Developer triggers office site for sale

Developer triggers office site for sale

By Fiona Chan

A SHORT-TERM office site on Mohamed Sultan Road that the Government failed to sell two years ago has garnered renewed interest.

A developer has agreed to put in a bid of $9.33 million for the land - twice the offer that came in for the site in 2008.

The new bid for the 0.62ha spot has triggered a public tender that will start in two weeks’ time, the Urban Redevelopment Authority (URA) said yesterday. It did not identify the developer.

Located between Kim Yam Road and Martin Road, the site can host a four-storey building with a total floor area of almost 100,000 sq ft. It is being sold with a shorter-than-usual 15-year lease.

In August 2008, the URA put the site up for sale without waiting for a developer to make an offer. That was to ease a space crunch that was sending office prices soaring. But the financial crisis struck the next month, resulting in only one bid coming in, at $4.65million. The URA rejected the bid as too low.

Since then, the office market has slumped and is just starting to turn the corner. Prices rose 1 per cent in the final quarter of last year, the first increase in six quarters, according to URA data.

But property consultants do not see the fresh interest as a sign of brighter days for the market.

Mr Li Hiaw Ho, executive director of CBRE Research, said there is still more than ample supply of office space over the next few years, so the bidder for this site is more likely to be a company that needs office space rather than a developer anticipating an upturn in the market.

Separately, a housing site has also been put up for sale by its owners. Holland Hill Lodge, an 11-unit freehold development in Holland Hill, has been launched for collective sale.

The estate, built in the mid-1990s, sits on a 9,033 sq ft site with an existing gross floor area of 18,086 sq ft, said marketing agent Credo Real Estate yesterday. All the owners have agreed to the sale and are asking for $15 million to $16 million, or $1,038 to $1,107 per sq ft of gross floor area.

Source : Straits Times - 29 January 2010

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Developer makes surprise $251m offer

Developer makes surprise $251m offer

Sum far exceeds $82m trigger bid in tender that drew only six bidders

By Joyce Teo

The 2.1ha 99-year leasehold site can be developed into a condominium of up to 20 storeys with about 400 units.

A CONDOMINIUM plot in Upper Thomson Road has attracted a much higher-than-expected bid from a mystery developer, even though the number of bids was well below recent levels.

Treasure Well Investments, whose parent company is Total Wonder Holdings - both unknown names here - put in a bid of $251.34 million, the Urban Redevelopment Authority (URA) said.

That far exceeds the $82 million trigger bid or $174 per sq ft set by URA for the 2.1ha 99-year leasehold site. It works out to $533 psf of gross floor area, a price that consultants said was aggressive.

The site can be developed into a condo of up to 20 storeys with about 400 units.

This highest bid was also 21 per cent above the second-highest bid of $206.8 million or $439 psf of gross floor area from Far East’s Tuas Hi-Tech Park.

The other bidders were Sim Lian Land, Frasers Centrepoint, Chip Eng Seng’s CEL Development and GuocoLand’s First Changi Development.

The plot, near Lower Peirce Reservoir Park and Bishan Park, was triggered for sale after an unnamed developer committed to bid at least $82 million for the site.

Property consultants suspect the top bidder could be a foreign player.

Many industry players were scrambling to uncover the identity of the bidder at the Real Estate Developers’ Association of Singapore’s 50th anniversary dinner yesterday evening.

Whoever is behind the top bid, the figures mean that it may have to sell the apartments for about $1,000 psf or more, they said. The site is not near an MRT station, though it has its appeal.

‘Although the site gets the afternoon sun, it does overlook a beautiful golf course and would thus offer great views,’ said Mr Ho Eng Joo, Colliers International’s executive director (investment sales).

Based on the top bid, the break-even price would be about $800 to $900 psf of potential gross floor area, he said.

CBRE Research executive director Li Hiaw Ho had said in late September that the site was likely to sell for between $375 psf and $425 psf per plot ratio. The developer would be set to launch the project at $800 psf to $850 psf, he added.

