Three residential sites were launched for sale on Tuesday (May 30) by the Urban Redevelopment Authority (URA), which could potentially yield 1,955 residential units. The Woodleigh Lane site could potentially offer 735 housing units, and the Serangoon North site could yield 505 units. The Yishun Avenue 9 site could offer 715 units, the agency said.
Queenstown plot has attracted a top bid of more than S$1 billion, the first time that a purely residential site on the Government Land Sales (GLS) programme has exceeded that price quantum. Continue reading
CDL is the top bidder of the 2.17 ha residential site at Tampines Ave 10. The top bid of $370.1 million for the 99-year leasehold site works out to about $565 psf on the land. Continue reading
MCL Land (Regency) tops bid for residential site at Margaret Drive in Queenstown. 14 developers bidded for the piece of land, a clear indication of strong demand in the residential market. The price tag of $238 million for 22,195 sq m exceeded market expectation, which works to be 998 psf ppr.
The breakeven price is expected to be around $1500 per sq feet when the residential property hits the market.
|Gross Floor area (sq m)
|Expected Breakeven (psf)
The first sale of land in Singapore’s Marina Bay in nine years is set to fetch a bumper price as developers compete for a piece of the sought-after financial district. Here are some highlights:
- The highly sought-after land next to Asia Square may fetch $1.8 billion. Works out to be $1200 psf ppr
- As a reference, Asia Square land was sold in 2007 at $2.02 billion or $1409 psf ppr
Come 2019, 2020 and 2021 there will be zero office supply, and there has never been such a thing in Singapore’s history where there are three years of zero supply. That’s why the government has started this sale.
Hsueh Ling Ng, chief executive officer of Keppel REIT
This will be a hotly contested plot, Bidders could include sovereign wealth funds and aggressive bids from Chinese developers.
Christine Li, director of research at Cushman in Singapore.
Let’s look at numbers.
16 bids for Anchorvale GLS. OMG! Almost all the developers are there! Highest bid came from Hoi Hup of $355 psf ppr. As a comparison, Sim Lian only paid $280 psf ppr for the land of Treasure Crest EC. There is a difference of $75 psf just in terms of land price alone. Treasure Crest EC was launched at an average of $742 psf. If the construction cost remains the same, a simple arithmetic can tell you that the launch price for this new plot of EC land is expected to be around $820 psf.
2 points to note from this bidding exercise.
- Treasure Crest EC is damn cheap.
- The fact that this plot of land attracted 16 developers is a clear endorsement that the buyers are returning to the EC market.
Cheers to all!
GLS for Treasure Crest EC