$689m bid triggers sale of prime former Zouk site on URA’s reserve list

SINGAPORE – The Urban Redevelopment Authority (URA) announced on Friday (Sept 29) morning that it has accepted an application from a developer to put up for sale by tender a prime private housing land parcel, which was the site of the former Zouk at Jiak Kim Street.

The sale was triggered after a developer committed to bid at a price of not less than S$689.4 million for the 13,482 sq m site. It can accommodate 525 apartments in a development up to 36 storeys, with ground floor commercial use.

URA said it will launch the tender for the 99-year leasehold site in about two to three weeks. The tender period for the land parcel will be about six weeks. Continue reading

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Beach Road commercial site nets top bid of $1.62b

Developers were ready to pay big bucks for a prime Beach Road commercial site, with the top offer coming in at a bumper $1.622 billion, it was announced yesterday.

All five offers were well above the initial trigger price for the 99-year leasehold site. The top $1.622 billion bid was lodged by GuocoLand units GLL Prosper and GLL Thrive, the Urban Redevelopment Authority said yesterday.

It works out to around $1,706 per sq ft (psf) per plot ratio (ppr) for the 2ha site, which has a maximum permissible gross floor area of 950,593 sq ft, of which 70 per cent or more must go to office use. Continue reading

Singapore developers seek to top up their landbank

THE recent pick-up in residential sites acquired by Singapore developers suggests that they have finally come around to the prospect of a more decisive recovery in Singapore’s residential market, and the downside of a depleting landbank.

Despite earlier concerns of gung-ho foreign developers crowding out local developers for residential sites sold by the government, Singapore developers are coming out in force in the collective-sale market and other private land deals.

So far, local developers make up seven of the top 10 developers with the largest residential landbank and leftover unsold units in launched projects, based on The Business Times’ compilation across developers. Two of the top 10 developers – MCL Land and GuocoLand – are technically foreign developers by virtue of controlling shareholding, but have operated in Singapore for a long time. More than half of all residential inventory is in the hands of the top 10 developers. Continue reading

Serangoon North housing site gets buillish top bid of S$446.3 million

SINGAPORE — A housing site in Serangoon North Avenue 1 has drawn strong interest from developers, with units of Keppel Corp and Wing Tai submitting the joint top bid of S$446.3 million, Urban Redevelopment Authority data showed after the close of tender on Thursday (July 27).

The 99-year leasehold site, launched from the Confirmed List of the Government Land Sales (GLS) programme for the first half of 2017, sits on 185,022 sq ft. It has a maximum allowable gross floor area of 462,557 sq ft that can yield an estimated 505 homes. The top bid from Keppel unit Corson and Wing Tai unit Wingjoy Investment, which beat 15 others, translates to S$964.81 per sq ft per plot ratio. Continue reading

Woodleigh site draws 15 bids

SINGAPORE – A unit of Chip Eng Seng Corp and Unique Real Estate have put in the top bid for a plum site near Serangoon.

The government land sales site tender attracted 15 bidders, similar to what was expected.

The Woodleigh Lane plot launched on May 30 under the confirmed list for the first half of this year drew a top bid of $700.7 million from CEL Unique Development – 60 per cent owned by Chip Eng Seng Corp and 40 per cent by Unique Real Estate. Continue reading

Ex-Zouk site, 4th Ave plum land plots for sale

Fancy living right where party types used to dance the night away at the iconic Zouk nightclub?

The original site of what is arguably Singapore’s best-known nightspot has been made available for developers to build up to 525 new homes on.

But the developers must conserve the three warehouses occupied by Zouk until December last year, when it moved to Clarke Quay. Continue reading

Uptick in land supply may be insufficient to meet developers’ demand for sites: Analysts

SINGAPORE – The Government has ramped up supply of development sites in the wake of bullish bids for plots and a declining stock of unsold private homes.

But analysts say the slight increase in land supply for the next six months may not be enough to meet developer demand.

There are 16 sites on the Government Land Sales programme for the second half of the year. They could accommodate up to 8,125 private homes, up from the 7,465 units offered in this half, the Ministry of National Development (MND) said on Thursday (June 29). Continue reading