Mr Li had expected the site - which has a full view of the Island Golf Course and Lower Peirce Reservoir - to be hotly contested, considering the strong showing at recent tender exercises.

But this time, only six developers joined the tender, less than half the usual number of bids seen in recent tenders.

‘The relatively smaller number of bids suggests developers are cautious, in anticipation of the announcement of the government land sales programme,’ said Knight Frank chairman Tan Tiong Cheng.

The Government said in September that it will be pushing out ‘confirmed list’ sites, as part of a package of measures to calm the fast-rising market then.

These are sites that are offered irrespective of prior expressions of interest.

But the number and location of these sites have yet to be unveiled.

‘This tender would be one of the first few cases that suggest the recent government measures have had some bearing on market behaviour, and that there is some cautiousness in the market,’ said Jones Lang LaSalle’s head of research, South-east Asia, Dr Chua Yang Liang.

Some experts said the recent slowdown in the market for new private homes could have dampened demand for this site. There were fewer home sales last month than in previous months.

‘The fear could be that take-up rate may continue to fall,’ said Colliers’ Mr Ho. If that happens, buying sentiment could be affected and thereafter, possibly prices, experts said.

Dr Chua believes the rate of rise in private home prices may slow, but they are unlikely to fall. ‘At the moment, there’s a certain momentum in the market, so we do not expect a turn in prices in the immediate future,’ he said.

Source : Straits Times - 06 November 2009

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Intermediate Terrace @Kismis Green for Sale

Intermediate Terrace @Kismis Green for Sale

District: 21 ( Upper Bukit Timah, Ulu Pandan )
Property Type: Intermediate Terrace
Asking Price: $ 1,520,000
Tenure: 99 years
Bedroom: 5
Utility: 1
Built up: 3100 sq. ft.
Land Area: sq. ft.
Fixtures: Kitchen Cabinet
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Bungalow @ DUNSFOLD DR For Sale

Bungalow @ DUNSFOLD DR For Sale

District: 13 ( Macpherson, Braddell )
Property Type: Bungalow
Asking Price: $ 6,000,000
Storey: 3
Tenure: Freehold
Bedroom: 7
Built up: 7000 sq. ft.
Land Area: sq. ft.
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mid-0
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Corner Terrace @ Jalan Senang for sale

Corner Terrace @ Jalan Senang for sale

District: 14 ( Geylang, Eunos, Sims, Paya Lebar )
Property Type: Corner Terrace
Asking Price: $ 1,850,000
Storey: 2
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Semi detached @ Jalan Pari Burong for sale

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Property Type: Semi Detached
Asking Price: $ 3,500,000
Storey: 3
Tenure: Freehold
Bedroom: 6
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Family/Hall: 2
Guest: 1
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Intermediate Terrace @ Loyang view for sale

District: 17 ( Changi, Flora, Loyang )
Property Type: Intermediate Terrace
Asking Price: $ 1,000,000
Storey: 3
Bedroom: 5
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One Leicester1@Leicester Road For Rent

One Leicester1@Leicester Road For Rent

District: 13 ( Macpherson, Braddell )
Property Type: Condominium
Asking Price: $ 4,300
Bedroom: 3
Bathroom: 2
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The Glacier @ 258 Joo Chiat Place For Sale

The Glacier @ 258 Joo Chiat Place For Sale

District: 15 ( Amber Rd, Joo Chiat, Katong, Marine Parade, Meyer, Tanjong Rhu )
Property Type: Condominium
Asking Price: $ 1,200,000
Storey: 5
Bedroom: 3
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The Seafront On Meyer @ Meyer Rd For sale

District: 15 ( Amber Rd, Joo Chiat, Katong, Marine Parade, Meyer, Tanjong Rhu )
Property Type: Condominium
Asking Price: $ 1,900,000
Tenure: Freehold
Bedroom: 3
Bathroom: 3
Family/Hall: 1
Utility: 1
Built up: 1025 sq. ft.
More Fixtures:
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Dining: Marble
Bedroom: Timber
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Facing: Beautiful seaview
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