Katong Park Towers put up for sale en bloc with S$288m reserve price

SINGAPORE – Katong Park Towers has been put up for collective sale with a reserve price of S$288 million or about S$1,165 per square foot per plot ratio, according to Cushman & Wakefield, the appointed agent for the property.

The minimal development charge for the site is about S$5.6 million for the additional 10 per cent bonus balcony and an estimated lease upgrading premium of some S$51 million, Christina Sim, director of capital markets at Cushman & Wakefield, said on Wednesday (Jan 31).

The residential development sits on a 99-year leasehold residential site with a land area of 13,076.9 sq m (about 140,758 sq ft). It is located at 114A Arthur Road, about 200m from the future Katong Park MRT Station, which is expected to be completed in 2023. Continue reading

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CDL top bidder for two of three private housing sites

City Developments (CDL) was the top bidder for two of the three private housing sites at a state tender that closed yesterday.

It lodged the top bid of $212.2 million, or $1,722 per sq ft per plot ratio (psf ppr), for a plot in Handy Road near Dhoby Ghaut MRT station.

The developer also bid $472.4 million, or $800 psf ppr, for a land parcel in West Coast Vale. Continue reading

Oxley, China developer lead Singapore land bank race – for now

SINGAPORE (BUSINESS TIMES) – SINGAPORE-LISTED developer Oxley Holdings is enjoying a sweet homecoming after a flurry of overseas ventures – it now holds the largest residential land bank in the Republic by the number of dwelling units.

Estimates by The Business Times show that close to 4,000 units could be generated from Oxley’s land bank, of which over 2,300 homes are based on its equity stakes in the sites acquired.

A close runner-up turns out to be a new market entrant, Logan Property Holdings, a Hong Kong-listed Chinese developer whose share in two large land parcels acquired last year – one from a government land sale (GLS) and another from a collective sale – puts it in second place with above 2,000 units. Continue reading

Developers in Singapore still on the prowl for land

Listed developer Oxley Holdings is holding the largest residential land bank in the Republic, in terms of number of dwelling units, after successfully bidding for several collective sale sites last year, estimates by The Business Times show.

After acquiring the huge former HUDC sites Rio Casa and Serangoon Ville as part of a consortium last year, Oxley went on to snap up two other sizeable collective sale sites – Mayfair Gardens and Vista Park – as well as smaller plots Toho Green and Apartment 8.

Oxley chief executive Ching Chiat Kwong said the company’s average land cost is relatively cheaper than its peers’ as the sites are in good locations. “Hence, we remain optimistic for the next two years,” he added. “Furthermore, with so many en bloc deals going on, residents will need to buy homes.” Continue reading

Hillview Rise, Sengkang Central sites up for tender

The Urban Redevelopment Authority (URA) yesterdaylaunched two sites that will provide new private housing at Sengkang Central and Hillview Rise for sale by public tender.

The two sites come under the confirmed list of the second half 2017 Government Land Sales (GLS) programme. Together, the two sites can potentially yield about 1,235 residential units, the URA said.

The 37,300 sq m Sengkang land parcel is zoned for commercial and residential purposes, and is near the Buangkok MRT station. Continue reading

URA launches tender for residential site in West Coast Vale

SINGAPORE – The Urban Redevelopment Authority (URA) on Tuesday (Dec 19) launched a residential site in West Coast Vale for sale by public tender.

The site was available for sale on the reserve list of the second-half 2017 Government Land Sales Programme. Earlier in the month, the URA received an application from a developer who committed to a bid price of at least S$379.988 million for the site.

The 99-year leasehold plot has a site area of 19,591.5 sq m and a permissible gross floor area of 54,857 sq m. Continue reading

No change in land supply for private homes in first-half 2018

SINGAPORE – The Government has decided to keep the total supply of land for private residential development for the first half of next year at about the same level as that for the current second half 2017 slate, citing among other factors, sufficient supply from the redevelopment of collective sale sites being generated from the private sector.

The Ministry of National Development (MND) said on Wednesday (Dec 13) morning that under its first half 2018 Government Land Sales (GLS) Programme, it will be offering land that can potentially yield about 8,045 private homes (including executive condominium or EC units) and 63,960 sq m gross floor area (GFA) of commercial space.

This is compared with the 8,125 private residential units (including EC units) and 83,590 sq m GFA of commercial space on both confirmed and reserve lists in the current second half 2017 slate. Continue reading