

    Quote Originally Posted by Eldenfirefly
    This site really very prime location. You see the people flow through bedok MRT station you know already. Bedok is a very busy MRt station. Plus it is walking distance to a whole bunch of eating places and food courts. And its literally right next to the MRT station and bus interchange.

    Not even the HDB flats there are so close to the MRT station! lol

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    Would not Kembangan in a good location appealing to people who enjoys the benefits of the developments nearby yet a quiet residence to stay in?
    May be prices will appreciate when the true value is uncovered ?

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    Quote Originally Posted by propertychap
    Would not Kembangan in a good location appealing to people who enjoys the benefits of the developments nearby yet a quiet residence to stay in?
    May be prices will appreciate when the true value is uncovered ?
    i understand ur point of view....but resale and new launches price gap is big....i also always feels my ppty is undervalued whenever i saw new launches fully sold at much higher price.....even though many ppl here keep saying 'buy resale better den new launches'....the masses and actual buyers out there apparently do not tink the same....reality bites isnt it

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    Quote Originally Posted by devilplate
    i understand ur point of view....but resale and new launches price gap is big....i also always feels my ppty is undervalued whenever i saw new launches fully sold at much higher price.....even though many ppl here keep saying 'buy resale better den new launches'....the masses and actual buyers out there apparently do not tink the same....reality bites isnt it
    Bullish times, buy new

    Bearish times, buy resale

    What time is it now?

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    Garment throws smoke so hazy now, seat back, relax and take a brake. Some accumulate another 10% to be ready to buy another property. Some say the wheel wont go reverse. Some say wont sell HDB.

    I read economic growth this year is double digit.
    What will be the growth indicator next year?

    Can wait a while I guess. (Same as developers!)

    The only way is to work harder to fish out great good deals just like some few of the forumers here.

    Hope others can contribute as well.



    Quote Originally Posted by Condorich
    Bullish times, buy new

    Bearish times, buy resale

    What time is it now?

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    Quote Originally Posted by Condorich
    Bullish times, buy new

    Bearish times, buy resale

    What time is it now?
    What is the rational that people dun buy resale in bullish time and dun buy new in bearish time?? Sorry cos it never came across my mind that I buy new devt becos now it is bullish time, but it so happen to coincide with your rational.

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    Default http://www.channelnewsasia.com/stories/singaporelocalnews/view/1079462/1/.html

    Mixed site at New Upper Changi Road awarded to Brilliance Residential
    Posted: 06 September 2010 1831 hrs


    SINGAPORE : The Housing and Development Board (HDB) has awarded the tender of a site at New Upper Changi Road/Bedok North Drive to joint bidders Brilliance Residential and Brilliance Trustee.

    The companies submitted the highest bid of S$788.9 million for the site, which is meant for mixed commercial and residential development integrated with a bus interchange.

    The site has a land area of 24,902 square metres and a maximum gross floor area of 87,157 square metres.

    Brilliance's S$788.9 million tender price translates to about S$9,051 per square metre per gross floor area.

    A total of 9 bids were received by the HDB for the state land which has a lease period of 99 years.

    The second highest bid came from another joint tender by Moon Holdings and UED Capital Venture which submitted a bid of S$650.8 million.

    - CNA/al
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

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    SINGAPORE: Minister of State for Trade & Industry and Manpower Lee Yi Shyan has said that if he is asked to stand as a candidate in Joo Chiat for the next General Election, he will be "happy but reluctant".

    He is the Second Adviser in Joo Chiat, a Single Member Constituency (SMC), currently helmed by MP Chan Soo Sen.

    Speaking to reporters on Monday ahead of a ministerial visit to Kampong Chai Chee, Mr Lee cited his strong team of grassroots leaders at Kampong Chai Chee as a reason for his reluctance to leave his current ward.

    He also spoke of the vision ahead for Kampong Chai Chee.

    He said: "When we were working on Kampong Chai Chee, we really worked on it wholeheartedly. I never had second thoughts about going elsewhere because I owe it all my volunteers here, and my residents here.

    "It's really exciting to work towards a common vision of improving a fairly old estate."

    A rollerskate park and playground is about to make way to a new sports hub to be integrated into Kampong Chai Chee Community Centre.

    The old Bedok Swimming Complex and other sporting amenities, except the jogging track, will also be replaced by new HDB flats.


    Mr Lee said: "If the new housing can come in, then we have a chance to inject new housing and new families into Kampong Chai Chee, into Bedok Centre. And that's a very good thing to do, from the point of renewal, and from the point of adding dynamism to Bedok."

    Plans also include a revamp of Bedok interchange - to become hubs like Ang Mo Kio and Toa Payoh - housing 500 new residential units.

    Despite the ongoing work in Kampong Chai Chee, Mr Lee said if asked, he would be "happy" to stand in Joo Chiat.

    "I think the PAP looks at politics in a very serious way, in the sense that our ultimate goal is really to secure the best future for Singapore. Whether as individual candidates we compete in SMC or GRC, it's really for a higher objective," he added.

    In the past, office-holders like Mr Lee have been moved to contest in single seat constituencies.

    In the next General Election due by February 2012, at least three new SMCs are expected to be carved out.

    - CNA/wk/al

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