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

Tampines Avenue 10 (Parcel C) By CDL

GOOD CONNECTIVITY

The site is conveniently linked to the city and rest of the island via major arterial roads and expressways such as Tampines Expressway and Pan Island Expressway.

RECREATION

Residents can engage in outdoor recreation activities or enjoy a leisurely walk at Bedok Reservoir Park.

SCHOOLS

The future residential development is an ideal home for families with school-going children. Numerous schools located within the vicinity include Temasek Polytechnic, United World College of South East Asia (East Campus) and St. Hilda’s Primary and Secondary Schools. Continue reading

URA launches sale of Stirling Road site, landed housing parcel in Hougang

SINGAPORE – Two private residential sites at Stirling Road and Lorong 1 Realty Park were launched for sale by the Urban Redevelopment Authority (URA) on Thursday (April 20).

The 99-year leasehold sites together can potentially yield about 1,160 residential units.

The land parcel at Stirling Road in Queenstown was triggered for sale after a developer committed to bid at no less than S$685.25 million. That bid translates to S$718 per square foot per plot ratio based on the site’s maximum gross floor area of 88,660 square metres. Continue reading

Toh Tuck site tender overwhelms with 24 bids, topped by Malaysia’s SP Setia

AN overwhelming 24 bids were submitted for the tender of a residential plot at Toh Tuck Road, the Urban Redevelopment Authority (URA) announced at the tender closing on Tuesday.

Among them, Malaysian property developer SP Setia International’s was the highest – at S$265 million, which translates to about S$939 per square foot per plot ratio (psf ppr).

This completely exceeded property consultants’ expectations of about eight to 16 bidders, with the highest bid at no more than S$750 psf ppr.

The 18,721.4 square metre (sq m) site can yield a maximum gross floor area of 26,210 sq m, or about 325 units.

In second place was Singhaiyi Investments with a bid of S$260.2 million (or S$922 psf ppr) and in third place, Centrex Developments with a bid of S$250.9 million (or S$889 psf ppr).

Residential site at Stirling Road triggered for tender

A RESIDENTIAL site at Stirling Road has been triggered for sale by public tender after a developer committed to bid at no less than S$685.25 million, the Urban Redevelopment Authority (URA) said on Monday.

The site, which is within walking distance to Queenstown MRT station, is expected to yield 1,110 units. It is under the Reserve List of the Government Land Sales programme, which means that it is triggered for tender only when an interested party submits an application with a minimum price that is acceptable to the government.

The 2.11-ha land parcel was first made available on the Reserve List in March 2010.

The minimum price of S$685.25 million translates to S$718 per square foot per plot ratio based on the site’s maximum gross floor area of 88,660 square metres.

URA said it will launch the public tender for the site in about two weeks. The launch date will be announced later. The tender period for the land parcel will be about four weeks.