Aggressive land bids drive premiums up at government sites

Developers have been paying substantial premiums for government land sites recently amid healthy private home sales.

There has been aggressive bidding at public land tenders this year, with developers paying an average of 29 per cent more for residential plots over comparable sites sold in the past five years.

That was sharply higher than 13 per cent average premium in the second half of last year, a Cushman & Wakefield report noted yesterday. Continue reading

Singapore property comeback fueled by developers hungry for land

SINGAPORE (BLOOMBERG) – Developers’ hunger for land is adding to signs that Singapore’s housing market is making a comeback after three years of price declines.

As new home sales surge after an easing of property restrictions in mid-March, developers are becoming more aggressive in bidding at land auctions. On average, they have paid a 29 per cent premium, the highest level in at least five years, according to broker Cushman & Wakefield, which makes comparisons with the past prices of similar properties.

“Sentiment has changed,” said Mr Christopher Tang, chief executive officer of Singapore at developer Frasers Centrepoint. “The general sense is that the market has bottomed out and like many of the developers in Singapore we are a bit landbank-starved – we are keen to build our land bank.” Continue reading

Court of Appeal gives Shunfu Ville sale the green light

Four years after the collective sale committee at Shunfu Ville was formed, the sale of the Bishan estate has finally got the green light.

The Court of Appeal yesterday dismissed an appeal filed by objectors against the sale of the 358-unit privatised HUDC estate. The sale grabbed headlines last May, when more than 82 per cent of the owners agreed to sell the estate for $638 million to property developer Qingjian Realty.

But the deal hit a snag when some owners objected to the sale last July, later filing an appeal to the High Court. One objection queried if the transaction was done in good faith, taking into account the sale price. Continue reading

UOL Group and its associate complete acquisition of Raintree Gardens

WEE Cho Yaw-controlled UOL Group, with its listed associate United Industrial Corporation, has completed the en bloc purchase of Raintree Gardens in Potong Pasir.

The acquisition is done via UVD (Projects) Pte Ltd, a 50:50 joint venture between UOL group and United Industrial Corporation.

The leasehold property at 110-112 Potong Pasir Avenue 1 will be redeveloped into a project with about 750 units, UOL said in its results released on May 12.

It is looking to begin sales in 2018 for the project.

Prime sites lined up for residential development

More homes could eventually be built in sought-after areas such as Tanglin Road and Paterson Road in the city, with some rare sites earmarked for future residential use.

The most eye-catching are the former Ministry of Home Affairs Phoenix Park site in Tanglin Road, and the former Overseas Family School plot in Paterson Road, near Orchard Road.

These sites have been returned to the Government, or have been put to temporary alternative use. Continue reading

One Tree Hill Gardens sold for $65m in first collective sale this year

The collective sale market, which saw a resurgence last year, is still firing with the sale of One Tree Hill Gardens for $65 million – the first such deal this year.

Marketing agent Knight Frank said yesterday that a unit of Lum Chang Group bought the freehold landed residential redevelopment site near Orchard Road.

The price works out to a land rate of about $1,664 per sq ft, it added. Continue reading