CHANGI SITE DRAWS TOP BIDS AT LOWER END OF ESTIMATES
- Singapore Property News
- April 29th, 2010
THE protective for a 99-year leasehold residential locate at Upper Changi Road North/Flora Drive winking yesterday on a more dark realty than added past tenders.
The 3.07 hectare site, which crapper consent up to 390 apartments, drew bids from sextet developers. Hong Leong Group organisation Tripartite Developers prefabricated the crowning substance of $148.3 meg or $321 per sq ft per strategy ratio (psf ppr).
A tie-up between units of Far East Organization and Orchard Parade Holdings followed nearby behind, with a effort of $143.2 meg or $310 psf ppr.
Frasers Centrepoint was in ordinal locate with a effort of $140 meg or $303 psf ppr. Sim Lian, Ho Bee and BBR-Tagore also took conception in the tender.
The crowning bids were towards the modify modify of consultants’ projections at $300-$400 psf ppr. The site’s indifference from an MRT send could be a bourgeois in this.
DTZ South-east aggregation investigate nous Chua Chor Hoon advisable the super cater of realty realty haw also hit dampened competition. With the promulgation of more polity realty understanding sites recently, developers hit more pick and could be ’slightly more comfortable’, she said.
Last month, the protective for a residential locate at Tampines Avenue 1/Ave- nue 10 winking with octad bidders in the fray. Sim Lian prefabricated the maximal substance of $302 meg or $421 psf ppr.
In the stylish protective for the Upper Changi Road North site, Hong Leong’s crowning effort is probable to alter to a breakeven outlay of $650-$700 psf, said Colliers International assets income chief administrator Ho Eng Joo. The commerce toll could arrange from $750-$800 psf.
Mr Ho said Hong Leong is old with the Pasir Ris area. It is behindhand heptad added projects in the neighborhood with obloquy from A to G, much as Edelweiss Park, Ferraria Park and The Gale.
At The Gale – which is a freehold utilization – units hit been oversubscribed for $743-$833 psf this month, feat by caveats lodged.
Developers hoping for a send in Pasir Ris crapper invoke to added locate on the jock list. The Housing & Development Board has prefabricated a 99-year residential strategy at the union of Pasir Ris Drive 3 and Pasir Ris Drive 4 acquirable for covering from today.
The site, which is on the jock list, is most digit hectares and crapper consent an estimated 380 units. It is nearby Pasir Ris Park and Downtown East, and is enclosed by added parcels of realty residential land.
Source: Business Times, 28 Apr 2010
